Dave Floyd
Aspen Trading Group
Good morning traders.
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): Neutral from yesterday: price action in DXC is beginning to look like the S&P's - always moving higher but never anything dramatic in terms of overall price action. I am not giving up on the bullish view, but price action is starting to look tired and a correction lower seems possible. However, as the old saying goes, never read too much into a 'dull tape'.
- USD/JPY: Bullish no change from yesterday: this pair has been pretty tricky in the last several sessions as prices have simply moved sideways. However, with the firm S&P's this AM and a nice push higher off the 122.25 lows, I am looking for prices to move higher towards 123.77+ At this point the over night action keeps the bulls in charge. Only a 3-wave move off the overnight highs a break back above 123.34 would be very constructive.
- EUR/USD: Neutral from yesterday: the mirror image of DXC - slow and steady lower. Looking for a grind lower towards 1.0400 with 1.0689 the invalidation/stop-loss level. Like DXC however, price action looking a bit tired to the downside - a pop higher cannot be ruled out,
- GBP/NZD: Bearish no change from yesterday: targeting 2.2425 in the hours/days ahead. In the meantime, looking to sell rallies towards 2.2877-2.2915
- AUD/NZD: Cautiously Bullish the support zone cited in last night's technical update (FX Alerts clients) at 1.0950-1.0861 is holding well - looking for a short-term 5-wave move higher to invite me into getting long.
- USD/CHF: Cautiously Bullish looking for a break back above 1.0325'ish to get the upside momentum going again.
- EUR/AUD: Bearish no change from yesterday: a break below 1.4578 points towards 1.4412 and 1.4215
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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