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.
Status: Target met
Weekly range: 0.7470-0.7670
RBA minutes, Wage growth and jobs data are the catalysts
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
Weekly support- 1.3450-1.3400. Range 1.3400-1.3700
UK jobs data is the catalyst
View: Forward thrust expected
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
Status: Buying the dip
Weekly support- 1.2660-1.2650
Canada Retail sales and NAFTA are the catalyst
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
Read: Global economic calendar
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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