EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Trying to Push Back

EUR/USD Technical Analysis

The euro pulled back just a touch against the US dollar on Wednesday in the early hours, as we may have been a little stretched over the last couple of days. The 1.16 level has offered significant support that traders have taken advantage of. So it makes a certain amount of sense that although we’re still very bullish, you can’t necessarily go straight up in the air forever. I believe that the 1.16 level is support extending down to the 1.15 level, with the 50 day EMA right in the middle to offer support as well.

USD/JPY Technical Analysis

The US dollar did try to rally against the Japanese yen during trading here on Wednesday, but it looks like it’s giving that momentum up pretty quickly. As a result, this is a market that given enough time, I think we’ll have to find some type of reason to bounce, and that reason could be the 146 yen level. That is an area that’s been resistance and support in the past. So perhaps a little bit of market memory comes into the picture. If not, we are probably going to head to the 144 yen level.

AUD/USD Technical Analysis

The Australian dollar has shown itself to be somewhat bullish during the trading session. But as you can see, there is a channel that has been in effect since the early part of April, and we’re still trading in that channel. So, I don’t read too much into this, at least not yet, but if we were to clear 0.66 on the daily chart, I think we could go to 0.67. So, it’ll be interesting to see if the dollar can push back in this area, which it has done multiple times in the past. All things being equal though, it’s probably a buy on the dip market at this point in time.

For a look at all of today’s economic events, check out our economic calendar.