The Forex Zone – US Dollar stays strong

Intermediate

A broadly stronger US Dollar over the past week is the main theme across global Forex pairs.

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

EURUSD: Bear theme further reinforced

A Thursday selloff to probe below the multi-month lows at 1.0926/24 and reinforce Wednesday plunge through 1.0964 after Tuesday’s rebound failure back from just below 1.1026 resistance (from 1.1024), to keep risks lower for Friday.

For Today:

  • We see a downside bias for 1.0918; break here quickly aims for 1.0903/1.0898 and maybe 1.0862.
  • But above 1.0946 aims for 1.0968 and maybe opens risk up towards 1.1026.
EURUSD

GBPUSD: Head and Shoulders Top keeps risks lower

A Thursday prod lower through 1.2344/31 to 1.2301, reinforcing Wednesday’s plunge through 1.2391 support to confirm a Head and Shoulders Top pattern, to leave risks lower for Friday.

For Today:                                               

  • We see a downside bias for 1.2301; break here aims maybe towards 1.2282 and maybe key 1.2231.
  • But above 1.2381 opens risk up to 1.2436.
GBPUSD

USDCAD: Threat stays higher

A Thursday rebound exactly from the bottom of the 1.3229/28 area, to sustain a positive consolidation to and retain 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 1.3229/28 opens risk down to 1.3201/00, maybe 1.3172.
USDCAD

AUDUSD: Still a negative tone

A rebound Thursday but still capped by our initial resistances at .6806/09, after Wednesday’s plunge lower through the recent low at .6756, therefore, we hold onto negative pressures from the surrender of various supports through mid-September, to keep the bias lower Friday.

For Today:                                                         

  • We see a downside bias for .6735; break here aims for .6721 and key .6685.
  • But above .6806/09 opens risk up to .6829.
AUDUSD

NZDUSD: Threat stays back lower

A rebound Thursday to just prod above .6315 resistance but to be capped by the better resistance at .6349 (at .6327), and whilst below .6327 we see negative forces from Wednesday’s selloff and last week’s plunge to a new cycle low, to just keep the bias back lower for Friday.

For Today:

  • We see a downside bias for .6263; break here aims for .6251/50 and maybe .6231
  • But above .6327 opens risk up to .6349.
NZDUSD

USDJPY: Just sustaining a negative tone

A setback Thursday after Wednesday’s rebound, but whilst capped by 108.03 we hold onto to negative pressures from the selloff from mid-September through various supports, to just keep risks lower for Friday.

For Today:

  • We see a downside bias for 107.31; break here quickly aims for 106.93/91, maybe 106.57.
  • But above 108.03 aims for 108.48.
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

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