FX Technicals and Commentary for Thursday

FX Technicals and Commentary for Thursday

Dollar Index (DXC)

The dollar has finally broke on the intra-day time frames, but still only represents a minor "dip" relative to the move seen in the last few weeks. We see 87.60-70 as near-term support. With payroll data due on Friday morning, price action may be somewhat contained as the day wears on.

USD/NOK - Open Position Update

Yesterday's upside target of 6.4880 was achieved; now however, we have a lower price as our price target. We went short last night on a break of 6.4560 (see earlier posting) and now see 6.4320 & 6.4180 as price targets

Short-Term Trade Idea:

GBP/USD: We would look to buy pull-backs towards 1.8130 with 1.8220 the price target. Keep a stop loss around 1.8100. We will advise as price action unfolds


Resistance that we cited last night, .7530 has managed to contain upside price action pretty well. However, we are beginning to see some likelihood of higher prices based on intra-day time frames. We will be looking to possibly buy pull-backs and see .7560 as the near-term price target. Also make note of the bullish stochastic divergence on the daily chart.

As always, feel free to send me your comments and questions.