In today’s forex forecast, we outline the targets and outlook for USD/JPY, AUD/USD, GBP/USD, USD/CAD and EUR/USD, with Steven Woodcock, Senior FX Analyst at Plutus FX, along with Nick Batsford, CEO at Tip TV.
AUD/USD: Woodcock believes that the cross is stagnating around current levels.
USD/JPY: Momentum exists, but slower climb ahead
Woodcock highlights that USD/JPY technicals suggests upside momentum remains on the cross, but needs a break above 125.50 area before seeing a fresh leg higher.
He further adds that the upside move now will be slower and slight measured.
USD/CAD: Dollar bull scenario still in place
Looking at the technical charts for USD/CAD, Woodcock comments that the cross looks like its heading for an upside break, but we are now at the top end of the range, and unless a break is seen, favour selling the topside of the range, with well-maintained stops.
The dollar bull scenario is still in place, and Woodcock sees USD/CAD at 1.50 levels ahead. Dollar will maintain momentum until Thursday, and won’t see many sellers, but the upcoming Fed decision is the biggest and will be key for the dollar.
GBP/USD: More offered than bid
Woodcock suggests selling any rallies on GBP/USD, with the pair struggling around 1.5050. While he maintains his bearish call for 1.45 levels, he advices to wait for a break below 1.50 to go bearish on the cross.
EUR/USD: Bottom end of the range
Woodcock says that the EUR/USD is currently consolidating, which is dollar led. He believes that the volumes will be cut later in the week.
While the markets remain on the side of the Fed raising rates in December, Woodcock believes otherwise, and hence notes that if the federal reserve fails to lift rates in December, the EUR can be an excellent buy opportunity at current lows.
We are not authorised by the Financial Conduct Authority of England and Wales. The information and/or data on this website is provided by us and any data providers which may be used by us for your general information and use only and is not intended for trading purposes or to address your particular financial or other requirements. In particular, the information and/or data on the website:
(1) does not constitute any form of advice (financial, investment, tax, medical, legal, spread -betting or otherwise); and (2) does not constitute any inducement, invitation or recommendation relating to any of the products listed or referred to; and (3) is not intended to be relied upon by you in making (or refraining to make) any specific investment, placing any bet or making any other decision; and (4) has not been issued or approved by Tip TV for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended from time to time).
Opinions expressed by speakers in the videos, writers of the blogs are only opinions and not expert advice. These opinions do not necessarily agree with those held by Tip TV, its directors, agents or employees who disclaim any intent to make betting, securities or securities markets recommendations. The value of investments and the income derived from them may fall as well as rise. APPROPRIATE EXPERT INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT, PLACING ANY BET OR MAKING ANY OTHER DECISIONS.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.