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USDJPY: Retains Its Broader Downside Bias. USDJPY: The pair continues to retain its broader downside bias as it looks to recapture its YTD low at 83.58 despite its price hesitation. A breach of there will open the door for more downside towards the 82.00 level, its psycho level with a cut through there aiming at the 81.00 level. Alternatively, a break of the 88.11 level will have to occur to annul its present downside pressure and bring gains towards the 89.14 level with a clearance of that level turning attention to the 89.68 level, its broken rising trendline. All in all, USDJPY remains biased to the downside in the medium term with eyes on additional lower prices. GBPUSD: Targeting The 1.6000 Level.
GBPUSD: A follow – through higher on the back of its Monday gains is now underway suggesting a run at its big psycho level at 1.6000. This is coming on the heels of a break and hold above the 0.5814/1.6068 levels which has now opened up risk even beyond the 1.6000 level and towards the 1.6200 level. On the other hand, on pullbacks the pair should target the 0.5814/1.6068 levels where a reversal of roles is likely. Further down, the 1.5521/1.5470 levels will come in as the next support with a break of there aiming at its violated trendline at 1.5226. This level is expected to hold and provide support thus turning the pair higher again. Overall, with bull pressure triggered from the 1.4226 level still intact, further upside offensive is likely towards the 1.6000 level.
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AUDUSD: Maintains Above The 0.9078 Level. AUDUSD: The pair remains biased to the upside having held firmly above the 0.9078 level. This has created scope for more upside towards the 0.9219 level. While this level may present a considerable resistance on initial test, we believe it should give way for a run towards its May 04’10 high at 0.9265. A clean penetration of that level will clear the way for more recovery towards its April 21’10 high at 0.9337 and then the 0.9404 level, its Nov’16’10 high. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on weakness the 0.9078 level just eroded should come in as the initial target with a loss of there aiming at the 0.8770 level followed by the 0.8736 level and then the 0.8632 level, its July 19’10 low.
Note: This is an excerpt from The Professional Suite, our daily 7 currency model analysis research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package, Including 3 FREE Bonuses Now   
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