EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Continues to Be Noisy

EUR/USD Technical Analysis

The US dollar is at least trying to fight against the euro at the moment, but it still is on its back heels. The 1.16 level underneath continues to be support from everything I see, as well as the 50 day EMA. So, although the euro has given back some of its strength over the last week or so, it is still very much in an uptrend. And until we break down below the 50 day EMA, I’m going to have to assume that pullbacks continue to be potential buying opportunities and what has been a relatively strong uptrend.

USD/JPY Technical Analysis

The US dollar is stronger against the Japanese yen again on Tuesday as we are now threatening the 148 yen level and by extension the 200 day EMA. With that being the case, the market is most clearly in a bullish run, and we will have to see whether or not we can continue that movement. Any pullback at this point in time, I suspect you must think of as a potential buying opportunity. If we do, in fact, clear the 200-day EMA on a daily close, I’m looking for the US dollar to climb to 150 yen.

AUD/USD Technical Analysis

The Australian dollar has risen slightly against the US dollar during trading on Tuesday in the early hours. But again, we’re just in this same kind of grinding channel to the upside. So, although it is positive, I don’t think much has changed. And I still seem to find the 0.6550 level as a bit of a magnet for price. In other words, I think you have to look at this as a market that maybe is although slightly positive in its attitude, it’s more or less a range bound type of grind and therefore short term dips probably offer nice buying opportunities down to the 50 day EMA. But I’m not looking for anything big here.

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