Forex Weekly Outlook- 05 July to 09 July, 2021
The global forex market has seen a corrective momentum after the mixed non farm payroll data where the NFP beat the expectation while the unemployment rate failed to show a bullish momentum. As a result, the US Dollar moved down against other major currencies that may extend this week. Let’s see what we may see in the coming week from the forex secret weekly market analysis.
Let’s start the forex weekly analysis with the EUR/USD:
EUR/USD moved lower below the 1.1964 event-level after making a correction. However, the price rejected the low with a bullish daily candle last Friday, indicating that bears failed to hold their momentum.
Therefore, as the price failed to show a strong momentum below the last week’s low, there is a possibility of moving higher in the coming days towards the 1.1964 level this Week. However, breaking below the 1.1800 level may take the price lower towards the 1.1720 level.
Like the EUR/USD, GBP/USD remained stable above the 1.3800 level with a bullish daily close, Therefore, as long as the price is trading above the recent bullish daily candle, the price has a higher possibility of continuing the current bullish pressure.
In the above image, we can see the Hidden divergence in the price where the price has a pending bullish correction towards the 1.400 level.
In Gold, bears failed to show an impressive movement last week as the price failed to show decent bearish pressure after the FOMC move. Therefore, the price corrected higher and moved towards the 1795 resistance level.
In the above image, we can see the daily chart of Gold where the price failed to show a bearish pressure below the 1765 level. Therefore, the coming bullish pressure will be valid as long as the price is trading above the 1765 level in the coming days.
Bitcoin is moving within the range between $30,000 to $40,000 level and the price is showing some bullish pressure as the price failed to get a stable bearish pressure below the $30,000 level.
In the above image, we can see the daily chart of BTCUSD where the price is hovering at the dynamic 20 EMA. Therefore, investors should find a bullish daily close above the dynamic 20 EMA to consider the upcoming price direction as bullish.
Overall, there is a possibility of a corrective movement this week against the US Dollar where investors should focus on how the delta variant is affecting the Eurozone and the Uk economy.