EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Trying to Recover

EUR/USD Technical Analysis

The euro has gone back and forth in the early hours of Friday as the 1.05 level continues to offer a significant resistance barrier. Ultimately, this is a market that I think given enough time probably has to deal with this and determine whether or not it holds, but as things stand right now, it looks like it very well could. Even if we break above the 1.05 level, I see a lot of resistance all the way to 1.06, so I’m still looking to fade this pair on signs of exhaustion.

USD/JPY Technical Analysis

The US dollar has stabilized against the Japanese yen just above the 200 day EMA. So that of course is a major indicator that people use to determine the trend. At this point, if we do bounce the 155 yen level is an area that I think a lot of people will look to as a potential barrier. If we do break down from here, the 152 yen level and the 151 yen level both could offer support.

AUD/USD Technical Analysis

The Australian dollar has rallied rather significantly against the US dollar, but it is starting to run into an area that could be major resistance. I’ll be watching the 0.6350 level closely as it is an area that has been important multiple times in the past and signs of exhaustion in that area will be what I’m jumping on. If we do blow through here and go straight up in the air, that’s fine.

Then we’ll start to see on any pullback whether or not the area holds as support and becomes worthy of market memory. Otherwise, I think you’ve got a lot of noise. We are getting there to a point where I’m very interested, but I want to see where the candlestick plays out.

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