Good morning traders. Imagine, if you will for a moment, of a land where forex prices have a strong directional bias and clear entries and exits abound.
Sounds nice huh?
Well that world exists - just not right now; but should shortly!
The waiting continues as FX markets consolidate recent moves (lots of Wave 4 corrections underway) and with it we must be patient and wait for evidence the correction is complete.
Below are my thoughts on some key levels that might mark that end.
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
Sounds nice huh?
Well that world exists - just not right now; but should shortly!
The waiting continues as FX markets consolidate recent moves (lots of Wave 4 corrections underway) and with it we must be patient and wait for evidence the correction is complete.
Below are my thoughts on some key levels that might mark that end.
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:
- Dollar Index (DXC): Neutral 4th wave triangle continues to play out. Perhaps the overnight low at 84.10 will provide the end point - if so, prices poised to move towards 84.77+
- EUR/USD: Cautiously Bearish the correction off the Sep 15th lows has gone pretty deep (1.2963 - .786 Fib retracement). A break below 1.2925 would be a sign that prices are pushing lower.
- USD/CHF: Cautiously Bullish like DXC, a 4th wave triangle likely unfolding and perhaps completed at the overnight low at .9321. Below .9317 however suggests that the correction is not complete
- USD/SGD: Neutral to Bullish wanna guess? Yep - wave 4 correction still unfolding. Looking for support/completion at 1.2603-1.2564 before the move higher towards my ideal target at 1.2700 unfolds.
- USD/NOK: Cautiously Bullish the correction off the Sep 15th highs is pretty drawn out but as long as 6.3764 holds the bulls still can retain control.
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