Forex Trading Weekly Charts Update
I don’t remember a time when all the key currencies were focused on pivotal levels, which will dictate respective tones going forward.
EURUSD Monthly Chart – Pivotal: 1.12
BULLISH
1,12 is one of those pivotal levels, not only guarding key daily resistance at 1.1237 but the 2023 high at 1,1269
Look for support as long as it trades above 1.1150 but needs 1.12+ to push the upside farther.
USDJPY Daily Chart – Pivotal 145
BEARISH
Still within its broad range at 141.68-149.39
Minor support at 144.00-05 is all that is left ahead of 141.68
Look for 145 to dictate whether momentum will build for a run at key low. Only back above 144.40-50 would put 145 in play.
GBPUSD Monthly Chart – Pivotal 1.32
BULLISH
The breakout above 1.3144 has seen 1.32+ trade, highest levels since March 2022.
This leaves a void on top so use the most recent high as resistance. (1.3230)
Look for a bid as long as it stays above 1.3142 but 1.32 will dictate its tone going forward.
USDCAD Daily chart – Pivotal 1.35
BEARISH
The breakdown below 1.3588 is significant but would need to establish below 1.35 to push farther.
STAYS BEARISH AS LONG AS BELOW 1.3588.
Major level is not until 1.3175
AUDUSD Weekly Chart – Pivotal .6800
Key target tested at the 2024 high at 6797.
Suggest .6800 is equally important as there is a void above it to .6799
Strong bid while above .6760.
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