The Forex Zone – Risk On

Intermediate

The US Dollar and the Japanese Yen weaken as the risk on environment continues. The Forex Zone looks at day trade themes for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY.

EURUSD: Risks flip back higher

A very whipsaw session Thursday through the ECB with an initial selloff through to just hold at the September cycle low at 1.0924 (at 1.0926), to then rebound to push above 1.1068 resistance and to probe into the 1.1085/94 area (to 1.1087), to reject near term bear forces and flip risks higher for Friday.

For Today:

  • We see an upside bias for 1.1087/94; break here aims for 1.1116, maybe key 1.1164.
  • But below 1.1029 opens risk down to 1.0980.
EURUSD Chart 2019-09-13

GBPUSD: Bias stays higher

A dip Thursday just below 1.2305/2298 supports but then a bounce from 1.2282, to sustain the positive tone from Monday’s strong bullish outside daily pattern rebound to a new recovery high at 1.2385, to keep risks higher for Friday.

For Today:     

  • We see an upside bias for 1.2385; break here aims for 1.2456 and then 1.2518.
  • But below 1.2282 opens risk down to 1.2237 and 1.2211/08, maybe 1.2158.
GBPUSD Chart 2019-09-13

USDCAD: Risks shifting higher

A dip and a bounce Thursday from new 1.3172 support (above the modest 1.3166 level), to build on Wednesday’s rebound to push above 1.3193 resistance and probe through the 1.3219, to flip risks higher for Friday.

For Today:

  • We see an upside bias for 1.3221; break here aims for .3247 and 1.3282.
  • But below 1.3172 opens risk down to 1.3129/22.
USDCAD 2019-09-13

AUDUSD: Upside risks

Once again, a prod higher Thursday but really just another high-level consolidation above .6835 support, still building on the earlier September surge through the key .6822 barrier, to keep the bias higher Friday.

For Today:     

  • We see an upside bias for .6895 and .6899; break here targets .6917and maybe towards .6955
  • But below .6850 quickly opens risk down to 6835, maybe .6809.
AUDUSD Chart 2019-09-13

NZDUSD: Hanging onto a positive tone

A Thursday prod higher but then a dip just below initial, modest support at .6401, but whilst above .6394 we still hold onto upside forces from the early September bull move and break above key .6420, to keep the bias higher for Friday.

For Today:

  • We see an upside bias for .6451; break here aims at .6471 and maybe key .6499.
  • But below .6394 opens risk down to .6262.
NZDUSD Chart 2019-09-13

USDJPY: Bull shift reinforced

An erratic tone with a push higher and then a setback and a rebound Thursday, but whilst holding above 107.50 we still see upside forces from Wednesday’s bullish push above the notable 107.58 level and from the earlier September surge (through the key 106.98/107.09 resistance area), to keep risks higher for Friday.

For Today:

  • We see an upside bias for 108.26 and 108.34; break here aims for 108.77 and maybe 109.00/01.
  • But below 107.50 aims at 107.17 aims at 106.91 and maybe opens risk down to 106.57.
USDJPY Chart 2019-09-13

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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