With markets out of control and rapid movements being seen, Steven Woodcock, Senior Analyst at Plutus FX, in today’s forex forecast, gives the outlook for EUR/USD, GBP/USD, USD/JPY and USD/CAD.
GBP/USD trading heavy
On GBP/USD, Woodcock notes that the cross is weak and vulnerable for further downside. The pair is tied in with EUR/GBP, and might make a move towards 1.50 levels.
USD/JPY: Yen seeing safe haven buying
Woodcock believes that USD/JPY might revisit the previous lows around 115.50 support, but falling below 114 will see additional lows. He further adds that the Yen is still seeing save haven buying.
USD/CAD: An oil trade
Woodcock says that USD/CAD remains an oil trade and a below 122-123 fall might not happen. He sees a pullback towards 128.20 most likely ahead.
EUR/USD remains news driven
EUR/USD rallied towards 1.17 level but failed to see an upside break above it. The cross looks weak, and remains news-driven.
