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The #Forex Market Wrap is here!
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In this Forex Market Wrap, we’ll go over a few currency pairs and some levels of interest this past week.
EUR/USD
We focused on EUR/USD this week. We initially wanted to see a breakout of last week’s high and low, then continue to break to the downside. The FOMC statement helped in making that successful.
We also talked about its potential to go back to the 1.2 level. After a slight consolidation, we saw a nice push in the USD strength and a move to the downside. We could see it act as resistance if it closes below the 1.2 level next week.
The USD strength saw EUR/USD drop and break below the major 1.2000 support. Now that the price is trading below the support, we could see a continuation in the trend.
So, we’ll keep an eye on that because 1.2 is quite significant. The fact that we’re trading below this is showing us signs of USD strength.
USD/CHF
We can also see the USD strength in USD/CHF. This was another pair that we targeted for a breakout move.
The market has been ranging between the 0.9050 and the 8940 area. The market was struggling to find some ground in that area. However, the weekly timeframe showed signs that the market will be bullish.
After the FOMC statement, the market broke out of the range so we’re looking for USD continuation trades moving forward.
The USD/CHF was another one to watch in the Week Ahead Analysis (June 14, 2021) and the price broke out of the range since. This could lead to further upside.
USD/CAD
We also looked at USD/CAD and traded a move up before the FOMC statement came through last week. The past two weeks, the low range and weekly candlesticks were showing signs that the sellers were getting exhausted. We were able to confirm that, but buyers are pushing the price back up. We do have a resistance level at 1.2465, which was the target this week.
We might get a retracement from that level, and if we break through, then we could see a complete change in trend in the coming months.
We bought USD/CAD ahead of the FOMC statement. The weekly chart showed us that the selling momentum was coming to an end and buyers will likely enter the market. The price is now approaching the key resistance at 1.2465. A break above that level will see a change in the weekly trend.
At the moment, we’re still in an overall downtrend on USD/CAD. I’m expecting some retracement to that move. However, 1.2465 still remains a target there.
EUR/AUD
We talked about the potential to buy EUR/AUD after it retested an area of support. Since the market broke out of the range highs, you can buy the continuation trade of the breakout.
The EUR/AUD market retesting and forming a doji weekly candle at support was a sign of trend continuation. The daily timeframe also formed a double-bottom pattern, offering a long opportunity.
We talked about looking for pullback opportunities in this market. We had a double-bottom forming last week, and it looked like we could get further upside.
GBP/JPY
I’m going to finish with GBP/JPY because it broke to the downside. Just like other JPY pairs, the GBP/JPY also broke to the downside. This could see the JPY gain strength on the strength meter next week.
More importantly, the GBP/JPY broke out of the range. We may not go up to that breakout, but there are still some decent levels at 153.70.
GBP/JPY was on our list for a reversal this week. The price broke out of the range showing a change in trend. This was the same across other JPY cross pairs, so we could see some opportunities on those pairs moving forward.
You can try trading with the EUR/USD, USD/CHF, & GBP/JPY pairs for as low as $100 when you open a live account with us. Fast execution, zero commission foreign exchange, and prompt support–that’s the Blueberry Markets experience.
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