FX Next Week

This week’s targets, ranges and forecasts all achieved perfection. As targets remain the 14 year specialty, please allow the indulgence.

EUR/AUD target 1.6733, lows 1.6751 from 1.6860’s. AUD/USD target 0.6513 complete. NZD/USD target 0.6019, highs 0.6005. AUD/USD Lows 0.6401, NZD/USD Lows 0.5902. AUD and NZD +215 pips. GBP/AUD targets upper 1.9400’s, Lows 1.9476.

DXY `103.00’s holds all week. Lows 102.94. GBP/USD 1.2792 = DXY 102.00’s. GBP/USD 1.2745 Vs DXY 102.94. GBP/USD Vs USD/CAD Spread 1100 pips, should trade 600. Actual so far 800.

USD/JPY weekly ranges: 145.36 to 147.37. Highs 147.37, lows 145.55. JPY Cross pairs weekly ranges achieved Tuesday then shorts from highs. EUR/JPY 157.03 – 159.04. GBP/JPY 183.02 to 185.03, AUD/JPY 92.72 to 94.73.

EUR/USD Higher = XAU, XAG , Nat Gas, and Copper higher. All traded higher. EUR/USD target upper 1.0800’s achieved.

USD/CZK target 22.1347 achieved. USD/DKK 6.8738 Target achieved. USD/RON 4.5568 target achieved. USD/NOK 10.6178 Target achieved. USD/SEK 10.9059 Target achieved.
Trade perfection and profits are brought to the weekly table.

Next Week

From BOJ Uchida speech Aug 2, If the BOJ ever raised rates then only by 10 points. This drops the -0.1 rate or 0.9 to 0.8. Japan’s Inflation rate is the determination however the BOJ is not in any hurry nor discussion to raise rates anytime soon.

In Japan, 10 points is a large number which also means the YCC bands must also adjust. I don’t see why the BOJ would ever consider traveling down the raise rate road.

GBP/USD is held by 1.2630 and 1.2669. The expected close at 1.2676 and 1.2688 then long again for next week to target 1.2772.

USD/JPY ranges from 144.89 to 146.90. USD/JPY’s big break at 144.00’s is located at 144.34 and 144.43. Targets become break 142.56 and target 140.00’s. USD/JPY larger range 147.90’s to 144.00’s. For September, USD/JPY contains good possibilities to break 144.00’s. Short only strategies remain until 138.00’s.

DXY next week trades 104.00’s to 102.00’s. DXY 103.00’s remain many and massive. DXY larger range trades 104.00’s to 101.00’s. As DXY trades lower then resistance points are building into the current price to prevent DXY from traveling higher.

DXY upper 103.00 then short USD/JPY, USD/CAD and long EUR, GBP, AUD and NZD.
EUR/USD Big break at 1.0882 sits at do or die for longs and shorts. Lows are found at 1.0828 and 1.0834 and perfect location for longs next week. Above 1.0882 the watch 1.0947 as target for next week.

AUD/USD and NZD/USD trade deeply oversold. AUD/USD longer term targets 0.6641 on a break of 0.6564 while NZD/USD targets 0.6117 on a break at 0.6053. NZD/USD next week target 0.6000’s and AUD/USD 0.6536.

GBP/JPY big supports at 183.00’s and 180.00’s holds GBP/JPY. Next week’s shorts target the break at 183.00’s.

EUR/JPY longer term for September trades 155.00 to 160.00’s. Currently 157.00’s are blocked. The expected close at 159.00’s then sort for next week to target 157.00’s. EUR/JPY ranges from 157.91 to 159.92.

GBP/NZD targets next week 2.1111 and easy target while EUR/NZD targets 1.8130 and another easy target to achieve.

USD/CAD lower must break 1.3470 and next week shorts are located at upper 1.3500’s.
Overbought GBP/CAD targets 1.7000’s easily and EUR/CAD lower 1.4600’s. GBP/CAD is clearly the better trade.

AUD/JPY short from upper 94.00’s to target the eventual break at 93.51.

Watch AUD/NZD break at 1.0837. AUD/NZD is a problem currency.

GBP/CHF not only trades massive oversold but a double trade long exist for GBP/CHF and GBP/USD.

Brian Twomey

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