In today’s Forex Forecast, Nicole Elliott, Private Investor and Technical Analyst, shares the outlook for USD Index, EUR/USD, USD/JPY and USD/CAD.
Key Quotes
“Last 6 to 10 weeks has seen a shift in value in the USD - USD is currently towards the weaker end of its range against many currencies and its USD Index basket, won't take much to have a serious review of current positioning which is still pro-USD and anti-emerging markets”
“US Treasury bills out to the end of July are yielding less than 25 basis points, shows us the major disconnect between where central banks think things are going, where economies are going and where market makers think things are going”
“If the Fed can't control interest rates here then how will they deal with further rate hikes with the improving US economy”
“EUR/USD seeing the Euro weakening against the USD throughout 2014, been in a massive rectangle recently and going nowhere fast, potential rectangle base, if we start holding above 1.15 that would constitute a significant reversal towards Euro weakness and time to go the other way”
“EUR/USD - First target would be 10 cents to 1.25, then 1.29 on the length of the rectangle”
“USD/JPY - Hit trendline resistance which has been there since 1990 at 125, couldn't hold that, ducked down again in a head and shoulders top, broken down already through the cloud and to a new low this week sub 111, 110.50 is a 61% retracement of the last leg up, lot more to go down to the 100 area, another arrow misfired from Japan”
“USD/CAD - Anything over 1.40 is difficult to sustain in the long-term, support at 1.14 are the new parameters”
We are not authorised by the Financial Conduct Authority of England and Wales. The information and/or data on this website is provided by us and any data providers which may be used by us for your general information and use only and is not intended for trading purposes or to address your particular financial or other requirements. In particular, the information and/or data on the website:
(1) does not constitute any form of advice (financial, investment, tax, medical, legal, spread -betting or otherwise); and (2) does not constitute any inducement, invitation or recommendation relating to any of the products listed or referred to; and (3) is not intended to be relied upon by you in making (or refraining to make) any specific investment, placing any bet or making any other decision; and (4) has not been issued or approved by Tip TV for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended from time to time).
Opinions expressed by speakers in the videos, writers of the blogs are only opinions and not expert advice. These opinions do not necessarily agree with those held by Tip TV, its directors, agents or employees who disclaim any intent to make betting, securities or securities markets recommendations. The value of investments and the income derived from them may fall as well as rise. APPROPRIATE EXPERT INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT, PLACING ANY BET OR MAKING ANY OTHER DECISIONS.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.