FX Explained in The Forex Zone


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

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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