Note: USDX is in a Sideways move and close to the bottom – watch for a bounce or breakout. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s are still dropping.
$EURUSD
What ProAct Traders See: Bearish: We are currently sitting @ 1.2365 in a symmetrical triangle. We have divergence for the downside move so are looking for a continuation to the 0.618 Fibo @ 1.1953 and then a bounce and further move to 1.1789. The average daily true range (ATR) for the pair currently is 81 pips.
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$USDJPY
What ProAct Traders See: Waiting: We are currently @ 104.96 in a range. We have divergence for the upside move so are cautiously awaiting the start of a bullish move but could have one more move to the downside before that happens. We will be looking for a continuation to the 0.500 Fibo @ 106.46. The average daily true range (ATR) for the pair currently is 72 pips.
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$GBPUSD
What ProAct Traders See: Bearish: Cable is currently sitting @ 1.4139 in a range. We are looking for a reversal and then a continuation to the 0.786 Fibo @ 1.3850. The average daily true range (ATR) for the pair is 97 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Traders See: Bearish: Aussie is @ 0.7702 in a large channel in a range. We are watching for a continuation down to the Day [email protected] 0.7500 area. The average daily true range (ATR) for the pair currently is 59 pips.
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Latest Forex Analysis
Editors’ Picks
EUR/USD battles with 1.1700 as the market mood turns sour
Poor German data and renewed concerns about a default of the Chinese Evergrande property giant undermined investors’ sentiment, pushing them into the dollar’s safety.
GBP/USD accelerates its slump, trades around 1.3650
GBP/USD is under strong selling pressure, trimming most of its post-BOE gains. Concerns about the global financial health and slow moves towards tapering weigh on markets.
XAU/USD hangs near multi-week lows, around $1,745 ahead of Powell
Gold struggled to capitalize on its attempted intraday recovery move. Hawkish Fed/BoE, rising bond yields acted as a headwind for the metal. Resurgent USD demand exerted additional pressure on the commodity.
PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’
PBoC bans crypto trading activities and a plethora of associated services, labeling it “illegal.” Overseas cryptocurrency exchanges providing services to Chinese residents will be investigated in accordance with the law.
Evergrande, VIX and yields make for choppy day ahead
Equity markets remain focused on Evergrande as rumours of a possible default on overseas debt swirl. The market appears to be on the hunt for negative news, which leads us to conclude that stocks are going lower in the short term.