Weekly Outlook contains economic news from all over the world including the US, the UK eurozone and Japan. As we know the current coronavirus outbreak expanded in the USA. Therefore, we may see a lot of volatility in the price. So traders are recommended to minimize lot size in trading.
Let’s see the weekly outlook with EURUSD
The EURUSD price is going through volatility as we have seen a recent bullish pressure that has been recovered by the massive bearish pressure. Currently, the current price is within a range between 1.1173 and 1.0988. As the daily close happened above the 1.0988 level market has a higher chance to touch the 1.1173 level this week.
We should monitor the price action once the price reaches the 1.1173 level for further direction. However, a daily close above the level may reach 1.1350 level in the coming days.
The GBPUSD price broke the historic level still within the bearish structure. As the bearish pressure is very strong there is a higher possibility that the GBPUSD will continue the current momentum this Week.
Therefore, if we see the price to reach the 1.2773 area we will look forward to selling to join the current rally. In that case, the market may reach the 1.2191 level again.
The USDJPY bears have been recovered by the recent 1000 pips rally. After creating a double top pattern price has started to move down from the last week.
Therefore, the price has a higher possibility to continue the bearish momentum in the coming days. Therefore, if we see a bullish pressure towards 108.50 and a bearish rejection we will look forward to selling with the target of 104.28.
The effect of coronavirus has affected New Zealand’s economy much but the RBNZ is confident about their economic policies. Therefore, to fight the effect of coronavirus, RBNZ is encouraging investors by lowering interest rates.
This week, 0.600 levels will play a significant level for NZDUSD. Any bullish rejection from this level with a bearish daily close may move the price down towards 0.5600/ On the other hand, a rebound from 0.60 may push the price up towards 0.6200.