Note: the Intra-Day FX Forecast highlights 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.
North American Short-Term Outlook:
The Dollar Index (DXC) is a bit 'oversold' this AM so factor in a modest corrective rally if you are 'short' dollars and/or use this period as a way to establish positions at better prices.
- Dollar Index (DXC): Neutral to Bearish overnight saw a pause in he selling, but this is likely only temporary. Look for resistance at 79.80/80.11 before the next leg lower that will break key support at 79.26
- USD/CAD: Bearish looks like Wave B is in place at 1.0999 and I now expect prices to move lower. A break below 1.0965/39 should open the door for a move lower towards 1.0856
- NZD/USD: Neutral to Bullish looks like Wave iv is unfolding in a triangle that is nearing completion. Next move is higher towards .8785/.8830
- AUD/USD: Neutral Bullish looks like Wave iv has completed as a triangle. A break above .9425 confirms triangle is complete and .9485 is the immediate target.
- USD/JPY: Neutral to Bullish the recent sideways consolidation looks set to deliver a move to the upside. Above 101.85/90 should allow for a move higher but price action is likely to be choppy.
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