The Forex Zone – US Dollar staying broadly firm

Intermediate

The Forex Zone is a review of day trade views for major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. In another erratic week for FX markets the US Dollar has broadly remained the strong currency (alongside the Japanese Yen).

EURUSD: Bear forces intact

Another failure back from below the 1.1133 resistance level on Thursday (from 1.1115) to now push to another new setback low through 1.1064, reinforcing negative pressures from the notable mid-August selloff through the key 1.1069 level, to keep risks lower Friday.

For Today:

  • We see a downside bias for 1.1059; break here aims for the key cycle low at 1.1025 and psychological/ option target at 1.1000.
  • But above 1.1090 opens risk up to 1.1115 and maybe 1.1133.
eurusd

GBPUSD: Intermediate-term shift to neutral (from bearish); risks stay higher

A surge Thursday through 1.2250 resistance to neutralise the intermediate-term bear trend and establish an intermediate-term range we now see as 1.2518 to 1.2013.

Furthermore, this positive price action sets risks higher again for Friday.

For Today:                                               

  • We see an upside bias for 1.2253 and 1.2273; break here aims for 1.2297, maybe 1.2323.
  • But below 1.2181 opens risk down to 1.2106.
gbpusd

USDCAD: Risks stay higher

Again, as seen on Wednesday a dip and firm rebound Thursday from above our 1.3248/33 support area (from 1.3271) to reinforce Tuesday’s advance to a new recovery peak just above 1.3345 to 1.3346, keeping the bias higher Friday.

For Today:

  • We see an upside bias for and 1.3345/46; break here aims for 1.3383 and maybe key 1.3432.
  • But below 1.3271 opens risk down to 1.3248/33.
usdcad

AUDUSD: Negative in a range

A push lower Thursday for a more negative tone since Wednesday’s FOMC Minutes, having been capped by the .6816/22 peaks (from the .6795/99 resistance area), for a negative breakout from the Symmetrical Triangle pattern, to keep risks lower into Friday.

For Today:                                                         

  • We see a downside bias for .6743 and .6732; break here aims for key .6707 and maybe .6673.
  • But above .6795/99 aims for .6816/22 and maybe opens risk up towards .6868.
audusd

NZDUSD: Bearish shift

A plunge lower Thursday to a new cycle low through .6376, to reinforce the negative consolidation theme over the past and from the earlier August plunge lower, and despite a bounce this morning after dovish comment from the RBNZ, we see risks lower into Friday.

For Today:

  • We see a downside bias for .6359 and .6347; break here aims for .6323 and opens risk down to .6301/00.
  • But above .6396 opens risk up to .6420.
nzdusd

USDJPY: Bias still lower whilst below 106.78

A sideways consolidation theme again Thursday and as seen all of this week, but whilst still capped at our 106.78 resistance we see a negative bias from the mid-August failures back from 106.98 and 106.78, to keep risks lower into Friday.

For Today:

  • We see a downside bias for 105.93 and 105.60; break here aims for 105.02/00.
  • But above 106.78 opens risk up to 106.98/107.09 and maybe towards 107.28.
usdjpy

Comment on this video

Your email address will not be published. Required fields are marked *


Latest News

The Forex Zone
The Forex Zone – Risk On

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 … Continued

EURUSD Chart
Euro in focus into key European Central Bank (ECB) Meeting

All eyes will be on the European Central Bank (ECB) Meeting today, which much anticipation around a more dovish shift. US Dollar weakness has seen EURUSD rebound in September with a resumption of a global “risk on” theme, but the EURUSD Forex rate losses over the past 24 hours highlight caution into the meeting. EURUSD: … Continued

aud usd chart
Australian Dollar stays strong in risk on scenario (AUDUSD)

The “risk on” phase has contoured into the second week of September as global geopolitical tensions ease. Positive news in early September regarding Brexit, the US/China trade war and from Hong Kong have seen stock markets advance higher. This positive news for the global economy has encouraged a push higher for the Australian Dollar, which … Continued

eurusd
Euro firm ahead of the ECB (as US Dollar weakens)

EURUSD gains over the past week have primary echoed US Dollar losses, as global financial markets have shifted to a “risk on” mode, with global geopolitical tensions easing. Positive news last week around the US-Sino trade war, Brexit and from Hing Kong have seen stock averages rally, whilst the US Dollar has weakened, having been … Continued


Forex Brokers in your location