There are some important releases at the beginning of the month this week, like the OPEC meeting, RBNZ rate decision, the US and CAD Nonfarm payroll, which may impact the pricing directly.
These are the key market movers of this week. We may expect the market to be volatile this week as well.
Let’s see what we have got for the coming week from the EURUSD:
EUR/USD
The OPEC meeting may have a significant impact on the oil pricing, which may affect the market a little bit as well.
The price of the EUR/USD moved way down from 1.1700 to 1.1600 level last week. Although a key support level has been found at 1.1600 level. If the price stays near 1.1600 level there is a possibility of bullish correction this week.
In the chart above, we can see that EUR/USD remains below the dynamic 20 EMA. The last few candles show a possibility of a bullish correction.
Considering the current market structure, we may expect the price to move higher towards the 1.1700 level.
GBP/USD
We have seen an extremely bearish movement for GBP/USD last week. The price moved down below 1.3600 level. The current price is trading below the resistance of 1.3700 and support of 1.3600 key level.
Therefore, considering the overall structure we should focus on finding a buy below 1.3700 closed candles.
In the chart above, we can see that the GBP/USD is also below the dynamic 20 EMA with a bullish momentum.
Considering the current market structure, we may expect the price to move higher towards the 1.3700 level. However, a break below the 1.3600 level may alter the market condition.
XAU/USD
There was bearish pressure in XAU/USD last week, which pushed the price to 1723.32 level and then a bounce back happened. The current price is trading below the resistance of 1783 and above the support of 1723 key level.
Therefore, considering the overall structure we should focus on finding a sell below 1723 closed candles.
We can see in the above chart that XAU/USD is parallel with the dynamic 20 EMA with a bearish momentum after a correction.
Considering the current market structure, we may expect the price to move lower towards the 1723 level. However, a break above the 1783 level may alter the market condition.
BTC/USD
We can see a great recovery in BTC/USD after hitting a bottom at the 40800.00 level. The price tried to break down the support level of 40800 but failed.
The current price is trading above the resistance of 45000.00 level with a bearish corrective momentum and support of 40800.00 key level.
In the chart above, BTC/USD is above the dynamic 20 EMA with a bearish corrective momentum.
Therefore, considering the overall structure we should focus on finding a sell below 45000.00 with bearish closed candles.
Overall, there is a possibility of a decent price movement for both bulls and bears.
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