In this forex weekly outlook, we will discuss the fundamental and technical aspects of the financial market and possible trading opportunities.

This week, the main focus for investors is towards the Eurozone PMIs where a better than expected result might create a bullish impact on most of the Euro crosses.

Let’s start the forex weekly analysis with the EURUSD

EURUSD

EUR/USD is trading just below the 1.20 psychological event-level, as we discussed last week. Moreover, the price created a potential double top pattern in the daily chart, indicating further bearish pressure in the coming days.

However, we should focus on PMI release where any sign of a weaker than expected result would continue the current bearish pressure towards the downside.

For this week, we have expected a bearish movement as long as the price is trading below the 1.20 key level. A strong bullish daily close above this level may alter the current market structure.

AUDUSD

Like, EURUSD, we may expect that the bearish pressure will continue until the closing of this week where the key price driving point would be towards 0.7820 resistance level.

As long as the price is trading below this level we will remain bearish with the target of 0.7600. The US Dollar has seen softer economic releases and dovish tone last week that may create a short-term bullish pressure in the AUDUSD but we should remain cautious about the price speed.

XAUUSD

Gold has lost some of its safe-haven nature due to the investment in the cryptocurrency market. However, the price is followed by large institutions that influence the movement.

Currently, Gold is going through an uncertainty from the weaker US dollar but the price remained below the 1755.00 level. Therefore, as long as the price is trading below the 1755.00 level, we may expect a bearish pressure this week.

Bitcoin

Bitcoin rally above the $60,000 level has been halted by institutions due to heavy profit-taking. Therefore, the price has a higher possibility to come down towards the $50,000 key level this week.

If we look at the daily chart, we can see a potential divergence formed in the Bitcoin chart with MACD that indicates that bulls become weaker on that level

Overall, we are expecting a bearish movement in the Bitcoin price as long as it is trading below the $60,000 level. A strong bullish close above the $60,000 level may alter the current market structure.

Overall, we may expect volatility in the price during the Eurozone PMI release, otherwise, there is a possibility of decent movement in most of the major currency pairs.

Technical Analysis You May Follow

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