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 resume short term rallies. We are particularly interested in AUDUSD, EURUSD, GBPUSD, USDJPY, USDCAD, and  NZDUSD.

Forward Thrust

AUDUSD: 

Status: Target met
Weekly range: 0.7470-0.7670
RBA minutes, Wage growth and jobs data are the catalysts

View: Neutral-Bullish

EURUSD: Chart of the week

Status: Resume short-term rally

Pivotal: 1.1900 below this 1.1850 exists, with resistance 1.2040 and 1.2090

View: Neutral-Bullish

GBPUSD: 

Status: Neutral-Bullish
Weekly support- 1.3450-1.3400. Range 1.3400-1.3700

UK jobs data is the catalyst
View: Forward thrust expected

 

NZDUSD:

Status: Downside target met and will resume short-term rally sooner
Weekly support- 0.6940-0.6900 with resistance seems to be at 0.7050 and 0.7100
Q2 range: 0.6900-0.7100

Buying between 0.6910-0.6800 sl below 0.6780 target 0.7050 and 0.7100

View: Neutral-Bullish

USDCAD:

Status: Buying the dip
Weekly support- 1.2660-1.2650
Canada Retail sales and NAFTA are the catalyst

View: Neutral

 

USDJPY:

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 retail sales is the catalyst

View: Bullish-Neutral 

Read: Global economic calendar

It is important to always keep in mind the risks involved in trading with leveraged instruments.

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