Forex Trading Weekly Chart Outlook and Analysis for the Week Ahead
New week, new ball game!
Similar to last week, how the coming week ends will be more significant than how it starts out. In this regard, the dollar is ending on its back foot (except vs JPY) although only the GBP and AUD broke fresh ground to the upside.
In this news driven trading world, stay tuned to the latest economic news events with detail previews in the Newsquawk Week Ahead,
Now, let’ take a look at key levels to watch in the week ahead.
EURUSD 4 HOUR CHART
Trend: Range until broken
EURUSD trading with a better bid above 1.11 but so far unable to test its key 1,1201 high (this past week’s high was 1.1189). Unless 1.1201 is taken out, a case can be made for the range still being 1.10-1.12.
Meanwhile within 1.11-1.12, 1.1150 will likely set its trading tone.
To shift the risk from 1,1201, 1.1115 would need to be broken.
Key event: Monday’s EZ PMI.
USDJPY 4 HOUR CHART
Trend: Longer-term down, short-term in limbo.
USDJPY is in limbo after the rebound from sub-140 and a new low at 139.58 (set last Monday).
As noted, treat this as a retracement unless 145+ is renewed.
FIBO levels shown below (161.93-139.58 – See our Fibonacci Calculator)
GBPUSD 4 HOUR CHART
Trend: Up
GBP remains an outperformer, trading to 1.3340, the highest level since early 2022. With the next chart resistance not until above 1.37, use the most reason high *1.3340) as the key level.
To break the momentum and the last leg up, 1.3219 would need to be taken out.
Key event: UK PMI
USDCAD 4 HOUR CHART
Trend: Range
Except for a brief blip up, USDCAD has been trading in a range for the past two weeks.
To turn this into a downtrend, 1,3533 would need to be firmly taken out.
Otherwise, more chop of it it stays within 1.35-1.36 (or 1.3550-1.3650)
AUDUSD 4 HOUR CHART
Trend: Up
AUD has been N outperformer as well, extending its high to .6839 before taking a breather.
Look for .6800 to remain pivotal in setting its tone with next target around 6900 if it becomes solid support.
On the downside, only below .6731 would suggest the high is in although sub-6785-80 would cool the risk.
Key event: RBA meeting
XAUUSD 4 HOUR CHART
Having established above 2600, XAUUSD keepS its bid as it continues to extend its record high.
As I like to say, there is no reason to guess at a top until charts (in my case The Amazing Trader) tells you to do so.
Weekly FX Chart Outlook: Sept 23-27
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