Near-term Forex Hot-Spots

Eur/Usd is holding a long trend. Looking for a recycle lower, find support, and then taking the long break back through 1.2400. Moving into 50-day SMA resistance at 1.2650.

Gbp/Usd is holding a long trend. Broke 50-day SMA resistance at 1.4850, just looking for one more re-test of that as support before the next leg higher.

Aud/Usd is holding a long trend. Looking for a recycle lower and then taking the long break back through 0.8750. This pair is the most bullish in regard to mid-term outlooks, with 4 interest rate increases still not fully priced in.

Usd/Cad is holding a short trend. Looking for a recycle higher through 1.0270, from where a drop lower again should draw in sellers. If not, the 1.0450 comes into view off weak equity trade.

Usd/Jpy is holding a short trend. Looking for an initial recycle higher and then taking a short reversal if 91.00 fails to break as resistance. Take care, this pair is forming a massive pennant on the Weekly chart that could create volatility.

Usd/Chf is holding a short trend. Looking for a recycle higher and then taking a short reversal if 1.1100 fails to break as resistance.


Global Market Hot-Spots
S/P Futures (equity/risk markets) are in long mode. The main support area is at 1115, and if that holds the dollar will not be able to find buyers. Dollar index is in short mode near-term with 86.00 as resistance that will not be easy to break.

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