Commentary from Brad Gareiss and Matt Weller, Technical Analysts, GFT

Swing Technicals- AUD/USD to Resume Downtrend at 0.9839?

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Medium Term)		Buy EUR/USD at 1.2467. Stop at 1.2064. Profit target at 1.3072.
GBP/USD (Medium Term)		Watch for a new formation to emerge in the wake of a broken bullish trend line.
USD/JPY (Medium Term)		Sell USD/JPY at 80.38. Stop at 80.63. Profit target at 80.00.
USD/CHF (Medium Term)		Watch for an opportunity to go long near the bullish trend line.
USD/CAD (Medium Term)		Watch for an opportunity to go long near the bullish trend line.
AUD/USD (Medium Term)		Sell AUD/USD at 0.9839. Stop at 0.9865. Profit target at 0.9801.
NZD/USD (Medium Term)		Watch for an opportunity to go short near the bearish trend line.

EUR/AUD: Buying off Long-Term Trend Line for Retest of 1.3000

Since bottoming in early March, the EUR/AUD has formed a clear bullish trend line which has put a floor under five separate pullbacks in the pair, including earlier today. If rates can break above today’s high at 1.2915, the pair is likely to continue to rally toward the 2012 high just above 1.3000.

Candlestick Daily: AUD/USD Bounce Through .9800 Suggests Rally Toward .9900

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Short Term)		Bouncing after nearly touching key psychological support at 1.2500 round handle
GBP/USD (Short Term)		Ratcheting lower toward Monthly S2 pivot support at 1.5614, see full report for more details
USD/JPY (Short Term)		USD/JPY consolidating in tight range below 79.50, see full report for more details
USD/CHF (Short Term)		Showing signs of reversing off 15-month highs at .9575
USD/CAD (Short Term)		Recent rally stalling at Monthly R3 pivot (1.0274), room for pullback to test bullish trend line.
AUD/USD (Short Term)		Bouncing modestly from 2012 lows, but break and close above .9800 would suggest further rallies toward .9900 round handle
NZD/USD (Short Term)		Bouncing from .7500 - room up to .7600 round handle or previous resistance at .7675

NZD/CHF to Resume Downtrend at 0.7232

Several factors suggest that the NZD/CHF may face strong resistance at 0.7232.

Swing Technicals- USD/JPY Short Opportunity at 80.38

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Medium Term)		Buy EUR/USD at 1.2467. Stop at 1.2064. Profit target at 1.3072.
GBP/USD (Medium Term)		Watch for a new formation to emerge in the wake of a broken bullish trend line.
USD/JPY (Medium Term)		Sell USD/JPY at 80.38. Stop at 80.63. Profit target at 80.00.
USD/CHF (Medium Term)		Watch for an opportunity to go long near the bullish trend line.
USD/CAD (Medium Term)		Watch for an opportunity to go long near the bullish trend line.
AUD/USD (Medium Term)		Watch for a new opportunity to emerge.
NZD/USD (Medium Term)		Watch for an opportunity to go short near the bearish trend line.

EUR/JPY Collapses through 100, Selling Brief Bounces

With the confirmation that today’s EU Summit will not discuss any new policies, buyers have abandoned the euro en masse, causing the EUR/JPY to break below strong support at 100.00. Zooming in to the 4hr chart only solidifies the bearish bias in the pair. For one, a clear bearish trend line has formed over the past month and put a cap on the bounce we saw yesterday; this dynamic level of resistance could continue to guide rates lower on any medium-term bounces. From a price action perspective, the pair recently completed a Bearish Marubozu Candle* on the 4hr chart, indicating strong selling pressure and the potential for a further continuation lower.

Candlestick Daily: Buying Shallow USD/CAD Retracement Toward 1.0160

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Short Term)		Yesterday's sell trade reaches profit target, now bouncing modestly from 2012 lows at 1.2620
GBP/USD (Short Term)		Bouncing from test of 1.5700 round handle, resistance looming at 1.5840
USD/JPY (Short Term)		Strong selling pressure may take USD/JPY back to previous support at 79.00
USD/CHF (Short Term)		Testing key resistance at .9500 round handle, see full report for more details
USD/CAD (Short Term)		Buy if USD/CAD pulls back to 1.0172, stop at 1.0132, target at 1.0222.
AUD/USD (Short Term)		At fresh 2012 lows in the mid-.9700s, bounces may be capped by previous-support-turned-resistance at .9800
NZD/USD (Short Term)		Showing signs of potential bounce from .7500 support level, see full report for more details

NZD/JPY to Resume Downtrend at 61.65

Several factors suggest that the NZD/JPY may face strong resistance at 61.65.

Swing Technicals- EUR/USD Bullish Entry at 1.2467 in Range After Today's Drop

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Medium Term)		Buy EUR/USD at 1.2467. Stop at 1.2064. Profit target at 1.3072.
GBP/USD (Medium Term)		Watch for a new formation to emerge in the wake of a broken bullish trend line.
USD/JPY (Medium Term)		Watch for an opportunity to go short near the bearish trend line.
USD/CHF (Medium Term)		Watch for a new short opportunity to emerge because the bullish trend line has broken.
USD/CAD (Medium Term)		Watch for an opportunity to go long near the bullish trend line.
AUD/USD (Medium Term)		Watch for a new opportunity to emerge.
NZD/USD (Medium Term)		Watch for an opportunity to go short near the bearish trend line.

3 Reasons to Sell EUR/USD Ahead of Tomorrow’s EU Summit

Over the past few weeks, it seems that the fate of the global market has hinged on every new headline out of Greece and the rest of the periphery Eurozone. This type of headline-driven trade can be very difficult to trade, as the market can reverse on short notice, regardless of near-term technical support or resistance levels; in this case though, 3 different factors suggest a EUR/USD sell may be appropriate if the pair drops below 1.2718.