Friday’s Forex Levels
Dollar Index:
Dollar still poised to drift lower, although much of the downside momentum appears to be absent for now. Look for 89.30 to cap any rallies. We would expect some decent activity here in the AM but it should quickly die out as Europe winds down and New York heads for the door after 11 AM EST
AUD/USD:
Steady up-trend developing here over the last 24 hours with hardly any pull-backs - typical AUD trading characteristics. We had decided to pass on longs due to dollar volatility, but AUD has been immune for the most part. One last big fib level at .7695-.7700 - while .7630-40 should provide support
NZD/USD:
Solid up-trend seen on 60-min chart while 240-min gets a bit extended - this is not bearish, but we do expect to see prices begin to consolidate and drift back a bit over the next few hours. Look for .6840-50 to hold on pull-backs, while a break above fib resistance at .6878 would be bullish
USD/NOK:
USD/NOK has managed to hold onto support at 6.5385 going all the way back to 7/14 - as a result this move up this morning may have some legs but would expect it to be limited to 6.5925
GBP/USD:
With 1.7485 giving way again, look for lower levels over the next several hours, look for 1.7445 and 1.7425 as potential price targets.
As always, feel free to send me your comments and
questions.