Forex Weekly Outlook- 20 December to 24 December

Forex Weekly Outlook- 20 December to 24 December

Contents

Forex Weekly Outlook

In the forex weekly outlook, we will see the possible market movement in most of the major currency pairs, including the EUR/USD, GBP/USD, XAU/USD and Bitcoin.

The trading activity has decreased in the global forex market as the holiday season has started. However, there are some crucial releases this week. The week will start with the AUD Monetary Policy Meeting Minutes on Tuesday, Canadian GDP m/m,where the monthly GDP may come at 0.8% from the previous report of 0.1%. USD Core PCE Price Index m/m and so on. These releases may grab the attention of the investors.

Let’s see what we have got for the coming week from the EURUSD:

EUR/USD

EUR/USD has been very impulsive for the past few months. The current price of EUR/USD is trading below the 1.1300 key level and above the 1.1188 support level with a bullish momentum. There is a possibility of the price to go below the 1.1200 key level.

EURUSD

In the picture above, we can see that the current price is trading below the dynamic 20 EMA and below the 1.1300 key level with a bullish momentum, which indicates a sell for the time being. There is a possibility of the price to go below the 1.1200 key level. However, a break above the 1.1400 level with a bullish closed candle may alter the market condition.

GBP/USD

The bulls for GBP/USD were fighting to hold the pressure but failed and pushed the price below the 1.1300 key level. The current price of GBP/USD is trading below the 1.1300 key level with a bearish momentum, which indicates a sell for the time being. However, any bullish rejection from the 1.3160 to 1.3200 area may alter the market condition.

In the chart above, we can see that the GBP/USD is trading below the dynamic 20 EMA with a bearish momentum. Considering the overall market structure, the investors should focus on finding a sell at the moment. However, any bullish rejection from the 1.3160 to 1.3200 area may alter the market condition.

XAU/USD

XAU/USD has been volatile during the FOMC meeting, where the price moved down to 1752 level. After last week’s correction, the current price of XAU/USD is trading below the 1800 key level with a bearish momentum. Considering the market structure, investors should focus on finding a buy at the moment.

XAUUSD

In the chart above, we can see that the current price is trading along with the dynamic 20 EMA with a bearish momentum. Based on the current market structure, we may predict that a bearish correction may happen.

BTC/USD

We can see a lot of exhaustion for BTC/USD below the 53522.51 resistance level. After last week’s correction the current price of BTC/USD is trading below the 55000.00 key level and above the 45000.00 key level. Considering the market structure, investors should focus on finding a sell at the moment.

BTCUSD

In the chart above, we can see that the current price of BTC/USD is trading below the dynamic 20 EMA with a bullish momentum. The gap between the dynamic 20 EMA and the price has expanded, which indicates a bullish pressure in the coming days.

Overall, there is a possibility of a decent price movement for both bulls and bears.

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