Analyzing the currend trend in najor currencies for the week ahead.
– EURUSD
– GBPUSD
– USDJPY
– XAUUSD
EURUSD
Daily Supports: 1.07950, 1.07650 & 1.06300
Daily Resistances: 1.08300, 1.08600, 1.08900 & 1.09200
Weekly Supports: 1.07950, 1.07300 & 1.06650
Weekly Resistances: 1.09550, 1.10250 & 1.11700
Daily Chart
Weekly Chart
After reaching a marginally higher high on Monday last week, EUR changed a direction.
Is it just a consolidation before continuation Up or a beginning of a deeper correction?
Monday – Tuesday should tell us – 1.07650 is an important level to watch on the lower side and 1.08600 on the upper one.
Monday option 1 – test of 1.08300 , failure and a new low later on
Monday option 2 – test of 1.08600 and close just below it – Tuesday Down
GBPUSD
Daily Supports: 1.28850, 1.28500 & 1.28050
Daily Resistances: 1.29300, 1.29700 & 1.30100
Weekly Supports: 1.28850, 1.28500, 1.27750 & 1.26600
Weekly Resistances: 1.30150, 1.30450 & 1.30800
Daily Chart
Weekly Chart
Similar to EURUSD, Cable hit a new high just to turn down sharply.
However, this is still a very Bullish formation and will be driven more by EURGBP cross.
As long as it stays above 1.27750 , we can expect sudden Rally upwards.
Monday should bring us a bit more down – test of 1.28500.
USDJPY
Daily Supports: 149.100, 148.850 & 148.150
Daily Resistances: 149.650, 150.150 & 150.750
Weekly Supports: 148.800, 146.850 & 146.550
Weekly Resistances: 149.650, 150.750 & 151.300
Daily Chart
Weekly Chart
For Monday we have a Bullish Pattern, but USDJPY has to take out 149.650 for any significant move Up.
If successful, opens a road for attack at 151 zone.
Loss of 148.800 targets directly 147.350 first.
XAUUSD
Daily Supports: 3000.00, 2955.00 & 2935.00
Daily Resistances: 3025.00, 3045.00 & 3060.00
Weekly Supports: 3000.00, 2950.00 & 2925.00
Weekly Resistances: 3060.00, 3095.00 & 3125.00
Daily Chart
Weekly Chart
Gold is Bullish without any doubt, and coming week should not be any different.
New High is on cards, and only question is :
Is it going to just continue Up from Monday, or we might see a day or two of some kind of consolidation.
Most of the time, when you have situation like this one – New high and next day a drop, that was covered around 50% in the same day we can see next bar sharply Up.
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