FX Explained in The Forex Zone

Intermediate

Today is the first edition of a regular feature, FX Explained in The Forex Zone, where we will take a video run through of the Major FX currency pairs; EURUSD, GBPUSD, USDJPY, AUDUSD, NZDUSD and USDCAD.

EURUSD holding onto a positive tone

A further setback Thursday for a more convincing push below 1.1289/88 supports and 1.1281, but whilst holding above 1.1250/43 we hold onto bull forces from the June surge and last Friday’s push above key 1.1324 resistance, to keep risks higher Friday.

For Today:

  • We see an upside bias for 1.1304; break here aims for 1.1348, maybe towards 1.1390.
  • But below 1.1250/43 opens risk down to 1.1200.
eurusd chart

GBPUSD risk still lower

A Wednesday-Thursday setback from just below 1.2763, to further ease upside pressures from last Friday’s probe above the 1.2751 resistance, to keep risks lower for Friday.

For Today:     

  • We see a downside bias for 1.2652/40; break here aims for 1.2608.
  • But above 1.2763opens risk up to key 1.2814, maybe 1.2853.
gbpusd chart

USDJPY downside bias

A negative consolidation Thursday after Wednesday’s push lower to probe 108.32 support and reject this week’s rebound capped by solid 108.93 impulse resistance, sustaining the negative tone from the late May/ early June plunge through notable support at 108.47 (from late January 2019), keeping the bias lower into Friday.

For Today:

  • We see a downside bias for 108.13 and 107.79/74; break here aims for 107.10.
  • But above 108.80/93 opens risk up towards 109.59.
usdjpy chart

AUDUSD support surrender and bear threat to key .6862

A Wednesday-Thursday selloff through the uptrend line from May and .6923 support for a negative short-term signal, and a plunge this morning below the important .6898/97 support area, to set risks lower into Friday.

For Today:     

  • We see a downside bias for key .6863/63, maybe towards .6829.
  • But above .6919 aims for .6938 and possibly opens risk up to .6973.
audusd chart

NZDUSD intermediate-term shift to a range with bias lower

A Wednesday-Thursday probe through our key .6573/65 zone and a plunge into Friday to then hold exactly at .6523 and the trend line from May, but to set risks lower Friday

For Today:

  • We see a downside bias for .6523, maybe towards critical .6495/93.
  • But above .6562 opens risk up to .6593.
nzdusd chart

USDCAD negative bias

A Wednesday-Thursday rebound, but whilst capped at the resistance barrier at 1.3366 we hold onto a negative bias from last Friday’s plunge through the key 1.3270 level, plus from the entire early June selloff, to just keep the risks lower for Friday.

For Today:

  • We see a downside bias for 1.3267; break here aims for 1.3222 and 1.3206.
  • But above 1.3366 opens risk up to 1.3430/49.
usdcad chart

Comment on this video


Latest News

Gold Chart
Golden Breakout: Potential for 1,486 for spot gold

We upgrade our neutral conviction on GOLD, mentioned in our prior post, to buy. Yesterday saw a solid 1.3% rise in XAUUSD on the back of a weaker USD, Middle East tensions and Ray Dalio comments. The precious metal broke above key 1,438.63 resistance and a consolidation pattern. A close near the top reinforces bull … Continued

GBPUSD Daily Chart
Elliott wave Analysis: GBPUSD On A Bearish Ride

Hello fellow traders! GBPUSD is looking bearish and can now be unfolding final stages of a sub-wave 3) of blue wave 1. We are observing minor leg 5 of 3) in progress, with possible support, and a turn into a corrective wave 4) around the Fibonacci ratio of 261.8 (1.235/1.223 region). GBPUSD, Daily On the … Continued

Forex News Category
Will Fed Easing Turn Out Like ’95 or ‘07?

You should completely understand that the market is dangerously overvalued and that global economic growth has slowed to a crawl along with S&P 500 earnings. However, you must also be wondering when the massive overhang of unprecedented debt levels, artificial market manipulations, and the anemic economy will finally shock Wall Street to a brutal reality. … Continued

Gold Futures
Gold Getting a Boost as Fed Expresses Concern

As the Fed indicate rate cuts are coming gold will keep rising over the summer  There is a disconnect between asset price inflation and the real economy  Earnings will be flat or disappointing and too much debt has little or negative yield  I last looked at Gold on May 26, 2019 when I called for … Continued


Forex Brokers in your location