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 managed to break out above resistance and that is setting things up for a very interesting session today. With US GDP in the spotlight, there could well be more upside ahead.
This analysis is based on momentum and if we are getting ready for a short-term turning point.
USD (DXY) – Neutral – Testing Resistance
USD/CHF – Turning Higher
USD/JPY – Range Bound
EUR/USD – Temporary Low – Pause for Now
USD/CAD – Still Breaking Out
GBP/USD – More Downside Ahead
AUD/USD – Pushing Lower
NZD/USD – Breaking Out and Move Lower
Best Momentum Pairs
NZD/USD – The bearish RBNZ will help add to the pain for the Kiwi as it looks to be moving lower.
USD/CAD – The USD/CAD is trying to break out but has been met by selling in the short-term.
GBP/USD – The GBP/USD is having another run at support.
Things to Watch on Thursday
The US will be releasing GDP today and it is a release that certainly has our attention. A few weeks ago we saw retail sales have a big win. And that has lifted expectations on this release. A beat will see the USD power onward and upward and pressure the majors.
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