EUR/USD, USD/JPY and AUD/USD Forecast – Friday Session Mixed for US Dollar

EUR/USD Technical Analysis

The Euro has fallen just a little bit during the trading session on Friday, as the 1.0750 level is an area that has been important multiple times, so it’s not a huge surprise to see that we have reacted to it a little bit, but I also think that there is support near the 1.07 level underneath there.

For what it is worth, it looks like we are just simply killing time after a pretty busy week, and Friday, more likely than not, will be fairly quiet, just due to the fact that you have election exhaustion and then the Federal Reserve nonsense on Thursday. So, with all that being said, I do think we’re closer to the bottom than the top, at least for the short term, but that’s going with the assumption that we continue to go back and forth.

USD/JPY Technical Analysis

The US dollar fell just a bit during the early hours on Friday, but this is still very much a positive trend from what I can see. The 155 yen level above is a large round psychologically significant figure that previously had been both support and resistance, so I think given enough time, we should go looking towards that area again.

The 155 yen level being broken to the upside opens up the possibility of a move to the 160 yen level. Underneath, we have the 150 yen level that offers a significant amount of support, due to psychology and the fact that the 50-day EMA and the 200-day EMA indicators are sitting just below it and getting ready to cross.

AUD/USD Technical Analysis

The Australian dollar has fallen pretty significantly, and again, this is not a huge surprise, mainly due to the fact that we’re still very sideways overall. At this point, the market looks as if the 0.67 level above is a significant resistance barrier, and underneath the market right now, we have the 0.65 level that offers support, as well as the 0.6550 level.

In other words, I think we continue to see a lot of back and forth, and with that being said, I don’t really think much has changed, quite frankly, and now we’re just looking for hard economic data to start moving on again. In the meantime, if you’re a short-term range-bound trader, you’ve got a couple of levels to pay close attention to. With that being said, it’s a market that is likely still just sitting around and waiting to see whether or not it becomes more risk on, or if it becomes more risk averse.

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