Forex Weekly Outlook for 2 March to 6 March 2020
The weekly video commentary has some potential movement in most of the major currency pairs.
As we know this is the first week of the month, there are certain possibilities for correction of last week’s movement.
Moreover, the global financial market is very volatile due to coronavirus and market crash.
Therefore, you are not expecting any impulsive pressure this week. We may see some solid movement in most of the major pairs this week.
Let’s start the weekly video commentary with the EURUSD.
The EUR dominated over the US Dollar during the last week and managed to close with an impulsive bullish pressure.
Currently, the price is near the important resistance of 1.1090 to 1.1100 zone.
Therefore, we are expecting buyers rejection from this level with a daily bearish close to continue the long term bearish sentiment. In that case, the primary target would be 1.0920
The GBPUSD price is going through some uncertainty as the recent news regarding the hard Brexit is keeping the market volatile.
Moreover, we may see more volatility during the news regarding the hard Brexit on 3rd March.
Currently, the price is expected to test the 1.2871 with some intraday rejection to continue the current bearish rally.
The USDJPY price faced a lot of impulsive bullish pressure last week and then the move was taken out by counter- impulse bearish pressure. In this situation, we may see corrective price action in this pair.
If the price tests the 108.50 with corrective bullish pressure and manages to close below the level with a daily candle we may see the price to test the 106.50 level in the coming trading sessions.
The USDCAD manages to break the important resistance of 1.3336 last week. Now we should wait to see how the price reacts on the level again.
As we know that there is a chance of false breakout due to the lack of solid reason behind the movement.
Therefore, if price closes below 1.3336 we may see the price to test the 1.32 areas again.