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): Neutral DXC bulls are once again out on ice as 93.92 is broken. It appears that once again the sideways chop that began in March 2015 remains intact - no edge here.
USD/CHF: Neutral with DXC breaking below 93.92 it is hard to consider USD/CHF capable of rallying. However, unlike DXC, USD/CHF did not take out its recent low at .9602. Certainly worth watching but not worth making a trade at this point.
AUD/USD: Bearish as long as .7691 is no breached, the next stop lower is seen at .7632 and perhaps lower.
EUR/GBP: Bearish the rally I had noted yesterday has played out. I would expect the Fib resistance levels at .7800-.7844 to cap price action and allow for a turn lower towards .7686-.7650
NZD/USD: Cautiously Bearish from last Friday: traders, the longer-term count is quite bearish, but on a short-term basis I think the downside is limited to .6865-.6840. This has played out quite well in terms of the downside targets noted. However, the rally back has been deeper than expected. Overnight prices did stall at key Fib resistance at .7005 but they will need to turn lower soon. A move above .7051 negates this bearish view.
Have a question for me? Drop me an email
Dave
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