FX weekly — DXY and 14 currency pair levels and targets
|Currency markets begin the week at extremes to oversold USD Vs overbought non USD currencies as EUR/USD, GBP/USD, AUD/USD, NZD/USD. The far distant extremes has been building for the past 3 weeks when EUR/USD crossed DXY, USD/JPY crossed EUR/CAD and CAD/JPY crossed EUR/USD. Prices then traveled to current exhaustion to highs and lows.
Best trades for the week on the USD side is long USD/JPY to target 144.11 and long JPY cross pairs. Best JPY cross pairs are the usual big 3 as EUR/JPY, GBP/JPY and CAD/JPY. CHF/JPY goes long at 162.62 and 162.50. Nothing special exists to AUD/JPY and NZD/JPY except to follow GBP/JPY and EUR/JPY higher.
Overbought EUR/USD requires a break at 1.0872 then short. Here's EUR/USD for next months: 1.0625, 1.0812, 1.0872, 1.1054, 1.1272, 1.1521.
Overbought GBP/USD over next months as follows: 1.2529, 1.2571,1.2781, 1.3154, 1.3560. GBP/USD for the week targets low 1.2600.
EUR/USD and GBP/USD requires a correction lower in order to travel higher. The immediate target after correction is located at EUR/USD 1.0975 and GBP/USD to again challenge 1.2781.
While EUR/USD trades overbought, inside the EUR universe is oversold EUR/CAD, EUR/AUD, EUR/NZD and EUR/GBP.
EUR/AUD sits in vial 1.6100's while EUR/NZD 1.7300's.
GBP/USD also trades overbought Vs overold GBP/JPY, GBP/CHF, GBP/NZD, GBP/AUD.
AUD/USD from vital 0.6558 is expected to hold for the week as targets are located at low 0.6600's. A correction is required then AUD travels higher to challenge 0.6759.
AUD/CHF and AUD/CAD trade overbought to match overbought AUD/USD. AUD/EUR trades deeply overbought and the move lower allows EUR/AUD to trade higher next week.
Same story for NZD/USD as 0.6080 is expected to hold .Overbough NZD/CHF matches overbought NZD/USD.
DXY 103.00's and 104.00's are blocked and every 100 pips from 107.00's. DXY 99.00 target is close.
GBP/AUD and EUR/AUD both trade deeply oversold. Add oversold to GBP/NZD and EUR/NZD.
Masive oversold USD/CAD begins the week just above vital 1.3332 and 1.3216. Break at 1.3332 targets 1.3093 and 1.3009. USD/CAD big break for higher is located at 1.3560 and will hold this week. Oversold USD/CAD this week targets 1.3528 and 1.3534. Then short.
Oversold USD/CHF targets easily 0.8757 then 0.8799.
SPX500
SPX achieved targets at upper 4600.00's, low 4700's and next targets 4627.10 and 4588.00.
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