NZD/USD Daily Forecast - 08 August

Falling in the awkward post-US, pre-Asian session, the Reserve Bank of New Zealand delivers its quarterly monetary policy statement Wednesday evening (21:00 GMT). While the release is functionally equivalent to the Fed’s “live” quarterly meetings when it delivers updated assessments on the economy, the primary difference is that the RBNZ is nowhere near making any meaningful changes to policy; instead, traders will try to “read between the lines” for more insight on how the central bank is leaning for the future.


EUR/USD Daily Forecast - 07 August

The EUR/USD daily Forex chart is reversing up from a double bottom with the June 28 low. Both bottoms are above the June 21 bottom of the bull trend reversal. Therefore, this is a double bottom higher low major trend reversal attempt. However, the 5 consecutive bear days makes a bear breakout slightly more likely.


EUR/USD Daily Forecast - 6 August

The EUR/USD pair continues the bounce around just below the 1.16 level, and Friday provided no more clarity. All things being equal, I suspect that we could go down to the 1.15 handle, but it may take a certain amount of negativity in the markets to make that happen. I recognize that the 1.16 level will be resistive, but if we reclaim that area on a daily close, then I think we are simply looking at the symmetrical triangle being negated, and a return to the previous consolidation that had been such a major part of this market.


GBP/USD Daily Forecast - 6 August

The British pound has tested the 1.30 level, an area of significant support on longer-term charts. By doing so, I think it’s found a bit of a short-term bottom, and we could see a bit of a bounce from here. However, there is a lot of noise in the market, but after the jobs neighbor command on Friday, it looks as if there isn’t any appetite to put a lot of money to work. It is because of this exact reason that I think we will probably bounce. However, if we do close below the 1.29 level, that would be a massive sell signal, perhaps reaching down to the 1.25 handle.


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