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In this week’s Market Outlook, we take a look at the key charts of the week with #EURUSD, #USDCAD, #EURAUD and more!

In this Week Ahead Analysis, we’ll go through some strengths and weaknesses, as well as some key charts to watch.

Strength and weakness table

There was a bit of strength last week in the AU Dollar, and it moved from -5 levels. The reversal area gained strength across the board.

The strength and weakness chart this week highlights the AU Dollar as the strongest currency of the week. The CHF and JPY remain in reversal zones on opposite sides of the scale, offering potential continuation or reversal opportunities.

The strength and weakness chart this week highlights the AU Dollar as the strongest currency of the week. The CHF and JPY remain in reversal zones on opposite sides of the scale, offering potential continuation or reversal opportunities.

The USD continued to gain strength as well, which is interesting to see. We also still have the CHF and the JPY remaining in reversal zones.

The JP Yen is still really weak and the Swiss Franc is still strong. Could we start to see reversals in those markets? Time will tell.

EUR/USD

In the daily timeframe of EUR/USD, the structure is slightly changing the trend.

We wanted to see two closes below the low, which we didn’t get. Instead, the price performed a false breakout. However, the rollover is showing us that the USD is gaining strength.

I wanted to see last week’s low taken out and for the price to use it as resistance. If it went back to last week’s open, then that could be an opportunity to get short.

Keep an eye on the EUR/USD and its potential to trend down.

The EUR/USD trend is showing signs of change. The market formed a lower high and it will look for the price to break through last week's low to confirm a bearish bias.

The EUR/USD trend is showing signs of change. The market formed a lower high and it will look for the price to break through last week’s low to confirm a bearish bias. If the price retraces back to either the lows or last week’s open, then we can look for short opportunities.

The price could end up at the 1.2 level in the coming weeks or so, with the market finding key resistance and support there.

USD/CHF

After having bought USD/CHF last week, we ended up banking profits. The price is still bouncing from the key support area where the market recently rallied to the upside.

After having bought USD/CHF last week, we ended up banking profits. The price is still bouncing from the key support area where the market recently rallied to the upside. The fact that we’re getting low-ranging candlesticks with wicks is suggesting that there’s a lot of buying and selling.

In the daily timeframe, we’re forming a double bottom pattern for long-term buyers. I still want to see price trade above the 9030 level for long-term swing trading. I would look for buyers above this level.

For now, we still have to look for short-term buying as the price is still in a downtrend.

USD/CAD

The USD/CAD could be interesting because we have now broken last week’s highs.

We talked about the fact that we have low ranging candlesticks. The price is now breaking out of that, so I’m expecting some upside this week.

USD/CAD has finally broken out of the recent highs and could confirm the reversal in the trend. If the market breaks last week’s higher, the momentum will be with the buyers’ resistance at the weekly lows of 1.2465.

USD/CAD has finally broken out of the recent highs and could confirm the reversal in the trend. If the market breaks last week’s higher, the momentum will be with the buyers’ resistance at the weekly lows of 1.2465.

In the daily timeframe, we might need to wait before looking for long positions because we don’t want to get caught in a false breakout as the price drops lower. So, look for two closes above these highs then look for long opportunities.

EUR/AUD

I’m going to pick out EUR/AUD because the price recently broke out of the key range, and the price is slowly making its way back down.

1.5675 and highs at 1.5626 are good levels. The price is finding some support. In the daily timeframe, the price is starting to make a double bottom pattern. If we see some upside to this market, then we could look for the trend to break and a retest of the previous structure lows for long opportunities.

EUR/AUD could be a chart to watch as the price seems to be forming a double bottom at the weekly range support.

EUR/AUD could be a chart to watch as the price seems to be forming a double bottom at the weekly range support. This area was held as resistance for a while and now, the price is retesting it. We could see buyers step in. This would be against the strength table so we need to see the double bottom pattern completed before looking for long opportunities.

Keep an eye on EUR/AUD, it could be the one to watch for a trend trade opportunity.

You can try trading with the EUR/JPY pair with as low as $100 when you open a live account. Fast execution, zero commission foreign exchange, and prompt support–that’s the Blueberry Markets experience.

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