EURJPY
The beginning of a downtrend appears to be forming in the EURJPY, with the first confirmation of lower highs and lower lows. Prices bounced off the 200 EMA on the 4 hour chart, but are unlikely to hold, at least without a retest.
USDCAD
Similarly, the dollar bounced very impressively against the CAD over the past two days after briefly breaking below parity last Thursday. It took out the previous swing high, but hasn’t yet formed the higher low. Prices also stopped just shy of the 200 EMA, which may provide significant resistance as it did in late September.
NZDUSD
The New Zealand dollar fell today, but found support at the 50 EMA. The 50 EMA has served as a support line for the NZDUSD since mid September, with at least 6 tags of the average, each followed by a bounce. Price has maintained a sizable distance from the 200 EMA, implying no weakening has taken place. As long as price respects the 50 EMA, the chart remains extremely bullish.
