The week is started with the weakness in the Asian stocks due to the weaker than expected Chinese data. As a result, all Asian stocks were down today but as a trader, you should know how long the effect may sustain
Within June 15 to June 19, there are several important financial releases to provide a solid market movement. There is a possibility to improve Australian employment while the Bank of England will provide interest rate decisions.
Furthermore, the COVID-19 patients have been increased in the US that may provide further negative impact to the market.
Let’s start the Weekly forecast with EURUSD
Like previous week, the EURUSD is trading within the range between 1.1450 to 1.1200. However, the price managed to move down towards the bottom of the price. Therefore, we may see a bearish rejection from the 1.1200 area that would be a potential buying opportunity this week.
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.
Last week, GBPUSD bulls were powerful and managed to take the price towards 1.2770 resistance area. However, the daily indecision bar from the resistance created bearish sentiment and bears took control over the price. As long as the price is trading below the 1.2620 resistance area the overall outlook is expected to remain bearish for this week.
As some correction is pending for this week, traders may find some bearish possibility after getting a rejection from the 1.2620 resistance area. In that case, the target would be 1.2290.
As per our prediction, USDJPY managed to move down below the 108.00 level last week. However, at the closing of the week price managed to show a bearish rejection with a bullish daily close. As the price managed to have its area close above 107.00 level we make a bullish possibility in the coming days. That is the primary target would be 109.00 level again.
However, if the price fails to stay about the 107 level with daily closed below it but there is a possibility Main activate in the price with the target of 105.00 level
AUDUSD was bearish from the 0.700 level. However, the price is approaching the dynamic level of 20 EMA on the daily chart from where the price may get some bullish intervention. However, the bearish sentiment might remain active as long as the price is trading below the 0.700 level.
However, the bullish intervention might drag the price up but it is very potential to move downside with the target of 0.6690 within this week.