We will see the possible market movement in most of the major currency pairs in the weekly forex outlook. This week would be very important for investors as it is the last week of the month with the FOMC statement and US quarterly GDP to be released. What else can we expect from the market? To see more insight and direction, look in our The Forex Secret Weekly Outlook.
Let’s see the forex weekly outlook with the EUR/USD:
EUR/USD
EUR/USD price is very stable above the 1.20 level. Moreover, the bullish movement was boosted by the strong weekly close above the 1.20 level.
However, the price has a higher possibility to continue the bullish pressure towards 1.2180 resistance from where a bearish market movement is expected.
Overall, for this week, investors should closely monitor the 1.2180 level for sell and conversely 1.20 for a buy.
GBP/USD
GBP/USD remains very volatile over the last few weeks but the dynamic support pushed the price higher at the end of the week.
Currently, the price is still supported by the dynamic 20 EMA on the daily chart, which may push the price higher in the coming days.
For this week, as long as the price is supported by the dynamic 20 EMA and static 1.38 level, we will look forward to buying only.
Gold
Like our previous weekly outlook, Gold is moving lower from the 1795 level where the H4 order block has stayed.
Therefore, as long as the price is trading below the 1795 level we will wait for further bearish pressure. On the other hand, only a strong bullish daily close above the 1800 level would alter the current market structure.
Bitcoin
After a lot of volatility BTC/US Dollar is trading above the 50,000 level and investors need to wait for a daily close above it.
On the upside, the price would test the $60,000 level until it moves below the $50,000 level with a strong bearish close.
Overall, investors may expect volatility in the price from the FOMC Statement and US Quarterly GDP release. The monthly close would influence institutions to take some profit that might add further volatility as well. In that case, investors should maintain a strong money management system, unlike other weeks.
Technical Analysis You May Follow
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