The Forex Zone Forecasts – FX paralysis, with conflicting trade talk signals

Intermediate

Forex markets are mixed with varied and conflicting signals coming from both sides in the US-Sino trade talks.

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

EURUSD: Intermediate-term bullish shift with probe of key 1.1092/93

A Thursday spike higher above the key 1.1092/93 resistance area from an intermediate-term bullish shift and to build on Wednesday’s setback to just prod at 1.1053/52 and quickly rebound from 1.1051, and despite the intraday setback to keep risks back higher for Friday.

  • We see an upside bias to 1.1097; break here aims for 1.1117 and 1.1140.
  • But below 1.1053/51 quickly opens risk down to 1.1030, maybe towards 1.1013.
EURUSD Chart 2019-11-22

GBPUSD: Looking for a rebound

A Thursday advance up above 1.2954 resistance and then a dip, but whilst holding above 1.2887 to retain upside pressures from Wednesday’s rebound from just below our 1.2898 support but above 1.2867 (off of 1.2887) to retain upside forces from Monday’s rally through notable 1.2976 resistance, to leave risks higher for Friday.

  • We see an upside bias for 1.2970; break here aims for 1.2985, key 1.3013 and maybe 1.3053.
  • But below 1.2893/87 quickly aims for 1.2867 and then maybe opens risk up to 1.2835
GBPUSD Chart 2019-11-22

USDCAD: Looking for a bounce and bias for key 1.3348

A setback Thursday just below our 1.3274/71 initial supports, but whilst holding at 1.3265 to retain the positivity from Wednesday’s firm advance Wednesday plus from Tuesday’s very strong rally (through 1.3252 and 1.3270/71 resistances), to keep risks to the upside Friday.

  • We see an upside bias for 1.3328; break here quickly aims for key 1.3348 and opens risks up towards significant 1.3383.
  • But below 1.3265 opens risk down to 1.3228.
USDCAD Chart 2019-11-22

AUDUSD: Bias just higher

A Thursday setback but to just hold at our .6785/81 support area, to hold onto a positive tone from Wednesday’s rebound from here, plus from Tuesday’s push above .6822/23 resistances, to just keep the bias higher for Friday. 

  • We see an upside bias for .6834 and .6841; break here aims for key .6865.
  • But below .6783/81 opens risk down to .6766 and maybe .6749.
AUDUSD Chart 2019-11-22

NZDUSD: Still aiming up towards key .6466

An erratic consolidation tone Thursday after Wednesday’s prod up above .6428/31 resistances, sustaining the positive theme from Tuesday’s rebound from above .6369 support (from .6378), to keep the risks higher for Friday.

  • We see an upside bias for .6435/37 break here aims for key 6466 and maybe .6499.
  • But below .6378/69 opens risk down to .6357.
NZDUSD Chart 2019-11-22

USDJPY: A rebound from above 108.22

A dip and a firm rebound Thursday and as we had flagged from above the swing low at 108.22 (from 108.25) and whilst above the new 108.25/22/18 support area we hold onto a recovery theme from the latter November push up to 109.07, to keep the bias back higher into Friday.

  • We see an upside bias for 108.84 break here aims for 109.07/15 and maybe towards 109.30 and 109.49.
  • But below 108.25/22/18 quickly opens risk down to key 107.87.
USDJPY Chart 2019-11-22

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

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