In today’s Forex Forecast, we offer the technical outlook for EUR/USD, GBP/USD, USD/JPY, and Gold prices with Steven Woodcock, Senior FX Analyst at Plutus FX.
EUR/USD: Higher before lower
Woodcock sees the possibility of EUR/USD taking out its recent low, but believes that the cross will make a small blip higher before turning lower. While he remains bearish on the pair, he doesn’t support a parity view.
GBP/USD: Still a range trade
Woodcock notes that GBP is trading heavy, but remains a range-trade. He believes that the cross is heading towards 1.45 levels but will need a break below the psychological support at 1.50.
USD/JPY: Going higher
We are in a dollar bull market, but the Yen is also trading weaker, notes Woodcock. While 125 – 125.50 remains the top end of the range for USD/JPY, he believes that everything is building up for the pair to go to the moon.
Gold prices: Slight positive bias
Looking at the technical charts for Gold prices, Woodcock notes that we are off the lows but can go lower if the precious metal breaks below the previous lows. For the near-term, he maintains a slight positive outlook.
