EUR/USD - First lets be clear about the overall trend here, which is clearly down. The question is whether we will see a minor top in the 133.85 - 133.90 area or we need to challenge resistance near 134.85 again and maybe even the 137-138 resistance area.The decline from 133.85 yesterday has not at all been impressive and we need a clear break below 132.85 to weaken the upside pressure, but only a break below 131.90 confirms the top for a new decline towards the neckline support near 130.00
EUR/JPY - We should see downside pressure build considerably in the coming days. I'm still looking for a decline into the 105.90 - 106.15 support-area, before the next possibility for a new rally can be expected.
AUD/TRY - Downside pressure is mounting and first support near 187 should soon be under fire, but this should just be a minor hurdle on the way down to more serious support near 172.00.As I said yesterday if you want to short AUD doing it against TRY is the absolute best bet at this point.
NZD/TRY - The picture is the same as above. Downside pressure is mounting and we should soon see support at 145.00 be broken calling for a continuation down towards 142 and 137.60 and a break of the later (Double top neckline) will open up the downside for real.
Shanghai Composite - Downside pressure is really gaining strength and we should soon see the end of wave 1 low at 2.132 come under pressure. Longer term I looking for much lower levels here, but I will cover that more in details as we close in on the 2.132 low.
The CRB Index - Here too downside pressure seems to be mounting. We need a break below 309 to really get things going, but that should just be a question of time in my view. A break below 309 will open up for a new test of strong support near 293.60, but a clear break below here will deal the commodity currencies a serious blow.
Dr. Copper - Is a bullish triangle under development? It could be and if it's the case we will see one more rally towards the former minor S/H/S neckline support (now resistance) near 403.75.
NZD/TRY - The picture is the same as above. Downside pressure is mounting and we should soon see support at 145.00 be broken calling for a continuation down towards 142 and 137.60 and a break of the later (Double top neckline) will open up the downside for real.
Shanghai Composite - Downside pressure is really gaining strength and we should soon see the end of wave 1 low at 2.132 come under pressure. Longer term I looking for much lower levels here, but I will cover that more in details as we close in on the 2.132 low.
The CRB Index - Here too downside pressure seems to be mounting. We need a break below 309 to really get things going, but that should just be a question of time in my view. A break below 309 will open up for a new test of strong support near 293.60, but a clear break below here will deal the commodity currencies a serious blow.
Dr. Copper - Is a bullish triangle under development? It could be and if it's the case we will see one more rally towards the former minor S/H/S neckline support (now resistance) near 403.75.However I'm not at all convinced that this is a triangle and I would look very carefully for a break below 376.00 as a first warning, that this is something entirely different, but only a break below 370.95 invalidates the triangle concept and call for a decline towards the neckline support near 311.
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