The #Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
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Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
In this video, we’re going to go through the Forex Market Wrap. We’ll look at the key levels that were broken this week.
With the EUR/USD, the market broke out of this key daily range that we recently saw. The market was bouncing between these levels, and now we had a clear break and close above.
We can anticipate a pullback. I’m expecting the market to come back, retest the range, retest this recent breakout high, and then continue to move to the upside.
We’ve got these highs back in March that could be tested. So, there’s a long way to go for EUR/USD if this breakout continues to move to the upside.
We have quite a lot of long opportunities in EUR/USD. The US Dollar is breaking down quite nicely, and you can see that across the board.
We can see that the GB Pound is starting to push to the upside, it came back, retested these previous structure highs, and now, it’s pushing again.
Are we going to see something similar next week as the market pulls back down, retest highs, and continue to the upside? We’ve got these nice highs around the 1-6 areas that could be targeted for the GB Pound in the next few weeks.
Another market of interest for us was the GBP/AUD. We were looking at this for a reversal. If you take a quick look at the weekly timeframe, we can see that the price is starting to form a pin candle at this supporting zone.
So, next week, this is going to be a chart to watch as we expect that the prices could bounce with targets of this recent low around 1.930.
If the price can get to that level, I’ll be looking for the market to a small retracement and then continue to the upside.
I quite like this GBP/AUD move because if we go take a look at the Dow Jones, we can see that the Dow is starting to form bearish candlesticks at this key zone.
We’re still looking for the stock markets to break down. But at the moment, it’s still hanging out up there.
I’m expecting a move back down into this structure on the Dow. There may also be another rally and something like a double top forming if we expect to see that downside come out of these markets. These will affect the risk currencies.
With the Australian Dollar, Kiwi Dollar, and Canadian Dollar, we want to look at the Aussie for long opportunities.
GBP/AUD is really looking with potential for next week. We’ve got this daily timeframe forming a bit of a false breakout to the downside.
If we take a look at this four-hour, we can see that we’ve got this triple bottom on at the moment. So if we break into some new highs, we could look for some continuations to the upside going into next week.
Keep your eye on that. GBP/AUD is going to be the one to watch.
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