Good morning traders. Below are my thoughts/forecasts for the next several hours.

Note: the Intra-Day FX Forecasts highlight 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, which are pretty darn useful each trading day.

Intra-Day FX Forecasts:

Dollar Index (DXC): Bullish the forecast support at 95.72 played out like clockwork and prices have since rallied. Still want to see prices get above 96.66 to really get the upside momentum going

d

USD/JPY: Cautiously Bearish damn, this nasty sideways triangle will just not complete. Yes we had the forecast move lower yesterday and from the emails I received, many clients were short. But we just can't seem to get prices to break below 119.23-119.00. I still think the triangle completed on Sep 25th and the rally we are seeing this AM will stall at 120.00-120.47 before turning lower again.
EUR/USD: Bearish yesterday's call for a rally towards 1.1250'ish was spot on. Expecting a resumption of the trend lower now - in fact we are already seeing it from the overnight highs.
EUR/AUD: Neutral from yesterday: A move back above 1.6000-1.6065 points towards a sustained move higher to 1.6190 and yes, in the days/weeks ahead......1.6800. Well, the forecast did play out (to some degree) - except that prices reversed hard at the 1.6250 level and that reversal makes me less bullish since it is so deep.

AUD/USD: Neutral to Bearish looking for modest rally into the .7019-.7100 resistance zone before prices stall and resume the push lower.

I will be updating throughout the day as opportunities/developments present themselves.

Dave

Aspen Trading Group´s FX Commentary, including any content or information contained within it or Aspen Trading Group´s web site, any site-related service, is provided “as is”, with all faults, with no representations or warranties of any kind, either expressed or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, and noninfringement. You assume total responsibility and risk for your use of Aspen Trading Group´s commentary/website, site-related services, and hyperlinked websites.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD clings to gains above 1.0750 after US data

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.

EUR/USD News

GBP/USD declines below 1.2550 following NFP-inspired upsurge

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.

GBP/USD News

Gold struggles to hold above $2,300 despite falling US yields

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.

Gold News

Bitcoin Weekly Forecast: Should you buy BTC here? Premium

Bitcoin Weekly Forecast: Should you buy BTC here?

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.

Read more

Week ahead – BoE and RBA decisions headline a calm week

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.

Read more

Majors

Cryptocurrencies

Signatures