Good morning traders. Anticipation of today’s FOMC statement will keep markets subdued until 2 PM EST but I suspect, given the nature of the current FX market, we should see some decent volatility afterward.
Note: the Intra-Day FX Market Forecast highlights price direction and likely price targets/stops designed for traders looking at trading opportunities over the next several hours. These are not official trade recommendations, merely guidelines and forecasts
North American Short-Term Outlook:
- Dollar Index (DXC): Neutralit looks like the Wave (iv) correction is complete, but there is no evidence that prices are moving higher…yet. Above 94.38-94.60 should put the upside momentum back in gear.
- EUR/USD: Cautiously Bearish like DXC, the trend overall is clear (down in this case) but we need to see prices begin another break/thrust lower. Below 1.1325-1.1296 should achieve that.
- AUD/USD:Cautiously Bearish from Monday: looking for prices to move higher towards .7945-.8000 Prices should begin moving lower now
- USD/JPY: Neutral likely we are in the midst of a 4th wave triangle – expecting more sideways consolidation. Move along, nothing to see here….for now.
- GBP/USD: Neutral expanded flat correction is still underway. We could see prices move higher towards 1.5260-1.5300 before the downtrend resumes.
- EUR/GBP: Neutral sideways chop (triangle?) continues. I fully expect prices to break lower but a move below .7435 and/or .7404 will need to be seen first.
CHF/JPY: Neutral sideways chop since trading to forecast lows at 129.30. But until we see prices move higher impulsively, it is possible the correction is still playing out.
Have a great day and thanks for reading.
Follow Dave on Twitter: @aspentrading10
No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
