USD/JPY and AUD/USD Forecast May 29, 2018


The Euro fell hard during the trading session on Monday, reaching towards the 1.16 level, and forming a fresh, new low. The market continues to react to Italian bonds and of course uncertainty involving a new Italian government. However, we are most certainly oversold at this point, so a bounce could be just around the corner. I think that some type of bounce should be thought of as a selling opportunity, and I would do so on the first signs of resistance. I believe that we are going to wipe out the entirety of the move that was the uptrend back from November, which means that we should go to the 1.1550 level. The 1.15 level underneath could be support, as it is a large come around, psychologically significant number. I have no interest in buying this pair, at least not until we form a weekly bullish candle.

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