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:
- Dollar Index (DXC): Neutral no change: I have been looking at this index every which way for the last 24-hours and I am stumped. That is OK though, we can make trades without guidance from DXC - i.e. EUR/GBP & EUR/AUD. I will keep looking at it, but for now, a big head scratch.
- USD/JPY: Neutral to Bearish there was some modest downside yesterday with weak S&P's and a generally 'weak' DXC, but it was not terribly convincing. Regardless, for clients who keep a close eye on the market, USD/JPY could still come into play (short) if the S&P's remain weak into Friday's session.
- NZD/USD: Neutral to Bullish the current correction lower should find support at the .8629-.8586 area. As along as .8574 is not breached, the uptrend should resume.
- EUR/GBP: Neutral to Bearish hopefully prices rebound a bit so we can get short. Hate to chase at these levels, but let's wait and see what happens today.
- AUD/USD: Neutral to Bullish the .9423 target from Wednesday has essentially been tagged. Prices are now pulling-back towards the forecast .9369-9342 area. I will consider getting long into this support zone. Prices need to remain above .9328 to keep the bullish count alive.
Dave
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Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.