Forex Weekly Outlook for 27 January to 31 January 2020
This week contains plenty of top-tier data and central bank meetings.
The Federal Reserve will hold the policy meeting of 2020 this week. On the other hand, PCE inflation numbers will indicate the investors to determine the further growth of the US economy.
Overall, there is a possibility of a nice price movement in EURUSD, GBPUSD, USDJPY, USDCAD price.
Let’s have a look at the weekly technical outlook
The EURUSD price is moving downside from the rejection of the 1.1170 area with an impulsive momentum.
This week, the current bearish momentum is expected to continue towards the 1.100 to 1.080.
If the price shows some sellers’ weakness in that zone it is likely that the price will move towards the 1.1070 area.
The GBPUSD price is going through a lot of volatility.
Moreover, the chance of a rate cut is 50:50 in this week’s meeting.
Moreover, the application of Brexit is approaching on 31 January 2020.
Therefore, the GBPUSD may show some volatility with the violation of recent levels. However, if the price breaks the 1.30 level with a daily close it is likely that the price will touch 1.280 area this week.
USDCAD is continuing the bullish momentum as we discussed with our premium members.
After breaking the recent consolidation between 1.3091 to 1.300 the price is approaching the important resistance at 1.3320.
However, if the price comes near the 1.3114 with some bearish rejection on the intraday chart you may join the current bullish rally.
After getting several bullish breakout attempts the CADJPY price managed to start a bearish rally as we discussed at our members and investors.
This week, the price may some corrective structure with bullish interventions. However, the ultimate outlook will be a downside for this week.
Like, CADJPY, GBPJPY also tried to break above the 144.18 level and finally got the power to remain under the sea.
The primary target for this week is 141.83 are from there some correction is expected.