It is the middle of October and the financial market may face volatility due to the uncertain market condition from the stimulus program.
Therefore, the price may face some aggressive movement with the violation of static levels for this week.
Let’s have a look at the weekly forex outlook for 12 October to 16 October 2020.
EURUSD
The EURUSD price is going through some volatility nowadays where the price got a false break below the 1.1800 area.
Last week, the price managed to have a daily close above the 1.1800 area that may sustain until the week with the target of 1.200.
Therefore as long as the price is trading above the 1.1800 area the bullish outlook may continue.
GBPUSD
The GBPUSD price faced a bullish momentum as it got a bearish rejection from the 1.2760 resistance area.
The price managed to have a daily close above the 1.2760 area that may continue towards 1.3300.
Therefore as long as the price is trading above the 1.2760 area the bullish outlook may continue.
USDJPY
The USDJPY price failed to sustain above the 106.00 area that created more room with a downside pressure.
However, the price has multiple bearish rejection from the 104.45 area and any break below this level would be significant for sellers.
Therefore as long as the price is trading above the 106.00 area the bearish outlook may continue.
XAUUSD
The XAUUSD is moving upside with a long term bullish trend. However, the price managed to break above the 1900 level with a massive bullish pressure.
On the other hand, the price is trading above the 1890 level and as long as the price is trading above this level the bullish outlook may continue with the target of 1950.
Overall, the forex market has many opportunities to make profit from this week. If you want to follow our trade setup, you should match it with your own trading strategy.
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