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

Steve Miley

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

“Risk on” theme points the Japanese Yen lower (USDJPY forecast)

The Japanese Yen remain under negative pressures with global financial markets continuing their “risk on” theme into the start of 2020.This has seen USDJPY strength over the past week since the de-escalation of tension in the Middle East and leaves the USDJPY forecast for further gains (see the technicals below).The “risk on” theme has been reflected by global stocks staying strong over the past 24… Continued

Pound stays vulnerable to losses – GBPUSD forecast

The Pound Sterling has been under downside pressures over the past week and in fact since the start of 2020.This has been driven by three factors with respect to the GBPUSD Forex rate:A more dovish tone from at least three members of the Monetary Policy Committee of the Bank of England, including outgoing Governor Carney, with new voices for a possible rate cut being raised… Continued

GBP/USD Selling Breaks Cloud Top Brings 1.2902 Swing Into Focus; Short-Sterling On Verge of Range Resolution

GBP is under broad pressure as dovish weekend comments from Bank of England’s monetary policy committee ratchets rate cut bets. Jan. 31 BoE rate cut odds jump to 50-50 vs. a 0% chance of a move just a week ago. GBP/USD has pierced key support from the Ichimoku Cloud Top and pressures a move to key swing low at 1.2902; below here would bolster negative risks… Continued

Previous signals confirmed with US Dollar strength

US Dollar rotates up (DXY)Euro down (EURUSD)Pound hovers above final short term support (GBPUSD)Major signals in the Japanese Yen (USDJPY bullish) and Canadian Dollar (USDCAD bullish). Continued

Early 2020 volatility gives way to “risk on”

As we highlighted in last week’s MacroWatch, the bullish sentiment that started 2020 was significantly damaged by the increase in geopolitical risks from the U.S. airstrike that killed General Qassem Soleimani, the Iranian Quds Force chief.Moreover, global stock averages plunged lower in the middle of last week as Iran retaliated with airstrikes aimed at U.S. troops in military bases in Iraq. This also saw the… Continued

Forex Brokers in your location