As the Dollar trades generally weaker today, here is updated intra-day pattern, price & time analysis to help gauge the market after the Fed FOMC meeting.
The EUR USD broke out above a downtrending Gann angle at 1.4783 and a 50% price at 1.4776. This move blew out stops and triggered today’s quick pop to the upside.
The next potential target is a 50% price at 1.4873 and a .618 price at 1.4918. A downtrending Gann angle come in at 1.4923, making 1.4918 to 1.4923 an important resistance cluster.
The strong rally in the GBP USD has this market in a position to take out the last main top at 1.6603 to resume the uptrend. The October high at 1.6691 will be the next upside target. A downtrending Gann angle comes in at 1.6611.
The USD JPY broke out over a downtrending Gann Angle at 90.82 and a 50% level at 90.75. This move took out stops and triggered the strong surge to the upside.
If upside momentum continues, then look for the rally to test 91.12. The nearest Gann angle resistance is 91.57 which means this market has room to the upside.
The USD CHF main trend is up, but this market is trading weaker today. The weakness began when this currency pair crossed under an uptrending Gann angle at 1.0192.
The next downside target is a combination of a 50% price level at 1.0158 and a main bottom at 1.0155. A break under 1.0155 will turn the main trend down and set up for a further decline to a .618 retracement number at 1.0129. Downtrending Gann angle resistance is at 1.0212.
The USD CAD is giving back some of its earlier gains. Downtrending resistance is at 1.0710. The short-term downside target is 1.0522.
Today’s early rally in the AUD USD ran into 50% resistance at .9117. A breakout above this level indicates a further rally to .9167. The move could be labored because of downtrending Gann angle resistance at .9129.
The NZD USD is trying to breakout to the upside over a downtrending Gann angle at .7235. A strong upmove through this price targets .7358. A failure to hold above .7235 later in the day could weaken this market.