EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Continues to See Volatile Moves

EUR/USD Technical Analysis

The Euro has been pretty back and forth during the early hours on Friday, and that is probably to be expected as the markets, of course, are digesting the employment numbers, but they also are going to be looking at the possibility of whether or not this tariff war is going to expand. The 1.12 level above continues to be a major resistance barrier from what I can see. And the 1.09 level is your floor. We are basically in the middle of this, so we’re almost in an area you could call no man’s land.

USD/JPY Technical Analysis

The US dollar has initially fallen against the Japanese yen, only to turn around and bounce a bit, but it’s still early days. We will have to see what happens next. I do think that given enough time, we probably will have to see what we can do with the 148 yen level. If we break down below the bottom of the range for the day, we could end up all the way down to 142.

AUD/USD Technical Analysis

The Australian dollar is collapsing. That’s not a huge surprise basically due to the fact that China and the US are now starting to slap tariffs on each other and people don’t like that. It’s worth noting that the Australian dollar is a bit of a proxy for China. So therefore, this makes perfect sense that we would see this type of potential move with the Aussie. Now, whether or not that remains to be the move going forward, it’s hard to tell, but it is really hard to fight this particular candlestick. The 0.60 level underneath could be a floor, we’ll just have to wait and see.

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