Forex Monday May 15th

Good day to all, follow this link if you want to read my latest analysis on the Dollar index. Both the bounce (from 98.50) and the rejection at 99.50 where forecast by our daily analysis of the Dollar index.

Is it time to bounce or fail? Read my analysis.

EURUSD bouncing but I believe we have not finished with the downside yet. I prefer to be neutral and buy again close to 1.0650-1.07.

GBPUSD remains inside the bullish channel and has not broken below the key 1.2750. Expecting 1.32-1.34 to mark a long-term top as long as price is above 1.2750.

USDJPY Despite breaking above a long-term downward sloping trend line, oscillators pointed to bearish divergence and that is why I was bearish above 114.

 

A pull back towards 112 where the 38% Fibonacci retracement is found is my minimum expectations.

USDCAD with recent Oil strength and with bearish divergences screaming, a pull back was justified.

1.3585 is the first target and the 38% Fibonacci retracement. Trend is bearish in the short-term but overall trend remains bullish as the bounce in Oil is still considered corrective. Thus we should be looking for reversal signs as the upside in USDCAD could push it towards 1.40-1.42 if the Oil weakness pushes prices towards low 40’s or even below.

 

Thank you for taking the time to catch up on my thinking.

 

 

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