Majors on Thursday: USD Keeps on Driving Higher
Rowan Crosby • 1 min read
Markets have been pretty active this week and for the most part, have been giving some great trading opportunities. Yesterday we saw a bit of a spike in the USD/CAD after The BOC decided to keep rates on hold.
The Yen bounced nicely off our level that I spoke about yesterday, while the AUD/USD continued to slide after some weak data spurred the sellers.
As we move towards the end of the week, focus turns to the US employment data, which is due out on Friday. The majors will certainly be in the firing line but have the potential to go quiet in the leadup.
I’m looking for a move to 94.00 in the DXY in the next week or so.
AUD/USD – The AUD has been selling off after weaker than expected GDP. Targeting 75 cents.
EUR/USD – The Euro is trading lower and is now back into the major range. Long-term bearish.
USD/JPY – The Yen bounced off 112.00. More to come?
NZD/USD – I’m still looking for opportunities to sell the Kiwi.
USD/CAD -The CAD got a good old whack thanks to the BOC.
USD/CHF – The Swissy continues to have strength coming in and is targeting overhead resistance.
GBP/USD – The pound has been weak and is drifting lower after what was a big rally.
US Dollar Index (DXY) – The USD keeps pushing higher. Next stop 94.00.