Dave Floyd
Aspen Trading Group
Good morning traders.
Here are my thoughts/forecasts looking ahead over the next 12-24 hours.
Pay close attention to the blue text in these posts. While the focus of this post is for the next 12-24 hours, I always include (when applicable) where I see the longer-term price action heading.
Note: the Intra-Day FX Forecasts 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, which are pretty darn useful each trading day.
Intra-Day FX Forecasts:
- Dollar Index (DXC): Bullish from yesterday: looking for a move above 99.25 to get the upside momentum going again. With this level out of the way, prices now poised for 100.28+
- USD/JPY: Bullish no change from Friday, this is the 'focus chart/chart of the day' as it says a lot about what is happening presently. Sure the S&P's have been selling off over last few days and DXC has struggled to continue higher. However, USD/JPY is not tracking lower despite the weaker S&P's. This to me suggests that overall we are in a correction and higher levels for USD/JPY, S&P 500 and DXC are forthcoming. Using 122.60 as the stop-loss with minimum upside target towards 124.44
- EUR/USD: Bearish from Friday: the sideways chopfest continues but appears to be nearing conclusion. A clean break below 1.0750'ish opens the door towards 1.0650 and lower. This forecast was spot on but required patience. Next downside target(s) seen towards 1.0615 and 1.0525
- AUD/NZD: Bullish heading towards 1.1150 in hours/days to come
- USD/CHF: Bullish from Friday/Monday: it is simply a matter of being patient. Yesterday's low at .9988 suggests the nasty and sloppy correction this week is now complete. Above 1.0050 should allow for prices to move higher towards 1.0150+ My overall view remains intact but it requires patience. Prices are holding above 1.0050 the former resistance level and now prices need to make a move above 1.0095 to kick into gear another leg higher. Upside targets met now looking towards 1.0213+
Have a question for me? Drop me an email
Dave
Aspen Trading Group´s FX Commentary, including any content or information contained within it or Aspen Trading Group´s web site, any site-related service, is provided “as is”, with all faults, with no representations or warranties of any kind, either expressed or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, and noninfringement. You assume total responsibility and risk for your use of Aspen Trading Group´s commentary/website, site-related services, and hyperlinked websites.
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