Profiforex_Victory
Freshie
- Messages
- 17
- Joined
- Nov 7, 2017
- Messages
- 17
- Reaction score
- 0
- Points
- 3
Weekly Forex Forecast on Major Currency Pairs
January 21st - 26th
EURUSD
The pair made a limited run toward higher prices last week. Last week’s consolidation kept movement between the resistance line at 1.2300, whereby a cut through would expose the 1.2400 level. Support line lies at 1.2200 and a lower move would open door to the 1.2050 level. The EURUSD is bullish and pointing higher this week.
Key Levels: R1- 1.22721, R2- 1.2323, R3- 1.2349. S1- 1.21941, S2- 1.2167, S3- 1.2117.
AUDUSD
AUDUSD is still trading at close to 0.8000, after reaching a Friday high of 0.8038 but then turning lower, under pressure from sales of AUDJPY. A late US selloff saw it close on session lows at 0.7985. The longer term uptrend remains firmly intact, although the daily charts warn of a correction, with the appearance of some bearish divergence and a long upper wick forming on the daily candle. It is a fairly light data calendar this week and a long w/e in Australia on Friday so external factors will drive price action. Right now a neutral stance seems best.
Key levels: R1- 0.8026, R2- 0.8057, R3- 0.8073. S1- 0.7978, S2- 0.7962, S3- 0.7931
GBPUSD
The Pair had a good time last week as it hit a new post Brexit high at 1.3944, but fell shortly after to 1.3838. Sterling has now climbed to about 400pips since January 11. A very strong selling pressure would see the pair overturn its bullish bias. The 4 hour momentum indicators are now turning lower, while the longer term charts still generally look positive, but Cable remains volatile so caution is warranted. Buying dips seems to be the theme still, but, with a relatively tight SL placed back below 1.3800.
Key levels: R1- 1.3927, R2- 1.3991, R3- 1.4035. S1- 1.3819, S2- 1.3775, S3- 1.3711
USDJPY
The pair saw a shallow rally last week, and this gave traders a good opportunity to go short. It is very possible that the pair will decline further this week due to the US Government shutdown, which will affect the USD negatively. Therefore, the demand levels at 110.50, 110.00 and 109.50 may be reached.
Key levels: R1- 111.11, R2- 111.45, R3- 111.76. S1- 110.46, S2- 110.15, S3- 109.81
Trade Forex
January 21st - 26th
EURUSD
The pair made a limited run toward higher prices last week. Last week’s consolidation kept movement between the resistance line at 1.2300, whereby a cut through would expose the 1.2400 level. Support line lies at 1.2200 and a lower move would open door to the 1.2050 level. The EURUSD is bullish and pointing higher this week.
Key Levels: R1- 1.22721, R2- 1.2323, R3- 1.2349. S1- 1.21941, S2- 1.2167, S3- 1.2117.
AUDUSD
AUDUSD is still trading at close to 0.8000, after reaching a Friday high of 0.8038 but then turning lower, under pressure from sales of AUDJPY. A late US selloff saw it close on session lows at 0.7985. The longer term uptrend remains firmly intact, although the daily charts warn of a correction, with the appearance of some bearish divergence and a long upper wick forming on the daily candle. It is a fairly light data calendar this week and a long w/e in Australia on Friday so external factors will drive price action. Right now a neutral stance seems best.
Key levels: R1- 0.8026, R2- 0.8057, R3- 0.8073. S1- 0.7978, S2- 0.7962, S3- 0.7931
GBPUSD
The Pair had a good time last week as it hit a new post Brexit high at 1.3944, but fell shortly after to 1.3838. Sterling has now climbed to about 400pips since January 11. A very strong selling pressure would see the pair overturn its bullish bias. The 4 hour momentum indicators are now turning lower, while the longer term charts still generally look positive, but Cable remains volatile so caution is warranted. Buying dips seems to be the theme still, but, with a relatively tight SL placed back below 1.3800.
Key levels: R1- 1.3927, R2- 1.3991, R3- 1.4035. S1- 1.3819, S2- 1.3775, S3- 1.3711
USDJPY
The pair saw a shallow rally last week, and this gave traders a good opportunity to go short. It is very possible that the pair will decline further this week due to the US Government shutdown, which will affect the USD negatively. Therefore, the demand levels at 110.50, 110.00 and 109.50 may be reached.
Key levels: R1- 111.11, R2- 111.45, R3- 111.76. S1- 110.46, S2- 110.15, S3- 109.81
Trade Forex
