EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Sees Selling Pressure Early on Thursday

EUR/USD Technical Analysis

The euro has rallied just a touch during the early hours against the US dollar as the market continues to see a lot of back and forth. The 1.16 level has offered support right along with the 50-day EMA, but at the same time we have the specter of the 1.18 level above offering resistance. While the dollar is on its back foot during the trading session, we are still very much in a range in multiple currency pairs, and that’s all I see here.

USD/JPY Technical Analysis

The US dollar has fallen a bit against the Japanese yen during trading as well. But again, we’re in a range. We’re at the bottom of the range, but we are most certainly in a range. The 146.50 level being broken to the downside would change some things, but as things stand right now, we’re just bouncing around between 146.50 and 149 yen. Ultimately, I think this is a market that continues to go back and forth, but if it were to break down a bit, I wouldn’t hesitate to buy on a dip because of the interest rate differential, despite the fact that the Federal Reserve is likely to cut rates.

AUD/USD Technical Analysis

The Australian dollar has rallied quite nicely, but it is still going to have to deal with the 0.6550 level, an area that’s been both a magnet for price and a very difficult level to stay above. Any signs of exhaustion will end up being selling opportunities, but if we could break above the 0.6650 level down the road, I think that could change the tone of the currency pair. Again, as things stand right now, this just looks like a range bound market. I think most markets at this point are range-bound.

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