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The #ForexMarketWrap is here!
Watch the video to learn what key levels have been hit this week!
In this Forex Market Wrap, we’ll highlight charts of interest in the Week Ahead Analysis (July 19, 2021), see how they played out, and what could happen next.
EUR/USD
#EURUSD remained around the 1.1800 level and is currently showing signs of a close within the previous range. If it does do this then the selling momentum could be coming to an end and reversal could form. If the price breaks lower we could see the price head towards the swing lows.
GBP/USD
#GBPUSD could continue the daily downtrend or reverse to the upside due to the weekly close. If the close remains as it is and forms a long tail candle we can potentially look for the price to reverse bullish if the USD weakens. If the USD strengthens we can expect some downside however seasonally this shouldn’t be the case.
USD/JPY
The price of #USDJPY looks to have rejected the previous swing highs and looks to be forming a strong bullish candlestick on the weekly timeframe. This coincides with the stock market rally we have seen in the second half of this week. If the stocks continue to climb and break all time highs we can look for further long opportunities as the JPY should weaken.
S&P500
The S&P500 was one to watch this week as the price of the stock markets fell earlier in the week to a major support zone. Stocks typically recover quickly after a fall and this move presented long opportunities back to the all time highs. If the price breaks the all time highs we could see a sustained move for some time.
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