Forex Technicals: The Day Ahead, August 13

Daily Forex Technicals | Written by DailyFX | Aug 12 08 22:37 GMT |

Each day following the New York close, a short term technical update will be published for the day ahead. The best short term opportunities for tomorrow are short USDCAD and short USDJPY. The regular technicals are published lower on this page under Daily Technicals. EUR/USD A 4th wave is most likely underway from 1.4814 as either a triangle or a flat. Expectations are for the advance to reach at least 1.5083. Keep in mind that this rally should be countertrend. A drop below 1.4814 would suggest that a 5th wave from 1.5083 is extending. USD/JPY The USDJPY should continue lower near term to at least 107.86 (38.2% of 103.76-110.40). Former support at 109.60 is now resistance. GBP/USD The GBPUSD has fallen for 8 straight days now and today may be the ninth. On very short term charts, the decline seems to be subdividing. The bearish bias is intact as long as price is below 1.9082. Below 1.88 is the next objective. USD/CHF The USDCHF is testing the topside of a short term channel. Expect a decline to at least 1.0741 near term. USD/CAD Very short term, the USDCAD has decline is in 5 waves. This warns of a top at 1.0726 (at least short term). There is an opportunity to sell against 1.0726 and wait for a deeper decline to materialize over the next few days. AUD/USD Much like the GBPUSD, the AUDUSD appears to be extending losses. Short term Fibonacci extensions are at .8558 and .8404. The short term bearish trend is intact as long as price is below .8952. NZD/USD The Kiwi is no different from the AUDUSD. Both pairs are extending declines. The Kiwi is bearish as long as price is below .7011 and an objective is at .6766. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.