Forex Weekly Report & Forecast

EUR/USD:

The EUR/USD pair went back and forth during the course of the week, ultimately settling on a slightly positive candle. We are still below the 1.15 level and that suggests that we are very soft. The Euro continues to be a lowered currency as the US dollar is without a doubt one of the most favored currencies in the world. We don’t have any resistive candles as of now to start selling, and it is going to be a market of short-term trader’s. 

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Forecast:

The EUR/USD did very little during the course of the day on Thursday, as we continue to hover around the 1.14 region. This market looks as if it is consolidating between the 1.13 level on the bottom, and the 1.15 level on the top. We recognize that sooner or later the down trend should continue. We believe that above the 1.15 level, there is a significant amount of resistance all the way to the 1.1650 level.

GBP/USD:

The GBP/USD pair broke higher during the course of the week, and as a result the market looks as if it’s reaching to the 1.55 level. That is an area that has a significant amount of resistance, and as a result we are looking for a selling opportunity in that general vicinity. In fact, we can’t buy this market until we get above the 1.58 level, which is something that we do not anticipate sooner. With that, we are bearish and ignoring the bullish pressure that we’ve seen recently.

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Forecast:

The GBP/USD went back and forth during the course of the session on Thursday as we continue to try to get above the 1.55 level which is a resistance and the 100 day EMA crossing at this point. It was support at one point in the past, so it should now be resistance based upon basic technical analysis. As soon as we get a resistant candle, we are more than willing to sell this pair because we believe that the market is going to drop back down to the 1.53 level then. There is a resistance above all the way till  1.58 level.

AUD/USD:

The AUD/USD went back and forth during the course of the week, forming a neutral candle for the second week in a row. With that, it appears that market is more than likely going to continue to try to find a base in this general vicinity. The 0.80 level above should be massively resistive, and the 0.83 level we would not be buyers. Resistive candles between here and there should be nice selling opportunities though.

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Forecast:

The AUD/USD went back and forth during the session on Thursday as we continue to hang about the 0.78 level. We believe that this pair will not go above the 0.80 level,  we are sellers of resistive candles between here and there,  as well as a seller of a break down below the bottom of the range for the session. the market looks as if it’s heading back to the 0.76 level given enough time, and will continue to sell again and again every time we rally and fail.

USD/JPY:

The USD/JPY tried to break down during the course of the week, but struggled at the 120 level. We ended up forming a shooting star, and it looks as if we are going to drop from here. However, we feel that the market is most certainly in an up trend, and as a result we are going to wait for a supportive candle below in order to start buying. On the other hand, if we break above the top of the shooting star, we will be buyers.

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Forecast:

The USD/JPY initially rose during the session on Thursday, but found a little bit of resistance above the 190 level. With that, we ended up forming a little bit of a shooting star, but the market looks like it’s ready to grind away in this general vicinity. The 118 level below should be supportive. On the upper side it may go till 120 level and then the 122 level. We have no interest in selling this market.

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