Dave Floyd
Aspen Trading Group
Good morning traders. Here are my thoughts for the next 12-24 hours.
Intra-Day FX Forecasts:
- Dollar Index (DXC): Cautiously Bullish as noted last week, the 96.70 level is pretty key (June 23rd high) and as of now, prices have pushed higher above that level. Price action is pretty labored and choppy, so if you are looking to intra-day/short-term trade USD pairs, it is likely not going to be the easiest thing to do. Nonetheless, don't fight the trend.
- USD/CHF: Cautiously Bullish prices continue to move higher in a pretty labored manner higher. However, they are slowly making headway. Note yesterday's 'Action' below in BLUE.
- Action: a push above .9905-.9910 should allow for a pop higher towards .9950
- EUR/GBP: Cautiously Bullish sideways chop (triangle) since the July 14th lows suggests a pop higher.
- Action: consider getting long on a break above .8430
- USD/NOK: Cautiously Bullish lower oil prices and higher DXC = higher USD/NOK.
- Action: a push above 8.5950 should allow for prices to expand higher towards 8.7000
- GBP/USD: Cautiously Bullish no change from yesterday: DXC is poised to move higher, but any pair can deviate at times, GBP/USD appears to be this time. The push above 1.3165 points towards 1.3300. The logic is based on the 4-hour chart. A 5-wave move higher off the July 5th low and the subsequent correction lower, suggests one more move higher.
- AUD/USD: Neutral to Bearish the rally off the July 22nd lows would appear to be a correction. From yesterday: The Fib Resistance Zone (FRZ) at .7532-.7587 should be where prices stall and begin to roll over and head lower. This has in fact played out, look for a break below .7440 to keep the downside momentum going towards .7400
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