Good day to all, last week I called the turn in the USD/JPY was imminent as I was fully bearish above 114.
Also calling major support at 113 that if broken could push at least towards 112….
Price has reached the important 61.8% Fibonacci retracement of the entire rise from 108.
EUR/USD on the other hand has broken out of the bullish channel and this could be a blow-off top. However I would not be looking to sell it but rather look to buy it on dips back towards 1.08-1.07.
USD/CAD I’m bullish expecting a move towards 1.40 as I can see oil weakening. Confirmation of this view will come with oil breaking below $48 and USD/CAD breaking above 1.3720.
GBP/USD remains inside the bullish channel and although we could see a pull back towards 1.28 again, I believe that eventually 1.31-1.32 could be reached.
The Dollar Index has reached very important weekly support so at least a bounce for the short-term is expected.
Is NZD/USD trying to break out of the triangle?
That is all from me today….have a nice trading day and keep safe.
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