Breakouts

After three failed attempts to break 1.40 and what looked like a triple top the surprise tightening by Singapore tonight (widening of the trading band for the SGD ~ allowing it to appreciate vs the USD) has spurred a big jump in risk and EURUSD has made a run on the stops above 1.40. There must have been a bunch of stops because the move is a biggie blasting it out of the rising channel and the triangle consolidation and straight through the 0.618fib retracement. USDCAD also has pierced the parity level and the dollar is being sold across the board.
1.40 should be support now for EURUSD and the top of the triangle breakout.

So where are we at with the dollar?
 Well almost at the bottom of the big weekly wedge which looks to be about 76.00 - 76.50 so the price action here will be interesting and once we have tested this trendline and see if it breaks or is support then we can look at the dollar crosses.

Last weeks weekly doji in EURGBP at the 50fib retracement did not hold as a reversal and this has been busted to the upside too.  The next level of interest is just short of 0.89 where it meets the 61.8fib and the underside of the big weekly triangle that it broke from in April. One to watch.

I am also watching GBPCHF for a bottom, I think that GBPCHF long may have more potential.  The weekly chart shows if we hold here we have a potential double bottom, so I am watching the daily price action.  A break below this support and I am watching for a test of 1.50 and the fib extension at 1.4980 to buy for a bounce.

USDCAD has support at 0.9930 and then 0.9710

EURAUD looks to have broken above a trend line going back to Dec 2008 and daily chart confirms it.  I am stalking a long entry in this pair.