Thursday’s forecasts had a few ups and downs, there were some anti correlation that kicked in and as we had thought US Dollar pairs behaved in a strange way. As suspected yesterday we still seem to be at at cross roads, however on some pairs the market has turned around from the double tops that we spoke about. On the other hand Japanese Yen is proving to be stable and seem to have picked a direction. I am expecting Japanese Yen to gather some steam in time to come. Expecting US Dollar to weaken but could be some near misses today as still we are at cross roads, Japanese Yen could weaken in the onset and gain some strength later today or coming into Monday. I’m adding a hedged pair to offset the trading risk. Happy trading everyone!!
Forecasts Outlook
- US Dollar : Weak
Today we're expecting the EURUSD to proceed Long above the barrier levels of 1.33296 and 1.33054.
Fundamentals
- Manufacturing Sales m/m
- PPI m/m
- Prelim UoM Consumer Sentiment
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