Is it time to be bullish on the Dollar. One thing is for sure….The Dollar is now at a HUGE support level that could decide longer-term trend.
USDX
The 98.80-99 level is very important to support. A strong upward reversal at least towards 100.80 could start from current levels.
EURUSD
As I pointed out a few days back, as long as we trade above 1.0550 the move towards 1.09-1.10 is the most probable one.
#EURUSD as long as price is above 1.0550 this is the most probable scenario pic.twitter.com/Mymo3vsciX
— Alexandros Yfantis (@alexanderYf) April 20, 2017
Is it time now to sell EURUSD? Maybe…but the risk reward favors bearish positions at least for the short-term.
USDJPY
Price has broken the downward sloping trend line. I could see the price back test the broken trend line and then bounce back up towards the cloud resistance near 112-113.
USDCAD
5 waves up, bearish divergence at the last highs, a pull back towards 1.33 is expected before more downside.
GBPUSD
Supported at 1.2770-1.2750. As long as it trades above it, we could see 1.30.
NZDUSD
Resistance at 0.7050 did not break despite bouncing as expected. Bulls need to show more strength signs for the pair to move towards 0.71 and higher. 0.69 remains key support.
AUDUSD
Bounce off support as expected but with metals getting hit today, more downside should be expected once we break below 0.7480. 0.7610 is important short-term resistance. Bulls need to break it otherwise the chances are in favor of the bearish camp.
