Forex Market Outlook
Majors continue to hover edging ever higher against the Dollar. Forex Market has shaken off all and even rallied on most of the “bad” news. We are still looking for a near term correction but the long term trend and fundamentals are both negative for the Dollar.
EUR/USD:
We did hold resistance near the 1.34 level last week. I expect this pair to push higher early this week testing the 1.38 level. We do expect a sharp pullback from those levels and are keeping tight stops on any longs due to the risk of this impending break.
GBP/USD:
This pair has now spiked higher as we talked about last week. We still expect a few more spikes up but this pair looks to be rolling over for a quick correction back below 1.50 and we are therefore looking to sell into rallies.
USD/CHF:
This pair fell harder than expected but appears to be holding support now near the 1.10 level. We are looking for a bounce from there back to at least 1.13.
USD/JPY:
We are getting the long entry signals I mentioned in the last issue. We are buyers near the 97 handle targeting a move back above 100.
AUD/USD:
This pair is still leading the way higher but we are now getting longer term sell signals near the 78 handle. We are long early this week but looking to exit those and initiate shorts this week.
USD/CAD:
This pair is a buy near the 1.15 level. We are expecting it to rally back towards the 1.19 level this week.
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