The Forex Zone Forecasts – A solid US Dollar tone with risk on theme

Intermediate

The US Dollar has remained firm, though slightly hesitant driven by positivity from the US-Sino trade talks and upbeat comments from various Fed speakers on the US economy.

The Forex Zone looks at day trade possibilities and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY.

EURUSD: Prod at key 1.0989

A Thursday prod just below key 1.0989 for an intermediate-term shift to neutral, BUT with ongoing risks now for an intermediate-term shift to bearish below 1.0939.

Despite an intraday bounce from 1.0988, whilst capped at 1.1043 we see risks back lower for Friday.

  • We see a downside bias for 1.0988; break here aims for 1.0959 and maybe critical 1.0939.
  • But above 1.1043 quickly opens risk up to 1.1055, maybe towards 1.1092/93.
eurusd chart

GBPUSD: Upside bias

A Thursday rebound to reject the minor Wednesday setback that held above the 1.2815/1.2799 support area, to retain upside forces from Monday’s surge up through the November down trend line and also 1.2832 and 1.2878 resistances, to leaves risks higher for Friday.

  • We see an upside bias for 1.2898; break here quickly aims for 1.2917 and maybe notable 1.2976.
  • But below 1.2815/2799 opens risk up to 1.2768, maybe 1.2749.
gbpusd

USDCAD: Setback, but we hold onto a rebound bias 

A setback Thursday and overnight below 1.3231 support (after Tuesday’s rebound from above 1.3207 support, from 1.3211), but whilst above 1.3211/07 we hold onto upside pressures from the earlier November push above key 1.3240 resistance, to keep risks to the upside Friday.

  • We see an upside bias for 1.3252; break here aims for 1.3270, maybe towards 1.3294.
  • But below 1.3211/07 aims for 1.3179 and opens risk down towards 1.3153.
usdcad

AUDUSD: Intermediate-term shift to neutral and bear threat

The negative price action through key .6808/06 sets the bias lower again for Friday.

  • We see a downside bias for .6766; break here aims for .6749, maybe towards key .6720.
  • But above .6807 opens risk up to .6841 and maybe key .6865.
audusd

NZDUSD: Risks flip back lower

A Thursday selloff to surrender the .6379 support has damaged the positivity from Wednesday’s surge after the unexpected “no cut” decision from the RBNZ, to resume immediate downside risk, to flip the bias back lower for Friday.

  • We see a downside bias for .6357; break here aims for .6327 and .6320/17.
  • But above .6399/.6403 opens risk up to .6420 and maybe .6431.
nzdusd

USDJPY: Risks now lower for key 107.87

A plunge Thursday through the up trend line from August and notable chart support at 108.62, to reject the bull tone from the earlier November dip and a strong rally from this level (108.62) to a new recovery high (at 109.49), to switch the bias lower into Friday.

  • We see a downside bias for 108.22/18; break here aims for key 107.87 and maybe towards 107.33.
  • But above 108.70 opens risk up to 109.15 and maybe towards 109.49.
usdjpy

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

Comment on this video

Your email address will not be published. Required fields are marked *


Latest Related News

USDJPY aiming back lower (USDJPY forecast)

Global financial markets have shifted back to more of a “risk off” phase since the start of Q2 into April, with stock averages lower (see our recent reports on the DAX and S&P500 ).In turn, this “risk off” phase has seen broader US Dollar strength resuming, except against the Yen, with the safe haven Japanese currency probing lower against the US Dollar.Despite a small USDJPY… Continued

GBPUSD stays resilient

Day trade outlook: Resilient consolidation, risks stay higher Again, a resilient consolidation Wednesday (as also seen Tuesday) after the spike lower and rebound from 1.2242, retaining a positive tone from the latter March surge above key 1.2423 (to switch the intermediate-term bear trend to neutral), to keep the risk higher into Thursday.  We see an upside bias for 1.2444 then 1.2485; a break above aims for 1.2528, 1.2577 and maybe towards 1.2624/41.But… Continued

Euro recovery theme intact, despite dip

A Euro dip versus the US Dollar to start the week, after EURUSD surged back higher last week.EURUSD has recouped much of the loss sustained through mid-March, during the panic buying of US Dollars.Despite this week’s early dip, we see this as corrective for now and see an upside theme resuming today, aiming EURUSD back higher. EURUSD day trade outlook: Looking for a rebound after… Continued

Corrective moves for stocks and the US Dollar

Macroeconomic/ geopolitical developments The COVID-19 coronavirus continues to spread globally, with the current epicentre still in Europe, but quickly shifting to the US. The British Prime Minister, Boris Johnson and Heath Secretary Matt Hancock have both tested positive for coronavirus (though symptoms are understood to be mild).The surge in cases in New York and the tri-state area of New York, New Jersey and Connecticut has… Continued

Dollar reverses, breaks key support (DXY)

Euro breaks up (EURUSD)Pound hits major resistance (GBPUSD)Dollar-Yen refuses to rise with equities (USDJPY) Continued

Forex Brokers in your location