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Forex Market Intraday Outlook

Friday, September 8, 2017 8:52 AM GMT


Draghi’s speech was the main catalyst for the price action yesterday. EUR pairs were truly volatile and traders got plenty of intraday trade setups.
Let's start!

EURUSD almost reached 1.21 level and it is currently retracing back. We have noted a short-term support that price may bounce but 38.2% Fibo level has more probabilities for a potential buying opportunity. Our trading plan was confirmed yesterday because the price confirmed the supply zone (S1) and then moved higher.


Cable followed our plan too. Because GBPUSD confirmed the 61.8% from above and then moved higher. It is currently testing a major supply zone where sellers may step in. There is even better confluence on 78.6% for a decent intraday selling setup. On the other hand, we have noted 1.305 where buyers may have a buying opportunity.

The pressure remains on the downside for the USDJPY. It reached the 161.8% Fibo extension level and it potentially targets 200% level. There no significant positive MACD or RSI divergence. This means that bears are in full control. Any setbacks could be selling opportunities.

USDCHF is creating a potential triple bottom pattern as well as a failure swing. The previous failure swing gave a great bounce to the upside. The pair is moving within a declining channel and bears may have a decent selling opportunity on 0.9528 level.

The Loonie (USDCAD) was slumped to new lows and it is currently bouncing on the lower side of the declining channel. There are bullish MACD and RSI divergence indicating that bulls are taking temporarily the control. We have noted a potential resistance level at 1.2142 where bears may step in again.

AUDUSD is over performing to the upside. Buyers may have a decent bullish setup if price retraces back to the rising wedge or the demand zone (Z1).

Likewise, NZDUSD was pushed higher becoming overbought and it is currently retracing back to 38.2% Fibo retracement level and previous highs. If price holds the current level, the uptrend is strongly bullish and price may see new fresh lows. The 61.8% Fibo level is another potential buying trade setup.

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