The weekly chart pack summarizes forex market trends and provides some insights about the near-term trading patterns.
With regard to Friday’s closing price couple of forex pairs are tested and hold the key support levels. We are particularly interested in AUDUSD, EURUSD, GBPUSD, USDJPY, USDCAD, and NZDUSD. Ahead of the BOE policy meeting, we are adding GBP cross charts as well (coming out soon). In our earlier week’s chart pack article, our downside targets were completed for AUDUSD, EURUSD, and NZDUSD.
Oversold factory: On the daily chart AUDUSD, RSI study is at 36 bounce from 29, EURUSD RSI stands at 29.00, GBPUSD at 25.00 and NZDUSD at 33. On the other hand USDCHF study has been consolidating at 82.00, USDJPY study cooled to 60 from 70.50 and USDCAD study has been in a sloping mode, currently stands at 56.00.
Status: Target met
Weekly range- 0.7470-0.7670
Aussie Retail sales and China CPI are the catalysts.
Status: Monthly target met aswell
Pivotal: 1.1900 below this 1.1850 exists, with resistance 1.2040 and 1.2090
Weekly support- 1.3450-1.3400. Structural downside risk.
Mega Thursday is the catalyst.
View: Damage doesn’t stop
Status: Target met
Weekly support- 0.7000-0.6980 < 0.6940 and 0.6910
RBNZ policy meeting and US CPI are the catalysts
Q2 range: 0.6900-0.7100
View: Bearish- Slight bearish
TOP CLASS RESISTANCE
Status: Keeping the range longer
Weekly support- 1.2800< 1.2700 and 1.2660 with resistance zone seems to be at 1.2900-1.2950
US CPI and Canada jobs data are the catalysts
View: Neutral- Slight bearish
Status: Waiting to sell
Weekly support- 108.50<107.90 with resistance seems to be at 110.25 and 110.90, it’s 61.8% fib reaction (selling zone)
US CPI is the catalyst.
Read: Global economic calendar
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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