Weekly Outlook for 21 September to 25 September 2020
The forex market is going through several essential releases this week that may put a decent movement in most of the major currency pairs.
Among the essential releases, eurozone PMI releases along with the bank of New Zealand’s interest rate decisions are prominent.Therefore we may find excellent movements in most of the major currency pairs.
Let’s start the forex weekly analysis with the EURUSD.
The EURUSD price is moving upside within the long term bullish Trend. However, this week, the price is trying to break below the 1.1 800 level.
If the price manages to have a daily close below the 1.1800 are, we will stick to our buying position following the overall outlook is bullish.
The bearish sentiment will be increased as soon as the price creates a new low below the 1.1700 area, but until then, we will look forward to buying from the intraday rejection.
The GBPUSD price is moving downwards after rejecting the 1.300 level with a dynamic level of 20 Ema. Therefore the price is likely to test the 1.2760 areas this week.
Moreover, it daily closes below the 1.2760 areas will create room to test the 1.2700 area.
The USDJPY manage to have a daily close below 106.00 area after several tries. Therefore the price is moving downside with impulsive bearish pressure.
As the price already made near about 250 pips movements, we may see more downside pressure this week. The ultimate target of this down said pressure is the 103.50 area.
The gold is moving outside with the long-term bullish uptrend, but it is facing correction in a triangle in recent days.
Therefore as long as the price is trading within the triangle, we will wait for the price to break out.
As the existing trend is bullish, any Breakout towards the upside will create bullish pressure in the price with 2050 areas.
On the other hand, a robust daily close below 1900 area Mein alter the current bullish structure.