Forex Monday the 12th of June

Το σημερινό μενου είναι πλούσιο…
June 12, 2017
Αλλαγές στο χαρτοφυλάκιο
June 12, 2017

Good morning to all and happy week ahead!! The Dollar has showed important reversal signs from last week and I expect to see it continue strengthen. My Daily Dollar index analysis as always can be found here. Last week I also posted an analysis on NZDUSD which is very close to breaking important channel support and confirming a major reversal. This will be confirmed on a break below 0.7050, until then there is upside potential to 0.7250-0.73.

AUDUSD

Although I expected a pull back towards cloud support, it seems that is flagging before the next leg higher. I would be a buyer if it reached the cloud support.

USDCAD

Weak despite Oil weakness. As long as price is below 1.3540 bears are in control and could push lower. Daily chart is bearish as it looks like a flag pattern with price consolidating between 1.3350 and 1.3550 before the next leg down. Surely bearish if the consolidation is broken. Shorter-term we could see another try for 1.3550-1.36 before next move down.

GBPUSD

I expect the post election lows to be re-tested or even broken before any upside reversal.

EURUSD

1.1285 remains key resistance but price has broken below the short-term trend line support. Oscillators imply a correction is imminent at least towards 1.11.

USDJPY

Bullish since 109.50 and out around 110.60. Price got rejected at the Trend line  resistance. Breaking above the blue TL we could see 112.50 again.

 

I prefer to be neutral USDJPY now.

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

 

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.