The Forex Zone Forecasts – US Dollar King of G3 with Yen and Euro vulnerable

Intermediate

US Dollar stays strong amid a more positive spin from the US-China trade talks

The Forex Zone looks at day trade views and forecasts for the major Forex rates; EUR/USD, GBP/USD, USD/CAD, AUD/USD, NZD/USD and USD/JPY.

EURUSD: Still targeting key 1.0988, maybe critical 1.0939

A low-level consolidation Thursday after Wednesday’s prod lower to just hold above key 1.0988 support, to reinforce the losses since last Friday’s plunge through 1.1053/51 and 1.1030 supports, to keep risks lower for Friday.

  • We see a downside bias for key 1.0988; break here aims for 1.0959 and maybe key 1.0939.
  • But above 1.1032 opens risk up to 1.1060 and maybe 1.1097.
EURUSD chart

 

GBPUSD: Risks remain higher

A Thursday dip but whilst holding above 1.2882 we see upside pressures from Wednesday’s push above 1.2912 and 1.2928 resistances, having rebounded from just above our 1.2823 support (from 1.2827), to keep risks lower for Friday.

  • We see an upside bias for 1.2950/51; break here aims for 1.2970 and 1.298, maybe even key 1.3013.
  • But below 1.2882 opens risk down to 1.2827/23.
GBPUSD chart

 

USDCAD: Our view still positive

A Tuesday-Thursday consolidation, but retaining the positivity from the strong, latter November 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 1.3251 opens risk down to 1.3228.
USDCAD chart

 

AUDUSD: Negative bias 

A Thursday prod lower below .6764 to reinforce negative pressures from Tuesday’s rebound failure from just below .6799 resistance (from .6795) after the earlier probe below significant .6766 swing support, to keep the bias lower for Friday. 

  • We see a downside bias for .6756/49; break here aims for key .6720 and maybe .6706/6699.
  • But above .6795/99 quickly opens risk up to .6814, .6834 and maybe .6841.
AUDUSD chart

 

NZDUSD: Bias skewed to the upside 

A sideways but resilient digestion Thursday after a solid, positive consolidation Wednesday and whilst holding above .6391 support we see a positive bias from the mid-November surge, to keep the risks higher for Friday.

  • We see an upside bias for .6435/37; break here aims for key .6466.
  • But below .6391 quickly opens risk down to .6378/69, maybe even .6357.
NZDUSD chart

 

USDJPY: Bull trend extends above key 109.49, aims at 110.00

A strong advance Wednesday-Thursday through our 109.21/30 resistance area and key 109.49 multi-month peak (as we had expected), to build on Tuesday’s push above 109.07/15, and the earlier November dip and a rebound from above the swing low at 108.22 (from 108.25), to keep the bias higher into Friday.

  • We see an upside bias for 109.61/; break here aims for 110.00 and 110.34/35.
  • But below 108.89 opens risk down to 108.45, maybe the 108.25/22/18 area.

 

USDJPY chart

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

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