The U.S. Dollar is trading weaker today. This is setting up last week’s Forex market losers for retracements.
The U.S. Dollar is trading weaker today. This is setting up last week’s Forex market losers for retracements back to key levels.
The EUR USD is trading stronger today. This currency pair is holding and has regained a major retracement support level at 1.4776 to 1.4707. The current chart pattern suggests a rally to 1.4873 to 1.4918 is likely.
The GBP USD is trading weaker today. This market has 50% retracement resistance at 1.6470 and downtrending Gann angle resistance at 1.6451. On the downside, uptrending Gann angle support comes in at 1.6266.
The USD JPY has reversed earlier weakness and is now in a position to post a minor reversal to the upside. The first target zone today is 90.75 to 91.12. This is based on the new short-term range at 92.32 to 89.18.
The USD CAD started out strong overnight, but found heavy selling at a downtrending Gann angle at 1.0986. The current chart set up suggests a test of uptrending Gann angle support at 1.0685 is likely. A failure at this angle should trigger an acceleration to the downside to 1.0522.
The USD CHF could not take out a swing top at 1.0285 and turned to the downside. Based on the new short-term range of 1.0032 to 1.0285, look for a test of a 50% level at 1.0158. If this price fails then look for additional weakness to take the market to 1.0129.
The AUD USD held a 50% price at .8948 before mounting a strong recovery rally. Based on the short-term range of .9329 to .8905, look for a rally back to .9117 to .9167. Downtrending Gann angle resistance is at .9169. This makes .9167 to .9169 an important price cluster and upside target today.
The NZD USD is trading sharply higher and is currently in a position to post a daily closing price reversal bottom. The chart pattern suggests a retracement to .7358 to .7423 is likely but this market has to clear downtrending Gann angle resistance at .7315 first.