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In today’s Forex Market Wrap, we’ll go through some interesting pairs from this week.
EUR/USD
EUR/USD is one of those pairs. We spoke about this, saying that the US Dollar is still technically short. We saw that continue with the price breaking above recent swing highs.
The price came into the key structure area at 1.2241, which was interesting. And, we’re starting to see some sellers gain momentum there.
That suggests that the US Dollar buyers are just starting to creep back into the market. We may not see that continue because we still have a resistance level up at 1.23, which is a nice supply zone to look at.
EUR/USD broke through recent highs like we spoke about in the Forex Market Outlook, in line with the USD weakness. However, the price found resistance at the 1.2241 level which could start the reversal setup. Until the market breaks the support, we have to assume that the trend will remain up for now as there is still a large supply zone at 1.2300.
However, if the market breaks to the downside, we could expect a move back down to the 1.989 area. But at the moment, we’re still in this uptrend. So, the price will likely head to the upside.
Until the technical factors line up for us, we still have to be in line with the daily trend, which is still to the upside. Unless we see a breakout of the trendline support and this level, we should continue to be a buyer of the market.
USD/CAD
I was asked to take a little look at USD/CAD. It has been one of those stronger currencies recently. I don’t think that’s going to change soon.
The CA Dollar has been pretty strong across the board, especially against the AU Dollar and the NZ Dollar. If anything, I’ll be looking for the price to continue that trend if we were to see a pullback here.
USD/CAD continues to fall lower as the CA Dollar strength remains. However, we could see a reversal in the short-term soon due to the low ranging candles. Low ranging candles can be a sign of the momentum swinging in the opposite direction.
What’s interesting about this one is that price is starting to stall. We’re starting to see the market not making any further lower lows and get low range candlesticks as well.
A sign that the market will make a reversal is low range candlesticks then a big influx and a change in the direction of the price up into a resistance level.
That’s what I’m expecting here.
NZD/JPY
We spoke about the NZD/JPY this week. We wanted to see the potential for this price breakdown. The weekly timeframe is suggesting that this could be a reversal again.
In the weekly timeframe, those candlesticks are closing back within each other’s range. Again, it’s a very good sign that we could see a reversal.
We started to see a bearish reversal. I think it could continue until next week and that we could see further downside towards 76.67, as we pointed out in the previous video.
The level of interest for us was the 78.47 area. The price rejected this area today. We’re creating a consolidation on the four-hour. If the price breaks out of the consolidation, I think there’s some further downside in this market.
NZD/JPY was one to watch for us this week as the New Zealand Dollar weakened. The four-hour timeframe rejected the key level of 78.47. If the market continues to make lower lows, we could see some short opportunities.
EUR/AUD
I still like EUR/AUD long. The price broke out of the weekly range and is looking to close above. There are plenty of daily closes above it. This is a long opportunity on a pullback from 1.5637.
EUR/AUD is another pair to watch next week as the price broke out of a weekly range suggesting that the market has the potential to form an uptrend.
So I’ll be watching this zone, but it’s still a nice market to watch next week.
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