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. Due to this reason, there is a less important activity in the economic calendar and the price chart might be volatile. However, there are some economic events this week, such as Japan’s employment report and core CPI y/y, US trade balance and Swiss KOF Economic Barometer 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
As the holiday season has started EUR/USD like other currencies is volatile. The current price of EUR/USD is trading below the 1.1375 resistance level and above the 1.1200 key level with a bullish momentum. Despite the bearish daily closed candle, the price couldn’t make a new swing low.
In the picture above, we can see that the current price of EUR/USD is trading below the dynamic 20 EMA with a bullish momentum in the weekly chart. Extreme volatility and long term bearish trend indicates that the price may go up in the forthcoming days.
GBP/USD
The bullish pressure for GBP/USD is just getting stronger. The current price of GBP/USD is trading below the 1.3500 key level and above the 1.3300 key level with a bullish momentum after a correction, which indicates a buy for the time being.
In the chart above, we can see that the current price of GBP/USD is trading above the dynamic 20 EMA with a bullish momentum. Considering the overall market structure, we may expect that the price may go higher upto 1.3519 level.
XAU/USD
The market is quite volatile because of the less activity and this is why the XAU/USD is moving in a corrective momentum. After last week’s correction, the current price of XAU/USD is trading below the 1820 key level and above the 1800 key level with a bullish momentum.
In the chart above, we can see that the current price of XAU/USD is trading above the dynamic 20 EMA with a bullish momentum. If the bullish daily candle closes above the 1813.68 the buying possibility would increase. However, if the daily candle closes below the dynamic 20 EMA towards the 1760.00 area, the market may alter the condition and selling pressure would increase.
BTC/USD
From last week the bullish pressure for BTC/USD is getting stronger. After last week’s correction the current price of BTC/USD is trading below the 53000.00 key level and above the 50000.00 key level with a bullish momentum. Considering the market structure, investors should focus on finding a buy at the moment.
In the chart above, we can see that the current price of BTC/USD is trading above the dynamic 20 EMA with a bullish momentum, which indicates that the bulls may take the price higher towards the 53500.00 level.
Overall, there is a possibility of a decent price movement for both bulls and bears.
Technical Analysis You May Follow
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