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
AUD/USD:
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.