EUR/USD, USD/JPY and AUD/USD Forecast – US Dollar Noisy in Early Wednesday

EUR/USD Technical Analysis

The euro has gone back and forth during the early hours on Wednesday here as we are dancing around just below the 50 day EMA. With this, the market looks very likely to probably struggle on this general vicinity, from here to about 1.05. So, I think all things being equal, this is a market that you are looking to take advantage of weakness and start shorting again. We’ll have to see. This daily candle so far is giving me that vibe at least.

USD/JPY Technical Analysis

The US dollar has rallied a bit against the Japanese yen. But of course, we have the issue with the Bank of Japan coming out during the Friday session with an interest rate decision and of course, press conference. So, I think this is a situation where traders will probably be very hesitant to put a lot of money in this market and I think we just simply bounce around in this same vicinity between now and that announcement. As things stand right now, the 155 yen and the 50 day EMA indicator, basically the same thing at this point, are both offering support.

AUD/USD Technical Analysis

The Australian dollar looks very much like the Euro in the sense that we’ve gone back and forth to the tune of consolidation during the day at the first signs of any real resistance. Because of this, I think we have to be very cognizant of the fact that we are in a downtrend, and it is probably only a matter of time before we sell off.

If we do rally from here, the 50-day EMA and the 0.6350 level both could offer a bit of resistance knocking the pair back down towards the 0.62 level. At this point, I have no interest in buying the Australian dollar, although I’m the first to admit that it is oversold at this point.

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