Forex Market Analysis | September 12, 2023

Welcome to my Forex market analysis for today, September 12th, 2023. I’m at the computer at a decent time, I meditated, I made coffee, and I’m having a protein shake. Still Anxiety… Ready to dive in

USD – Long/Neutral

This doesn’t look incredibly strong right now, but overall price has been up and is seemingly returning to the upside after a pretty sizable drop on Sunday. Prior to the drop, price was moving sideways, and this morning price is back up to the lows of that range.

Depending on what the individual charts look like, I might be trading this right into resistance, so I’ll be cautious. But if it does break this level with any conviction, there’s a decent amount of room to the highs of the range.

CAD – Long

I’ll take a look at this long  for sure.

EUR – Neutral

This pushed down yesterday and looked like it was making a pretty strong break of a support area, but price pretty quickly rallied back up to that level. Today, price has pushed down again, but didn’t get to yesterday’s lows, and as of right now, is back up around that same support area.

It looks like this may have made reversal moves to the downside, but isn’t ready to break quite yet. Or maybe, it’s just a short pullback within this longer-term up-trend (the A-B-C of an Elliot Wave, if you will). Either way, I don’t love it for today, so I’ll hold off

GBP – Short/Neutral

This has been pushing down over the last 3 weeks, and today price has made a decent push down taking out a key area that’s been both support and resistance in the past — going back to late July. As of right now, price is on a bit of a rally, but it looks like it’s simply retesting the key area that was broken. If price is just retesting and it’s going to push back to the downside, this could make for a great short. I’ll take a look at individual charts.

JPY – Neutral

This is still ranging; and as of right now, price is in the middle of the range. Dropping down to the 2 hour chart, I’m seeing a pretty strong key level here in the middle of the range that price is struggling to push through. On at least 3 occasions over the last week price has pushed down to that support area, but has quickly rallied from there.

I could argue that this has a good amount of room to run if it does end up breaking that level, but if I’m playing ranges, I’d prefer to play them off of the highs and lows. Not the middle. I’ll leave this alone for now and revisit it either A) if I don’t see anything else I like on individual charts or B) I decide to look for an overnight trade later in the day.

AUD – Neutral

This has moved back to within a range that occurred both in the first and last weeks of August. There’s a lot of chop in this area, and price doesn’t seem like it wants to break in one direction or the other, so I’ll hold off. I’ll revisit tomorrow or (hopefully) do an afternoon analysis today looking for overnight trades.

NZD – Neutral

This is also in the middle of a range, and while the recent action suggests bearishness, there’s a lot of chop around the current price. Today’s candle has a pretty long upper and lower wick as well. There doesn’t seem to be much conviction here, so I’ll leave this alone for this morning.

CHF – Neutral

This has seemingly rolled over to the downside, but has failed at a support level that was pretty strong resistance for a couple weeks back in late-July. Dropping down to the 2 hour chart, price has made a mini-rally and is sitting pretty far above the lows. I can make a case that there’s a return to the downside, and price is stalled on a minor support area above the lows that were created prior to this rally. And that I could short from here to those aforementioned lows, but I don’t think that’s a great play.

I’ll leave this alone for now and maybe revisit if I don’t like the individual charts I’ve already decided to look at.

Thanks for reading! Let me know in the comments what you think about this analysis, and if you saw anything different.