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Weekly Outlook for 13 July 2020 to 17 July 2020

This week in the middle of July. Therefore, we are expecting a trend continuation is most of the major currency pairs. Therefore, there are many trading opportunities in most of the major countries.

Let’s start the Weekly forecast with EURUSD

EURUSD

The EURUSD pair is trading above the 1.1200 for the last 3 weeks. As we mentioned in our previous analysis that we will focus on buy trades only as long as the price is holding above the 1.1200.

Weekly Outlook for 13 July 2020 to 17 July 2020 1

On the other hand, any daily close below 1.1200 would be the potential to drag the price more down with the target of 1.100. In that case, traders should wait for a sufficient correction and a rejection from the 1.1200 level.

GBPUSD

GBPUSD bulls are very strong at the 1.2620 resistance area. Therefore, a daily close below this level is important to enter a sell trade. On the other hand, as the current bullish price action is very strong a daily close above 1.2620 would be potential for testing the 1.2770 area.

Weekly Outlook for 13 July 2020 to 17 July 2020 2

Therefore, we may wait for a daily close below 1.2680 level for a bearish continuation setup with the target on 1.2484.

USDJPY

USDJPY is trading above the 107.00 area, therefore, the price has enough room to continue higher in the coming days.

However, the price had a daily close below the 107.00 level last week but the daily close is not strong enough to believe.

Weekly Outlook for 13 July 2020 to 17 July 2020 3
Weekly Outlook for 13 July 2020 to 17 July 2020 4

In this market situation, a bullish daily close above 107.00 on a daily chart would be a good buying opportunity. 

AUDUSD

AUDUSD is still bearish from the 0.700 level. However, the price is getting support from the 20 EMA on the daily chart and moving higher. To sell in this pair a daily close below 0.6900 is important.

Weekly Outlook for 13 July 2020 to 17 July 2020 5

On the other hand, the 20 EMA carry may take the price above 0.700. As the 0.70 is a key resistance area, traders should be cautious to take a buy trade above this level.

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