Note: the Intra-Day FX Forecast highlights price direction and likely price targets/stops designed for traders looking at trading opportunities over the next several hours. These are not official trade recommendations, merely guidelines and forecasts.
North American Short-Term Outlook:
Price action starting to get more constructive overnight.
- Dollar Index (DXC): Neutral to Bearish while prices broke through trend-line support at 79.80 they are no re-testing it. The overall technical backdrop looks solid but we simply cannot get sustained moves.
- GBP/USD: Bullish we are long from 1.6787. Like most pairs currently, even the most robust technical set-ups simply don't see sustained follow-through. I will manage this trade closely despite my thought that there is ample upside.
- AUD/NZD: Neutral to Bearish yesterday's call for a break lower on the release of New Zealand CPI was correct, worth 50 or so pips for clients who traded the economic release. Now, with 5-waves complete to the downside, I am expecting that rally that took hold overnight to stall into the 1.0816/52 resistance zone.
- USD/CAD: Neutral to Bearish at some point gravity will take hold - knowing when it the real tricky part.
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EUR/USD mired near 1.0730 after choppy Thursday market session
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Gold soars as US economic woes and inflation fears grip investors
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Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
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