AUDUSD: Outperform by 1.15% last week
Australia’s economic calendar is empty for this week and therefore, the weekly cross price action will be cast on the USD. Resistance seems at 0.7900 its 50MA. A move above 0.7900 targets 0.7940 and 0.8000. Support at 0.7770 posted a triple bottom last week.
EURUSD: Underperformed by 0.25% last week
This week’s economic calendar is unlikely to alter their range-bound status. Locked between 1.2260 and 1.2445, it has posted a double top last week. A move above the double top could open to the mid-Feb high of 1.2550with supports being established at 1.2260 and 1.2200.
GBPUSD: Outperformed by 0.50% last week
The weekly cable price action is dependent on the USD movement. A daily close above 1.3930 could open to 1.3970/1.4000 and 1.4070, whereas the underlying indicators are showing a mixed view.
NZDUSD: Outperformed by 0.60% last week
NZDUSD posted a double bottom between 0.7175 and 0.7185 and the underlying indicators remained bullish. As pointed in the below chart, 0.7360 could be possible while holding at 0.7245. Overall, sell on rise favours the trend with a stop loss above 0.7440.
USDJPY: Outperformed by 1.30% last week
The underlying indicators remained bullish and the price settles above 20MA. It erased the nine-weeks descending trendline, as forecasted in our Friday’s article. The major is aiming at 107.30, above this will be rebound further to 107.90/108.00 levels, and finds its support at 106.30 and 105.40.
It was re-tested and held the 100MA but resisting at 14MA. Support finds at $1317.00 and $1310.00. Posted a double top between $1340.00-$1341.00. Weekly support finds at 1306.0 a daily close below should retrace to 250MA finds at $1280.00.
Brent: Outperformed by 2.20% last week
Support base was elevated from $61.30-61.00 to $63.30-63.00, whereas the weekly range remained between $67.60-61.00. A breakdown below $61.00 might result in a further retracement to $58.00.
Bitcoin: Underperformed by 19.00% last week
The most famous digital currency Bitcoin re-tested the 200EA last week and recovered more than 10% from its Friday’s low. We believe that the support zone between $8300.00-$7880.0 will act as a make or break zone.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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