Which way is the trend now?

Pierre Charlebois from Trading Metro at 11/15/09

Many USD pairs are showing sings of potential retreat from their long term trends. Evidence is mounting but of course, nothing is ever absolute. Let's see if this week brings follow through on the turn or yet another new low on the USD.

USD Index - The most obvious support now lies at 74.78, whereas the resistance is now 76.81

EUR/USD - The last swing high did not actually break the trend high so anything is still possible here

GBP/USD - There is still a key upward trend-line in place

USD/JPY - Price action still mid-channel. Bias is difficult to assess

USD/CHF - A revisit of Par (1.000) is not out of the question, however the downward pressure seems to be waning.

USD/CAD - The Dollar/Loonie price action is stuck between two descending trend-lines. They form potential support and resistance trigger points

AUD/USD - This pair's volatility has jumped in the last week or so - This often signals a break. the question is which way. The long term trend-line has yet to fail

NZD/USD - This is one pair that has broken its long term trend-line. However it is now threatening a break back above the resistance

EUR/JPY - This pair is stuck in the middle of its range - Bias is very difficult here