The Forex Zone – Forex Poised into G20. Are you ready?


Here in The Forex Zone we take a look at the day trade prospects for the Major Forex currency pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY.

EURUSD upside threats

A resilient consolidation tone Thursday after Wednesday’s rebound rejected Tuesday’s spike lower with a recovery from new support at 1.1343, sustaining upside forces from Monday’s push up through 1.1386/90 resistances AND last week’s surge and intermediate-term bull shift above 1.1348, to keep risks higher for Friday.

For Today:

  • We see an upside bias for 1.1410; break here aims for the key 1.1448 peak, maybe towards 1.1488.
  • But below 1.1343 opens risk down to 1.1315.

GBPUSD risk higher

A Thursday consolidation but still holding above our 1.2641 support, to hold onto upside pressures from this week’s prod above important 1.2763 resistance AND previously both the down trend line from early May plus the May-June basing neckline, to keep risks higher into Friday.

For Today:     

  • We see an upside bias for 1.2784; break here aims for key 1.2814, maybe closer to 1.2856.
  • But below 1.2661 quickly aims for 1.2641 and opens risk down towards 1.2540.

USDCAD bear extension

A plunge lower again Thursday (as on Wednesday) now through 1.3101, extending bear forces from the aggressive plunge last week after the Fed Meeting to wipe out multiple June support, keeping risks lower for Friday.

For Today:

  • We see a downside bias for 1.3079; break here quickly aims for key 1.3064 and then maybe towards 1.3000.
  • But above 1.3138 opens risk up to 1.3196.

AUDUSD poised for an intermediate-term bull shift above key .7022

A firm advance Thursday to reinforce the Double Bottom pattern from May signalled this week with the push up through .6681, to reinforce the entire recovery from mid-June and keep risks higher for Friday.

For Today:     

  • We see an upside bias for through .7012 for critical .7022, maybe .7048.
  • But below .6972 opens risk down to .6940.

NZDUSD building on the intermediate-term bull shift

A firm advance Thursday to prod through .6706 retrace resistance and reinforce the Double Bottom pattern from May signalled this week with the push up through .6681, extending the entire recovery from mid-June and keep risks higher for Friday.

For Today:

  • We see an upside bias for .6709; break here aims for .6724, maybe towards .6748.
  • But below .6667 opens risk down to .6625.

USDJPY correction bias just stays higher

A further firm rebound Thursday to overcome solid resistance at 107.73/76 and then just to stall at the bear trend line from April and exactly at our 108.16 resistance level to setback, BUT whilst holding above 107.33 we still see very short-term upside forces and correction risks higher into Friday.

For Today:

  • We see an upside bias for 108.16; break here aims for 108.40, maybe 108.72/80.
  • But below 107.33 opens risk down to 106.75/72.

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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