The Forex Zone – Erratic trading after Fed rate cut

Intermediate

An erratic tone across FX markets in the wake of a rate cut from the Fed.

The Forex Zone focuses on day trade opportunities for the major Forex pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY.

EURUSD: Bias stays higher

A resilient consolidation Thursday after Wednesday’s setback held above 1.0989/80 supports, to sustain upside forces since the erratic session through the September ECB Meeting (that saw an initial selloff to rebound from just above the September cycle low at 1.0924, from 1.0926), to keep risks higher for Friday.

For Today:

  • We see an upside bias for 1.1082 break here aims for 1.1109/16, maybe towards key 1.1164.
  • But below 1.0991/80 opens risk down to 1.0926/24.
eurusd

GBPUSD: Intermediate-term bull shift further reinforced

A strong rally Thursday to build on and reinforce Tuesday’s strong push higher to break our key 1.2518 impulse resistance from July (to shift the intermediate-term outlook bullish), to keep risks higher for Friday.

For Today:                                               

  • We see an upside bias for 1.2557; break here aims for 1.2578 and then 1.2612.
  • But below 1.2485 opens risk down to 1.2438.
gbpusd

USDCAD: Threat stays higher

A dip Thursday but to hold above 1.3229 support, after Wednesday’s firm advance just above 1.3300 resistance, sustaining upside forces from the mid-September surge (above resistances at 1.3247 and 1.3282), to keep risks higher for Friday.

For Today:

  • We see an upside bias for 1.3310; break here aims for 1.3339 and 1.3383.
  • But below 1.3229 opens risk down to 1.3201/00, maybe 1.3172.
usdcad

AUDUSD: Risks stay lower

A notable selloff Thursday through .6825, 6809 and .6791 supports, to reinforce Wednesday’s push lower after the Fed decision, fully reciting upside forces from the early September surge, to keep the bias lower Friday.

For Today:                                                         

  • We see a downside bias for .6775; break here aims towards key .6756.
  • But above .6829 opens risk up to .6858.
audusd

NZDUSD: Bias stays lower, now to key .6267

A Thursday setback after Wednesday’s push lower after the Fed Meeting now below .6318 and .6300 supports, to reinforce Tuesday’s selloff and keep the bias lower for Friday.

For Today:

  • We see a downside bias for .6282; break here aims for key .6267, maybe .6250.
  • But above .6320 aims for .6362 and opens risk up towards .6389.
nzdusd

USDJPY: Holding onto a positive bias

A prod higher and a setback Wednesday-Thursday up to 108.48 and the below 107.93 support, but to hold at 107.75 and whilst above here we hold onto immediate upside pressures from the September bullish extension, to keep risks higher for Friday.

For Today:

  • We see an upside bias for 108.48; break here aims for 108.77 and maybe 109.00/01.
  • But below 107.75 aims at 107.44.
usdjpy

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

EURUSD dips on Brexit concerns & Texas Instruments revenue warnings

A dip lower for the Euro on Tuesday give concerns regarding Brexit.The UK Parliament agreed to progress the Brexit deal but then took control of the timetable, which the government would not accept. The government then paused any further passage of the Brexit bill as Boris Johnson stated that he would await the response from the EU regarding the extension request beyond 31st October and… Continued

Brexit deal hopes sees GBPUSD break 1.30

The Pound has stayed strong on global Forex markets, despite disappointment at the weekend, with the so called “Super Saturday” not so “Super” as the Government failed to progress its new Brexit deal with the EU.However, the new Brexit deal just seems on course to be pushed through Parliament before the 31st October deadline, whilst the threat of a no deal having been eased as… Continued

Weekly Report / Overview 14th October 2019 – 20th October 2019

USDThe US Dollar continued its decline last week, which has seen a large amount of bullish positions starting to unwind. The Dollar Index (DXY) fell 1.2% to close the week at 97.14. EURThe Euro stayed steady and took advantage of a weaker Dollar, with EUR/USD pushing higher on the week, even though the Eurozone CPI fell to 0.8% YoY, well below the ECB’s 2% target… Continued

MacroWatch A new Brexit deal sends GBPUSD surging close to 1.30

The UK Government last week built on the prior week’s breakthrough with the Irish Government with UK and European Union agreeing a new Brexit deal. The attention turned to the UK Parliament Saturday for a meaningful vote on the new deal, but the Letwin amendment (an insurance policy to ensure that a no deal Brexit did not happen at the end of October) meant that… Continued

US Dollar extends losses

Euro breaks up and leaves a distant target (EURUSD)Aussie breaks higher (AUDUSD)Yen produces minor negative (USDJPY) Continued

Forex Brokers in your location