Dave Floyd
Aspen Trading Group
Good morning traders.
Here are mythoughts/forecasts looking ahead over the next 12-24 hours.
Quote of The Week: Trade what you see not what you think.
Note: the Intra-Day FX Forecastshighlight price direction and likely price targets/stops designed for traderslooking at trading opportunities over the next several hours. These are not official traderecommendations, merely guidelines and forecasts, which are pretty darn usefuleach trading day.
Intra-Day FXForecasts:
- Dollar Index (DXC): Bullish no change from yesterday: full steam ahead after a successful move higher above key Fib resistance last week (97.42). Near-term target seen at 99.45+ as long as prices hold above 98.14
- EUR/USD: Bearish from yesterday, remains valid: the move higher off of Friday's low at 1.0706 is clearly corrective. Prices are testing the minimum Fibonacci resistance level at 1.0792 and price action looks labored. Below 1.0753 suggests a new leg lower towards 1.0700 and lower
- AUD/NZD: Cautiously Bullish using the chart below as the backdrop for my bullish outlook, we simply need to be patient and wait for the Wave (ii) correction to complete.
- EUR/GBP: Bearish last week's spike higher was only in 3-waves and that suggests the move will not be sustained. Prices are already moving lower and a break below .7040 points to lower levels.
- NZD/CAD: Bearish looks like a triangle has developed here over the last few days and it suggests lower levels once complete. As of now I would be looking at a break below .8640 to kick the downside momentum into gear towards .8456 in the days ahead.
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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