Good morning traders.
Note: the Intra-Day Forex Trading Signals highlight 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 to Modestly Bearish to me it looks like we will see one more push lower and that could market the end of the correction that began back in mid-March. For today however a move below 95.25-95.00 suggests one more leg lower with 94.50 the immediate downside target
- USD/CAD: Neutral to Bullish from Friday: Looking for prices to test 1.2195+ if DXC kicks into gear to the upside. Nailed the target price pretty well and with prices now pulling back within Wave (4) look for Fibonacci support at 1.2100-1.2073. As long as prices do not break 1.2034 the next move will be towards 1.2200+
- USD/NOK: Neutral to Modestly Bearish likely to see one more move lower especially if prices break 7.5490, from there prices could move towards 7.4674 and 7.3125
- NZD/USD: Bearish be patient here prices appear to be in the early stages of a sustained move lower. The price action over the last several hours is sideways and choppy - this after 2 nice moves lower from the April 29th highs. Below .7507 likely invites more selling.
- EUR/GBP: Bullish from Friday: For today howver, I would be looking to buy any weakness towards .7334-.7300 I am now looking for that process to repeat, Wave iv might be complete already at the overnight lows but allow for one more leg lower towards .7320 - expecting prices to move towards .7500+
- USD/ZAR: Cautiously Bullish as noted in last night's Asian FX Update, USD/ZAR is poised for higher levels. However, we will need gold prices to move lower in order to act as a catalyst. Gold's chart is a bit challenging right now given the complexity of the move lower off the April 6th highs. I suspect ultimately gold resumes the bearish trend but let's be patient
Dave
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