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Currencies
Euro “EC” (Dec)
Coverage for Nov. 14Friday's open needed to be retested regardless of the pattern's eventual resolution. This had been accomplished already before Monday's open, which gapped down and extended lower through mid-morning. The afternoon's lower lows didn't extend down and the balance of the session only ranged narrowly at session lows. The lows retested the two-week old highs that had fulfilled the target of October's rally, so a lower close would trigger a new downleg.Resistance: 1.2885 and 1.2910Support: 1.2820 and 1.2785
British Pound “BP” (Dec)
Coverage for Nov. 14Friday's open needed to be retested regardless of the pattern's eventual resolution. This had been accomplished already before Monday's open, which gapped down sharply and extended lower through mid-morning. An afternoon retest held and the balance of the session only ranged narrowly at session lows. The pattern has yet to extend the two-week old highs that had fulfilled the target of October's rally, and almost any lower close would trigger a new downleg.Resistance: 1.9060 and 1.9130Support: 1.8970 and 1.8895
Swiss Franc “SF” (Jan)
Coverage for Nov. 14Friday's open needed to be retested regardless of the pattern's eventual resolution. This had been accomplished already before Monday's open, which gapped down and extended lower through mid-morning. The afternoon's lower lows didn't extend down and the balance of the session only ranged narrowly at session lows. The open was under the two-week old highs that had fulfilled the target of October's rally, so a complete recovery of Monday's losses would be the minimum requirement to avoiding a deeper decline.Resistance: .8105 and .8135Support: .8050 and .8015
Japanese Yen “JY” (Dec)
Coverage for Nov. 14Further weakness Monday would have been credible for retesting Thursday's low. The open gapped down and extended lower through mid-morning, but an afternoon retest of the morning's low still stopped short of actually touching last Thursday's low. The balance of the session ranged narrowly at session lows. Thursday's lows should still be tested, and there is potential for retesting October's lows, too.Resistance: .8545 and .8585Support: .8475 and .8430
Australian Dollar “AD” (Dec)
Coverage for Nov. 14Friday's relatively narrow range didn't confirm Thursday's post-open recovery, and lower lows remained likely. Monday's open gapped down to new relative lows and fell further through mid-morning. The low was attacked in the afternoon while MACD and RSI diverged positively, making a near-term corrective bounce likely.Resistance: .7655 and .7705Support: .7590 and .7535
Canadian Dollar “CD” (Dec)
Coverage for Nov. 14Monday's gap down to prior lows was already out of sync with the pattern's potential to rally, first. The open's loss extended down through the noon hour before ranging narrowly into the close. Despite the outstanding gap at higher levels, a complete recovery of Monday's range would be the minimum requirement to signaling a recovery underway.Resistance: .8820 and .8850Support: .8760 and .8735
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