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 26, 2021), see how they played out, and what could happen next.
The USD Index weekly time frame shows that the price has rejected the previous weekly highs were we saw significant selling in the past. We can also see that the price has broken out of the key channel and is forming a strong bearish close. This momentum could follow through into next week if we were to see a retracement.
In this weeks forex week ahead analysis we highlighted the potential for the EURUSD price to turn around as the previous weeks closes were all back within each others ranges.
Now the price has pushed higher we can look for further opportunities on retracements inline with the USD index. The major swing level of 1.2000 could be the target as this has been used as support and resistance recently.
GBPUSD was one to watch for this week due to the previous weeks close being bullish from a major area of support. We wanted to see the price break the weekly highs in order to look for long opportunities for the rest of the week. The price did retest the previous highs and rallied significantly in line with our expectations. The strong weekly close suggest further upside could come to the market and will be likely if we see retracements.
AUDUSD did rally up to retest the previous swing lows this week and with the weekly candle showing a low ranging bullish inside candle we could expect further upside next week as the market looks to move into a phase 2 on the weekly downtrend. If this occurs we could see the market retests the previous weekly swing lows of 0.7480.
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