Good morning traders.
My general thoughts are below for the next several hours.
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.
My general thoughts are below for the next several hours.
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 to Bullish sideways chop over the last few days suggests the bulls are merely taking a rest. A push above 96.34-96.64 suggests another push higher towards key resistance at 97.37
- USD/SGD: Neutral to Bullish a nice pull-back developing overnight and prices are now testing Fib support at 1.4200-1.4160 - this area should prove an interesting spot to get long.
- USD/CHF: Neutral to Bullish the sideways chop over the last several sessions looks to have ended. The 5-wave move above .9768 from the overnight lows likely will lead to further gains towards .9900. Just be aware that since we have just completed 5-waves higher, we are likely to see a modest correction lower towards .9750 before that uptrend resumes.
- EUR/NZD: Neutral to Bullish as noted in this chart from yesterday (FX Alerts/FX Insight clients) the corrective triangle appears to be completing the last leg (Wave E). I will be looking to buy this pull-back as prices approach Fib support at 1.7665 & 1.7532
- USD/CAD: Neutral to Bullish a nice thrust higher from a triangle in 5-waves certainly points to even further gains. Currently prices are correcting lower into Fibonacci support at 1.3222-1.3200. If prices gain some traction there, I will consider long entries.
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