In today’s Forex Forecast, we highlight the trading potential in USD/SEK, and the outlook for EUR/USD, EUR/GBP, GBP/AUS, USD/JPY and GBP/USD, with Steven Woodcock, Senior FX Analyst at Plutus FX.
EUR/USD: Upside
EUR/USD is trading nicely, plotting higher lows on the charts, but remains in a consolidatory phase right now, notes Woodcock. Although the longer-term view remains bearish, the cross is expected to head higher at the moment.
EUR/GBP: Looking for additional strength
Woodcock believes that EUR/GBP will likely take out the 0.7420 resistance and head higher towards 0.77. He says that the charts suggest the cross has been range trading with a slight EUR buy bias and seeing more strength now.
Although Woodcock remains a long-term dollar bull, he adopts a buy approach on EUR/GBP and EUR/USD, doing what the chart says.
GBP/AUS: Bearish outlook
Looking at the technical charts for GBP/AUS, Woodcock explains the reasons behind a bearish outlook on the cross. Maintaining a downside target at 2.00.
USD/SEK: 50 big figures ahead?
Woodcock believes that USD/SEK might be able to see 50 big figures ahead. He notes how the charts suggest cross is seeing a double top formation, and maintains a downside bias.
USD/JPY: Going nowhere?
Woodcock maintains his bearish call on the USD/JPY, looking for it to come lower, but suggests going with the break.
GBP/USD: Selloff ahead?
Woodcock says that the 1.5360 level is key for GBP/USD and the pair should see a selloff from here.
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