Dave Floyd
Aspen Trading Group
Good morning traders.
Below are my thoughts for the hours/day ahead.
Pay close attention to the blue text in these posts (when applicable) as it will refer back to previous comments/forecasts.
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): Cautiously Bullish the overall chart pattern still suggests higher levels. It is merely a matter of ones time frame. On a short-term basis you need to focus on 94.39. A break below there points to a period of DXC weakness (i.e. higher EUR/USD). However, if this plays out, it is unlikely to alter the overall move higher in DXC. Only a move below 93.63 would alter the overall bullish outlook.
EUR/USD: Bearish a looking for a 5-wave move lower, 1st target 1.1218 - expecting the 1.1320-1.1350 area to provide solid resistance.
USD/CHF: Bullish needing patience in here as our adjusted stops at .9635 are too close for comfort. Nonetheless, price action is encouraging this AM. .
NZD/JPY: Cautiously Bullish only 3-waves lower off of last week's high and a move back above 74.67 creates overlap. That means higher levels towards 77.00 - a break above 75.74 suggests this move is in the works.
Have a question for me? Drop me an email
Dave
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