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In this week’s Week Ahead Analysis we take a look at the key charts of the week with #EURUSD, #USDJPY, #GBPUSD and more!
Watch the video to learn more…
Week Ahead Analysis Video
News this week is focused mainly on GDP, CPI and PPI data. The UK will start the news off this week as we announce GDP figures for last month. Forecasts show this data could come in above previous which may cause the GBP to strengthen. This is followed by CPI data out of the US which is forecasted to come in below previous at -0.1%. This data release could see the USD continue to weaken following on from the end of last week.
The strength meter this week sees the JPY as the weakest currency but in a reversal zone. The EUR and GBP continue to strengthen which could follow through this week.
EURUSD Analysis
The price of EURUSD remains in a large trading range for the 4hr time frame. Towards the end of the week the price rallied from the range lows as the USD Index rejected key highs. If this bearish momentum was to continue we could expect a clear break of last week’s high. This would invite buyers into the market and a move towards the monthly value area high would be likely.
GBPUSD Analysis
GBPUSD rejected the monthly lows of 1.1450, this saw a shift from sellers to buyers with price trading through key resistance zones. The 1.1650 became a point of resistance last week with sellers putting a stop to the rally. If the price were to break above these highs we could look for opportunities for the price to trade to the monthly value area lows of 1.1830.
USDJPY Analysis
The USDJPY price rejected the 145.00 level last week and sellers stepped in as the USD Index rejected the highs. The strength meter shows the JPY as the weakest currency but in a reversal zone. If the USD were to weaken further we could see USDJPY trade towards the 140.00 level. This is not a JPY move it is a USD move so we need to be aware the JPY still remains weak.
USDCAD Analysis
The USDCAD price rejected the 2020 volume profile point of control at 1.3180 for a third time last week. This level had confluence with a channel high which could see the price trade towards the 1.2800 lows. The 4hr time frame shows the price making new lows, if the weekly was going to head towards the lows this 4hr trend would continue.
Did you see our Forex Market Wrap Analysis? You can see it here.
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