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EUR/USD
Friday’s scenario was damaged after the NFP report as the pair has rallied strongly to the upside breaching through the upper line of the main descending channel. Now, we have a potential head and shoulders bottom pattern with a sloping neckline on the graph but it will not be activated unless the pair breaches 1.2430-1.2440 zones. Technical indicators reinforce the bullish scenario targeting 1.2700 zones; noting that a break below the right shoulder’s level at 1.2130 will negate the classical probability.
The trading range for this week is among key support at 1.2040 and key resistance at 1.2750.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2360 1.2300 1.2255 1.2200 1.2130
Resistance 1.2440 1.2500 1.2550 1.2625 1.2700
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 1.2440 targeting 1.2700 and stop loss below 1.2250 might be appropriate this week.
GBP/USD
The pair has generally moved to the downside during the previous week before soaring on Friday ahead of the closing. Actually, the pair remains trapped within the same trading range between 1.5490 and 1.5780 as seen on the provided daily chart while technical indicators continue to reflect technical hesitation, particularly MACD traditional. Henceforth, we will be neutral during this week until clearer signs appear to define the next big move.
The trading range for this week is among key support at 1.5265 and key resistance at 1.6000.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5600 1.5510 1.5460 1.5390 1.5310
Resistance 1.5680 1.5780 1.5880 1.5905 1.5975
Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move for this week.
USD/JPY
Acting in response to our previous week’s positive scenario, the USD/JPY pair has ended the previous week strongly above the strong support of 77.95 where 76.4% Fibonacci retracement of the entire upside wave from 76.00 to 84.15 exists. Meanwhile, MACD traditional has drawn a positive crossover signal which could be stronger during this week if the pair succeeds in beating 79.15 zones. A break above 78.80 will weaken 79.15 and 79.55 respectively. Eyes should be now on the psychological level of 80.00. On the downside, areas between 77.95 and 77.60 should hold to protect bulls.
The trading range for this week is among key support at 77.00 and key resistance now at 80.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 78.20 77.95 77.60 77.30 77.00
Resistance 78.80 79.25 79.55 79.80 80.00
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate this week.
USD/CHF
The pair reached the second target of the bearish Butterfly Pattern at 0.9655 which is the 61.8% correction of CD leg, and this is why we were biased to the negativity in the past period. Currently, the pair breached the main support for the upside wave and formed a Head & Shoulders pattern and stability below 0.9775 will keep the effect of both the Head & Shoulders Pattern as well as the bearish Butterfly Pattern valid. The technical conditions signal further downside movement targeting next 0.9570 which if breached will extend the move toward 0.9460 and maybe 0.9695.
The trading range for this week is among key support at 0.9460 and key resistance at 0.9995.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9670 0.9620 0.9570 0.9520 0.9460
Resistance 0.9720 0.9775 0.9835 0.9870 0.9900
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9720 targeting 0.9570, 0.9520 then 0.9460 and stop loss with a daily closing above 0.9775 might be appropriate this week
USD/CAD
The pair declined to trade now below the psychological 1.0000 areas and also below 1.0045 critical levels. Therefore, we might see the extension of the downside move and that negates the previously expected upside correction. For now, the pair is trading near the main support of the descending channel and also close to 78.6% correction at 0.9935 and accordingly the risk to reward ratio is too high and we prefer to remain neutral in our weekly outlook.
The trading range for this week is among key support at 0.9800 and key resistance at 1.0200.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 0.9970 0.9935 0.9900 0.9870 0.9800
Resistance 1.0045 1.0095 1.0125 1.0160 1.0180
Recommendation Based on the charts and explanations above, we remain neutral for the week awaiting more confirmations for the next move
AUD/USD
The upside move continues and that is supported by stability above the Linear Regression Indicators and also above 1.0440 during the past week. We expect the pair to attempt to breach and stabilize above 1.0585 areas and that will extend the bullishness toward the next target at 1.0710 and the mentioned levels are shown with Fibonacci correction levels on the chart above. Stability above 1.0440 areas will be the main pillar for the expected positivity this week.
The trading range for this week is expected among the key support at 1.0310 and resistance at 1.0855.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0530 1.0475 1.0440 1.0370 1.0310
Resistance 1.0585 1.0615 1.0655 1.0710 1.0855
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0550 targeting 1.0615 then 1.0710 and stop loss below 1.0440 might be appropriate this week
NZD/USD
We expected earlier that stability above 0.8135 will extend the upside move, and this week we will hold onto this outlook as stability above this level will extend the bullishness toward 78.6% correction at 0.8255 and maybe further toward 0.8355 which is 88.6% correction . The general bullish formation was influenced by a classic positive model, in addition to the positive bias on the Linear Regression Indicators.
The trading range for this week is expected among the key support at 0.7930 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8135 0.8100 0.8080 0.8040 0.7985
Resistance 0.8220 0.8255 0.8300 0.8355 0.8410
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8170 targeting 0.8255 then 0.8355 and stop loss with four-hour closing below 0.8080 might be appropriate this week
Friday’s scenario was damaged after the NFP report as the pair has rallied strongly to the upside breaching through the upper line of the main descending channel. Now, we have a potential head and shoulders bottom pattern with a sloping neckline on the graph but it will not be activated unless the pair breaches 1.2430-1.2440 zones. Technical indicators reinforce the bullish scenario targeting 1.2700 zones; noting that a break below the right shoulder’s level at 1.2130 will negate the classical probability.
