EUR/USD from yesterday’s long 1.0642 to target 1.0795. EUR/USD achieved highs so far at 1.0764 or +122 pips. EURUSD for NFP could easily trade to 1.0801 and 1.0807 then short to target 1.0752 and break targets 1.0720’s. Once EUR/USD achieves it highs then short for the day is the way to trade.
EURUSD close today could easily achieve 1.0720’s and not a good location for next week’s longs or shorts as next week would begin at fairly dead neutral. Same story as last week when EUR/USD opened at 1.0734.
EUR/USD overall support is derived from deeply oversold EUR/CHF, EUR/CAD and EUR/AUD yet overbought to EUR/JPY and EUR/GBP. EUR/USD big break for higher is now located at 1.0830 and a continued rise to all averages.
Break higher from 1.0830 targets easily 1.0933 then 1.0984. The EUR/USD long side prevails next week.
USD/JPY rose from 114.00’s to 131.00’s. At current 129.00’s and 130.00’s, USD/JPY trades at the top of the range and deeply overbought short, medium and long term. USD/JPY should trade today to easily 129.28.
GBP/JPY overall range is located from, 148.00’s to 168.00’s. At 163.00’s, GBP/JPY trade near its range top. Good target today is 162.85 from short 163.87.
NZD/USD’s big break is found at 0.6593 and targets today 0.6587 and 0.6590. Good short opportunity to target 0.6535.
JPY cross pairs contain a long way to go on the downside and from the big 3 as GBP/JPY, EUR/JPY and CAD/JPY.
GBP/USD for NFP targets 1.2625 while EUR/CAD and GBP/CAD offer good lomgs heading into next week.
DXY is again located at solid supports at 100 and 101.
For SPX today, targets 4202 on the up side and 4048 below.
Next Week’s markets will trade the exact same as this week: fairly neutral wuthout dramatic moves.
Source: Brian Twomey
Read Forex technical analysis and forecast: Majors, equities and commodities
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