In today’s Forex Forecast, we share the price outlook for EUR/USD, USD/JPY, USD/CAD and WTI crude oil, with Steven Woodcock, Senior FX Analyst at Plutus FX.
EUR/USD: Buy dips towards 1.13
Looking at the hourly charts, Woodcock notes that we did move to the 1.15 area, but better economic data out of UK caused EUR/GBP to turn lower and limiting the upside for EUR/USD.
He suggests buying any dip towards the 1.13 area, with the cross still in a consolidatory phase. Low and mid 1.13’s is where the pair is looking for support, and still remains a range trade, according to Woodcock.
USD/JPY: Pullback likely
Woodcock says that USD/JPY remains a range-trade, with the pair seen struggling near 119 levels. He believes that we are likely to see a pullback towards the 116 area.
On the technical outlook, he adds that the charts are working really well and the market remains very slow, awaiting a catalyst.
USD/CAD: Range-play
On USD/CAD, Woodcock notes that we hit the right levels in the pair, and remain in a range. Oil is trying to recover which is causing the Canadian dollar to see some strength.