USD bullishness driven by expectations of Fed tightening and weak yen. EUR bearishness driven by expectations of ECB easing and strong USD. AUD bearishness driven by hawkish RBA stance and strong USD. Bitcoin consolidation with unclear future direction.
Major Currencies:
- EUR/USD: Downward trend continues, potential correction to 1.0753 before reaching 1.0720. Local target: 1.0696.
- GBP/USD: Decline to 1.2518, potential correction to 1.2574 before reaching 1.2470. Local target: 1.2470.
- USD/JPY: Consolidation below 148.89, potential breakout upward to 149.47 or downward to 147.77.
- USD/CHF: Consolidation below 0.8717, potential breakout upward to 0.8787 or downward to 0.8666.
Commodities:
- Brent: Consolidating around 77.22, potential rise to 80.90 followed by a decline to 79.00 and then 83.15.
- Gold: Decline to 2015.00, potential correction to 2042.20 before reaching 2025.00. Potential consolidation followed by potential breakout upward to 2067.11 or downward to 2002.00.
Stock Indices:
- S&P 500: Consolidation around 4936.2, potential decline to 4897.0 followed by a correction to 4936.0 and then a decline to 4842.2. Local target: 4842.2.
Analysis:
- USD/JPY: Bulls control the market, potential for further upward movement. Key factors include Fed rate dynamics and U.S. economic data.
- EUR/USD: Bears control the market, potential for further downward movement. Key factors include monetary policy divergence and economic outlook.
- AUD/USD: Short-term correction possible, but overall downward trend likely continues. RBA meeting did not change outlook.
- Bitcoin: Uncertain future, recent consolidation could lead to breakout in either direction.
Trading Signals:
- GBP/USD: Buy above 1.2530 (200 EMA – 1/8 Murray) with targets at 1.2573, 1.2534, and 1.2730.
- EUR/USD: Buy above 1.0720 (0/8 Murray – rebounds) with targets at 1.0794 and 1.0840.
- USD/JPY: Buy in the second half of the day after a false breakout around 148.38 with targets at 148.88, 149.23, and 149.62.
Categories: ARFX News