The trading range for this week is among key support at 1.2040 and key resistance at 1.2750.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2360 1.2300 1.2255 1.2200 1.2130
Resistance 1.2440 1.2500 1.2550 1.2625 1.2700
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 1.2440 targeting 1.2700 and stop loss below 1.2250 might be appropriate this week.
GBP/USD
The pair has generally moved to the downside during the previous week before soaring on Friday ahead of the closing. Actually, the pair remains trapped within the same trading range between 1.5490 and 1.5780 as seen on the provided daily chart while technical indicators continue to reflect technical hesitation, particularly MACD traditional. Henceforth, we will be neutral during this week until clearer signs appear to define the next big move.
The trading range for this week is among key support at 1.5265 and key resistance at 1.6000.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
Support 1.5600 1.5510 1.5460 1.5390 1.5310
Resistance 1.5680 1.5780 1.5880 1.5905 1.5975
Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move for this week.
USD/JPY
Acting in response to our previous week’s positive scenario, the USD/JPY pair has ended the previous week strongly above the strong support of 77.95 where 76.4% Fibonacci retracement of the entire upside wave from 76.00 to 84.15 exists. Meanwhile, MACD traditional has drawn a positive crossover signal which could be stronger during this week if the pair succeeds in beating 79.15 zones. A break above 78.80 will weaken 79.15 and 79.55 respectively. Eyes should be now on the psychological level of 80.00. On the downside, areas between 77.95 and 77.60 should hold to protect bulls.
The trading range for this week is among key support at 77.00 and key resistance now at 80.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support 78.20 77.95 77.60 77.30 77.00
Resistance 78.80 79.25 79.55 79.80 80.00
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 78.30 targeting 79.90 and stop loss below 77.60 might be appropriate this week.
USD/CHF
The pair reached the second target of the bearish Butterfly Pattern at 0.9655 which is the 61.8% correction of CD leg, and this is why we were biased to the negativity in the past period. Currently, the pair breached the main support for the upside wave and formed a Head & Shoulders pattern and stability below 0.9775 will keep the effect of both the Head & Shoulders Pattern as well as the bearish Butterfly Pattern valid. The technical conditions signal further downside movement targeting next 0.9570 which if breached will extend the move toward 0.9460 and maybe 0.9695.
The trading range for this week is among key support at 0.9460 and key resistance at 0.9995.
The general trend over short term basis is to the upside targeting 1.0420 as far as areas of 0.9400 remains intact.
Support 0.9670 0.9620 0.9570 0.9520 0.9460
Resistance 0.9720 0.9775 0.9835 0.9870 0.9900
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.9720 targeting 0.9570, 0.9520 then 0.9460 and stop loss with a daily closing above 0.9775 might be appropriate this week
USD/CAD
The pair declined to trade now below the psychological 1.0000 areas and also below 1.0045 critical levels. Therefore, we might see the extension of the downside move and that negates the previously expected upside correction. For now, the pair is trading near the main support of the descending channel and also close to 78.6% correction at 0.9935 and accordingly the risk to reward ratio is too high and we prefer to remain neutral in our weekly outlook.
The trading range for this week is among key support at 0.9800 and key resistance at 1.0200.
The short term trend is expected to the downside with daily closing below 1.0520 targeting areas of 0.9870.
Support 0.9970 0.9935 0.9900 0.9870 0.9800
Resistance 1.0045 1.0095 1.0125 1.0160 1.0180
Recommendation Based on the charts and explanations above, we remain neutral for the week awaiting more confirmations for the next move
AUD/USD
The upside move continues and that is supported by stability above the Linear Regression Indicators and also above 1.0440 during the past week. We expect the pair to attempt to breach and stabilize above 1.0585 areas and that will extend the bullishness toward the next target at 1.0710 and the mentioned levels are shown with Fibonacci correction levels on the chart above. Stability above 1.0440 areas will be the main pillar for the expected positivity this week.
The trading range for this week is expected among the key support at 1.0310 and resistance at 1.0855.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0710.
Support 1.0530 1.0475 1.0440 1.0370 1.0310
Resistance 1.0585 1.0615 1.0655 1.0710 1.0855
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.0550 targeting 1.0615 then 1.0710 and stop loss below 1.0440 might be appropriate this week
NZD/USD
We expected earlier that stability above 0.8135 will extend the upside move, and this week we will hold onto this outlook as stability above this level will extend the bullishness toward 78.6% correction at 0.8255 and maybe further toward 0.8355 which is 88.6% correction . The general bullish formation was influenced by a classic positive model, in addition to the positive bias on the Linear Regression Indicators.
The trading range for this week is expected among the key support at 0.7930 and resistance at 0.8470.
The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.
Support 0.8135 0.8100 0.8080 0.8040 0.7985
Resistance 0.8220 0.8255 0.8300 0.8355 0.8410
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8170 targeting 0.8255 then 0.8355 and stop loss with four-hour closing below 0.8080 might be appropriate this week
