As markets get ready to open in Europe, here is a quick look at what is happening in the forex majors based on the monthly chart. Ths USD has been pushing higher, however, it is still relatively neutral as we head into overhead resistance. That is keeping a cap on the majors for now.
This analysis is based on momentum and if we are getting ready for a short-term turning point.
We haven’t had too many changes since the last update as price continues to
USD (DXY) – Neutral – Stuck at Overhead Resistance
USD/CHF – Turning Higher
USD/JPY – Range Bound
EUR/USD – Temporary Low
USD/CAD – Still Breaking Out
GBP/USD – More Downside Ahead
AUD/USD – Pushing Lower
NZD/USD – Potential for a Move Down
Best Momentum Pairs
USD/CAD – The USD/CAD is consolidating in what looks like a flag or pennant type formation. Expecting more upside
GBP/USD – The GBP/USD is weak and failed at resistance. Support in sight.
Things to Watch on Wednesday
The US has some top-tier data out including core durable orders and home sales. The attention is still on the trade wars and really the headlines that are being made. The USD is looking at a test of resistance which will change the makeup of things if it can break out.
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