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The #Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
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In this week’s Forex Market Wrap, we’re expecting a few pullbacks due to the huge moves in the market last week.
EUR/USD
Retail traders usually expect a move to continue the following week and would be selling quite aggressively the week after. However, huge moves in the markets can be a sign that we’re going to see a rejection or a rebound before a continuation or a complete reversal.
I feel like we could see a continuation next week because the price slowly made its way back up, which is exactly what we wanted. I didn’t want a complete reversal because that would show us that the momentum is no longer with the sellers. Whereas, when the price slowly came back and we formed low ranging candlesticks, that was a really good sign that we can see a continuation of the trend.
The EUR/USD price is really close to a key major swing level at 1.2. I would prefer the price to go up to that level, reject, then see a continuation of the momentum to the downside.
The EUR/USD retraced this week, in line with our expectations after a large move last week. The price is forming low ranging candles near the major swing levels at 1.2000, which could suggest that a move lower is on the horizon.
However, we may not get that move if the market doesn’t see it suitable. Plus, the US Dollar Index could rally from the 91 level and continue down from there.
Some downside next week is starting to look good as we could anticipate the price to rally towards the current week’s high. If the price finishes like this today, we could see a rejection from the weekly high on a four-hour or on a daily timeframe and then see a continuation to the downside.
EUR/AUD
EUR was the one to watch for a long opportunity this week. It did go long, as we anticipated but it only went up to the swing highs. We know that swing highs can act as resistance and that’s what happened, unfortunately. I was expecting a bigger breakout but instead, the price just continued to decline.
However, we are getting low ranging candlesticks. Again, that could suggest that there might be a move to the upside next week.
The EUR/AUD was one to watch earlier this week after the market looked to form a new high on the daily timeframe. However, the price fell. The daily candlestick range is now starting to get shallow, suggesting a momentum move is likely to happen.
However, the price is consolidating now. We need to see a breakout from the major swing highs to confirm that we’ll see a trend continuation.
AUD/JPY
AUD/JPY was also one to watch. We talked in-depth about how the price could rebound from the prior week and how we would like to see the price returning to the previous structure points. We wanted to go back to the 84 level, which we did.
AUD/JPY rebounded from last week and went back up to the key level at 84. Just like many other pairs, it is showing signs of trend continuation.
Currently, the candlestick hasn’t closed yet. The low-ranging candlesticks that we’re getting could initiate a potential move to the downside once again.
GBP/JPY
Finally, GBP/JPY is a little different from the rest because we had a severe rebound in the market. The market had some very strong buying come in.
The Bank of England surprised us with having more of a dovish tone. We then saw a bearish candlestick form on the GBP/JPY, in particular.
GBP/JPY rallied significantly from the key swing lows. If the price closes bullish on the weekly timeframe, we could expect the trend to continue. The price broke through multiple levels and despite the dovish tone from the Bank of England the price has remained bullish on higher timeframes.
We could still see this market move to the downside. However, it has a strong bullish candlestick in the weekly timeframe. We’re gonna have to be careful with this because the price could still make its way back towards the overall swing highs.
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