FOREX WEEKLY FORECAST

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$EURUSD:

The EUR/USD tried to break out above the 1.15 level this week, but ran into far too much resistance and turned back around to form a shooting star. The shooting star is a negative sign and we believe that a break below the bottom of it will give selling opportunities. At that point we would anticipate a move down to the 1.10 level but we can probably go even lower given enough time. Rallies continue to offer selling opportunities.

Forecast:

The EUR/USD broke higher during the course of the session on yesterday, clearing the top of a couple of neutral candles. By doing so, it appears that the market is more than likely try to get to the 1.55 level, at that level we see a bit of resistance. With that, we would be sellers on a resistant candle, as the market is certainly in a downtrend. As of now we are sitting on sidelines.

$EURUSD CHARTS

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$AUDUSD:

The AUD/USD broke back and forth during the course of the week, settling on a fairly neutral candle. Because of this, it would not surprise us at all if the market rallied from here and tested the 0.80 level for resistance. We are negative of this market although we think that it might be a little bit too tight for the longer-term traders to be involved. As far as buying is concerned, we have no interest.

Forecast:

The AUD/USD broke higher during the course of the session on yesterday, but found quite a bit of resistance at the 0.78 level. With that, we fell a bit, and it appears that the sellers are still in control. The rallies can be selling opportunities, as the market should continue to be bearish. We feel that the Australian dollar will fall we down to the 0.75 level, but it may take a while to get down there. The 0.80 level above continues to be the ceiling in this market.

$AUDUSD CHARTS

$GBPUSD:

The GBP/USD broke higher during the course of the week, after testing the 1.50 level. With that, the market looks as if it is ready to go higher. We believe that there is enough resistance above at the 1.55 level. With that, this just isn’t a market that we like trading from a longer-term perspective at the moment. 

Forecast:

The GBP/USD had a very strong session on yesterday as it broke above the top of the shooting star from Wednesday and now we feel that the market is ready to head back to the next major resistance at 1.55 level. With that, the market should find massive sellers in that region. With that, we believe that the shorter-term traders will be bullish while the longer-term traders will be bearish. It is expected that market will be volatile.

$GBPUSD CHARTS

$USDJPY:

The USD/JPY initially fell during the course of the week, but found enough support to turn things back around and break well above the 190 level. With that, the market almost looks as if it’s ready to reach the 120 level next, and then will give break out for longer-term buy-and-hold type of trading. We have no interest in selling this market and we believe that the 115 level is the absolute bottom of the market going forward. With that, we are very bullish after a very positive nonfarm payroll number.

Forecast:

The USD/JPY broke down during the course of the session on yesterday, falling down till the 118.50 level. However, we found a little bit of support in this area which is a strong sign. With that, we have no interest in selling. Because of that, we are looking for some type of supportive candle in order to start going long, even if it is on the shorter-term charts. We believe that this market will then head to the 121 level and after that the 122 level.

$USDJPY CHARTS

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