EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Quiet in Early Tuesday Session

EUR/USD Technical Analysis

The euro has risen ever so slightly against the US dollar during the early hours on Tuesday. But really, at this point in time, we see the same problem, and that problem is the 1.16 area, at least as far as bullish traders are concerned, as it has been very difficult to get above this area. At this point, I think what you’re starting to see is maybe a widening out of a consolidation move. It still favors the upside slightly, but there’s no real catalyst to get flying to the upside.

USD/JPY Technical Analysis

The US dollar initially rallied against the Japanese yen, but yet again, we’ve seen the 145 yen level act like a brick wall. It also features the 50 day EMA, so that should not be forgotten either, as it is a major technical indicator that a lot of people will pay close attention to. Nonetheless, I think we are still basically hanging around between 142 yen on the bottom, and 145 yen on top. I think at this point in time, it’s more range bound chop than anything else.

AUD/USD Technical Analysis

The Australian dollar initially pulled back a bit only to show signs of strength again. The 0.6550 level seems to be like a major barrier that is just not able to be overran. That being said, if we finally do that, then the Aussie could rally another 100 point. Short-term pullbacks offer buying opportunities, with the 50 day EMA breaking above the 200 day EMA recently suggesting that there is more of an upward bias in this up trending channel. So, I think this is more of a grinding buy on the dip type of situation that we find ourselves in. Right now though, we just don’t have the catalyst to get going here either.

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