Good morning traders. We might be seeing the early signs of a resumption of the bullish dollar trend. While I have seen some analysis that still suggests that the corrective triangles are playing out, I do not think that is the case.
Regardless, timing the end of a correction is tough, so we cannot rule that out yet.
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 the move off the Feb 17th lows does not look impulsive. Thus, the Wave 4 triangle might still beplaying out. Above 95.13 suggest the triangle is in facr complete though.
- EUR/USD: Cautiously Bearish looking for a break below 1.1269 to confirm that the Wave 4 triangle is complete.
- USD/CAD: Bullish Friday's forecast was spot on - I am pretty confident that the Wave iv correction is complete with 1.2715 the next upside target.
- USD/JPY: Cautiously Bearish 4th wave triangle remains alive and well - a move towards 117.40 seems the more likely move versus a break higher presently.
- AUD/NZD: Bearish we are short from last week - perhaps we should have added to the trade on the rally last night - but hindsight is always 20/20. Regardless, it does seem clear now that prices are poised for lower levels and I will be looking to add.
- USD/NOK: Cautiously Bullish perhaps the Wave 4 triangle is still playing out, however, this move higher overnight has many impulsive qualities. Above 7.7380 adds to the bullish argument. Continued weaker oil will also keep upside pressure on this pair.
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