Friday’s Forex Levels
Key Levels and Observations
for U.S. Session
USD/NOK Update:
With dollar weakness likely to continue into the US session, USD/NOK should
continue to drift lower especially now that it is back below the 50-day EMA at
6.2900. A move towards 6.2585 is not out of the question by days end, although
we will need a clean break of 6.2750 first.
GBP/USD Outlook
GBP/USD had a nice rally overnight, but has since come under some pressure
despite dollar remaining weak. We expect the 1.9100 level to contain any
pull-backs.
Stop loss should have been adjusted to your break-even price, roughly 1.9050-60
area
AUD/USD Update
Our target price was not quite achieved on our open long position (.7845) but we
still stick to that level. We see any pull-backs to the .7810-15 level as good
areas to either add to or establish long trades.
Dollar Index (DXC) Technicals
The Dollar Index (DXC) has broke down to the near-term target level mentioned in
the post below. The open long trades in GBP and AUD have benefited as a result.
DXC is a bit oversold currently based on 60 and 120-min charts, however, we
would expect any rally towards 84-84.05 to meet more selling. We see a test of
83.75
As always, feel free to send me your comments and
questions.
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