The Forex Zone – US Dollar and Japanese Yen still strong

Intermediate

The US Dollar alongside the Japanese yen have remained broadly the strong currencies over the past week.

The Forex Zone give day trade views for the major FX rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY.

EURUSD: Negative theme intact

A probe lower Wednesday below 1.1078 support to reinforce Monday’s intraday failure and setback from the tentative down trend line from June, to keep risks lower Thursday.

For Today:

  • We see a downside bias for 1.1072; break here aims for 1.1050 and maybe the key cycle low at 1.1025.
  • But above 1.1116 opens risk up to 1.1165.

GBPUSD: Brexit choppiness as bias flips back lower

A plunge back lower Wednesday through 1.2193 support and the up trend line from mid-August, to reject the recent up moves and flip risks lower for Thursday.

For Today:                                               

  • We see a downside bias for 1.2192; break here aims for 1.2155 and maybe 1.2106.
  • But above 1.2253 opens risk up to 1.2310 and 1.2323.

USDCAD: Risks just stay lower (despite rebound)

A stall Wednesday just below our below 1.3320 resistance to hang onto a negative tone from Monday’s selloff through the tentative up trend line from July and whilst below 1.3320 we see risks lower for Thursday.

For Today:

  • We just see a downside bias for 1.3275; break here aims for 1.3221.
  • But above 1.3320 opens risk up to 1.3345/46.

AUDUSD: Downside bias

A grind lower Wednesday and already into Thursday, after Tuesday’s roll down from just below our .6795/99 resistance area, to probe just below .6746/43 support, to reinforce Monday’s plunge to .6686 and sustain a negative bias for Thursday.

For Today:                                                         

  • We see a downside bias for .6718; break here aims for .6686 and maybe .6673.
  • But above .6762 targets .6788/99 and maybe aims for key .6816/22.

NZDUSD: Bear extension

A plunge Wednesday and again already today to a new cycle low through .6340 to reinforce the setback this week from the down trend line from mid-August and negative forces from the plunge late last week, to keep risks lower into Thursday.

For Today:

  • We see a downside bias for .6304/00 break here aims for .6286 and opens risk down to .6261.
  • But above .6341 opens risk up to .6367.

USDJPY: Sideways, but bias lower

A sideways consolidation Wednesday as evident this week since the Friday-Monday plunge to a new cycle low through 105.02 and notable support at 104.56, and despite Monday’s rebound, whilst below 106.41 we see risks still lower for Thursday.

For Today:

  • We see a downside bias for 105.49 and 105.14; break here aims for 104.40
  • But above 106.41 opens risk up to 106.73 and 106.98/107.09, maybe towards 107.28.

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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