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): Cautiously Bullish DXC bulls continue to be on their back foot and for now there is no reason to view it differently. Yesterday's observation that if prices got above 93.00 we could see a quick pop higher never did play out. However, as of this AM we are seeing prices make a nice push to the upside. Above 93.60 could offer the ability to rally to 93.00+ and provide an opportunity for clients to be short the likes of EUR/USD
EUR/USD: Cautiously Bearish a push below 1.1540 could open up some near-term downside towards 1.1450
USD/CHF: Cautiously Bullish from yesterday, looking for a move towards .9512. spot on, too conservative actually as prices sold off all the way to .9450! We are oversold on a short-term basis, I see prices making a push higher towards .9583+
AUD/USD: Neutral from yesterday, looks like I was too conservative! Looking for a minimum downside target of .7587 There is still a bit of downside left here but only if you are looking to be nimble. .7490-.7470 is in play but I am more interested in selling a rally back towards .7650
EUR/GBP: Bearish looking for a break below .7880 in order for the bears to take control with a solid downside target of .7840-.7820
NZD/USD: Bearish from yesterday: only a break below .6985 would get me interested in shorting this pair. It is always tough to call tops and bottoms and NZD/USD is no different here. .6985 is giving way and the immediate downside target is seen at .6915 and perhaps lower if you are looking further ahead versus just a quick scalp.
Have a question for me? Drop me an email
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.
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