Dave Floyd
Aspen Trading Group
Good morning traders.
Below are my thoughts for the hours/day ahead.
Pay close attention to the blue text in these posts (when applicable) as it will refer back to previous comments/forecasts.
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 I only repeated this for nearly a week - I guess if you say it enough it will unfold.... I am looking for a thrust higher to suggest that this long and nasty correction is complete. Let's just keep prices above 94.39
GBP/USD: Bearish no change from yesterday: the overnight highs at 1.4350 met the upside Fib target - and prices have since reversed. Below 1.4226 would suggest a new leg lower is underway that would test 1.4000
NZD/USD: Bearish from yesterday: Prices will need to stall, and soon (.6920'ish) and not exceed .6964 if the bears are to retain the upper hand. It was a close call for sure, but price action is getting bearish - we are short via the MTSU
AUD/USD: Bearish from yesterday: like NZD/USD, prices are testing key Fib resistance at .7673 and cannot exceed .7722. A break below .7636 would suggest a new leg lower in underway
NZD/JPY: Cautiously Bearish from yesterday: no change - let's see if a whole host of Fibonacci resistance at 75.00-75.50 can cap this rally. This is a fascinating cross to watch right now. The whole world was bearish last week and are getting tested - still looking for prices to move lower but not ready to join the party....yet.
Have a question for me? Drop me an email
Dave
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