EUR/USD Technical Analysis
The euro has rallied slightly during the early hours on Friday as we continue to see more of a tilt to the upside, but I don’t see a lot of momentum here and that tells me that the market must be waiting for more information. The 1.16 level above continues to be a bit of a barrier that is going to be difficult to overcome, but it doesn’t look like the market wants to fall either. I think it’s more or less a short-term buy on the dip type of market with short-term profits available.
USD/JPY Technical Analysis
The US dollar initially pulled back against the Japanese yen during the trading session but seems to be using the 145 yen level as support, right along with the 50 day EMA, which sees itself right at that big figure as well. If we can take out the 146 yen level to the upside, then I think it opens up the possibility of a move to the 200 day EMA, near the 148 yen level. If we fall from here, the market should still see plenty of buyers. So, I think this is more or less a buy on the dip scenario also.
AUD/USD Technical Analysis
The Australian dollar has rallied ever so slightly during the early hours on Friday, but it doesn’t look like it’s ready to go much higher. So, I think we are getting to that point now where the Aussie dollar and by extension, the New Zealand dollar looking around the horn here, are starting to get a little bit exhausted, which makes a certain amount of sense how there is so much risk out there. So, with that being the case, I think you have to start to think about fading short-term rallies here, at least until we break above the 0.6550 level.
For a look at all of today’s economic events, check out our economic calendar.
