The Tiger Forex Report – Week of 9/4 – 9/08/2023

DXY slammed a higher move low this past week. And now the Bulls are set to press new higher swing highs on a monthly basis.

Crude Oil Bulls are helping to set inflationary tones for the months ahead. If things do not change soon…little Johny is not getting the GI Joe with the Kung Fu grip for Christmas.

30yr T-Bond Bulls have set a lower swing High. Now the Bears are looking to press Yields higher. Look out below.

EURUSD Weekly Outlook:

It will be hard to find a reason not to Sell the EURUSD. A solid sell signal is in place. This currency pair is set to make a play for multi month lows that target the 1.0639 level. EU economic realities are a disaster with absolutely no safety net on the horizon. This market remains in a sell rally forecast.

Only a rally above the upside breakout level confirms a short-term shift in trend momentum. If this occurs there is a good chance that the Bulls will be able to make a run for the upside target level. Be careful hanging onto Long positions in this area. It is very unlikely that a rally can maintain strength beyond this area. Economic woes need to change a ton before the sell rally forecast will change.

GBPUSD Weekly Outlook:

Last week set the stage for a test of support this week. Sustained trading below the directional pivot level is a very good indication that the market is ready to seek out lower ground. 1.2260 is the first downside objective on a break that has the potential to hit 1.1950 before there is any consolidation.

If the Bulls can breach the upside breakout level, then a fresh wave of buying is likely to enter the market. Be careful trying to fight a rally in this area. Bullish momentum may build fueled by fresh buying pressure. The Upside correction zone is the extreme for a fresh leg higher in this FX pair.

USDCHF Weekly Outlook:

Wedging in a weak corrective rally. The USDCHF is trying to slowly grind through resistance. The trend is still a weak Bull. If USD strength prevails, then a follow though leg higher is likely. The upside correction zone is the extent for any upside action this week.

The long-term trend is a Bear. And a sell rally forecast remains intact. If the USD starts to turn, be prepared. A sell off to the downside breakout level is very probable. Do not fight the Bears in this case. Remember the overall trend is lower. 0.8428 is the monthly downside target level.

USDJPY Weekly Outlook:

USDJPY traders have their work cut out for them. A potential Head & Shoulders pattern is forming. Could it happen? Maybe. Key off the upside breakout level for direction. Trading under here keeps the market in a weak posture that is itching to test lower move lows. If the market can get below the 145.09 level, then a fresh wave of selling should start. The downside correction zone is the objective for a lower trading market.

Only a rally above the upside breakout level confirms extended strength for the USDJPY. The 147.66 – 147.82 resistance band is the target for a Bullish breakout. Be careful. This FX pair is ripe for a nice profit taking slide.

AUDUSD Weekly Outlook:

The AUDUSD Bulls are having a tough time with the correction. However, the market is making short-term higher move highs and lows. This keeps this market in a Bullish posture that targets the upside correction zone. This is all that is in the cards for a higher trade. The fundamentals remain a disaster.

Do not fight a failure from the downside breakout level. If the market takes a dive under this area, it will be a free fall all the way down into the 0.6320 – 0.6317 support band. Do not take trading back in this area lightly. The Bears may drag the AUDUSD all the way down to 0.5860 on a monthly basis later in the year.

NZDUSD Weekly Outlook:

It is a tough bounce for the NZDUSD. The Bulls are fighting to hold any rally. Key off the upside breakout level. If the market can sustain a trade above here there is a chance the Bulls may get back to the upside correction zone. Do not expect much more out of the Bulls.

If the market slips under the downside breakout level the Bears will target the 0.5825 level. Be careful fighting a break back to these levels. Downside momentum has the potential to get near 0.5688 as we head into the last four months of the year.

USDCAD Weekly Outlook:

The USDCAD planted a higher swing low last week, and looks to be poised for a challenge of resistance. A higher trade is on the menu, and targets the upside target level. Do not fight a rally above here. 1.3477 is the first stop on a rally that could reach 1.3777 over the next few weeks.

Only a failure from the downside breakout level confirms weakness, and a fresh leg lower. The downside correction zone is the objective. This should be it as long as the USD stays firm. Do not have great expectations for this market. A gigantic sideways range trade is the most likely reality for months to come.