Forex Pairs to Watch this Week

Forex Pairs to Watch this Week

The AUDUSD, EURJPY and USDCAD are on the move this week.

Forex Pairs to Watch this Week
Forex Pairs to Watch this Week Getty Images

This week brings major news events including the RBA Rate Statement, the Bank of Canada Rate Statement and the ECB Press Conference, as well as Non-Farm Employment Change on Friday at 8:30 am New York time.  Using the longer term charts, the AUDUSD, EURJPY, and USDCAD are setting up for potential major moves later in the week.

 

AUDUSD

The AUDUSD is at the ATR on the weekly chart with the Stochastics on both the daily and weekly indicating the market is oversold.  The RBA Rate Statement will be released tonight at 10:30 pm New York time.  With the current indications of the market being oversold, more likely than not, the AUDUSD potentially could go up either prior to the rate statement or immediately thereafter.  With the ATR on the daily at .7870, this would be an area to watch for resistance.

 

Forex Pairs to Watch this week - AUDUSD

 

EURJPY

The ECB Minimum Bid Rate will be released on Thursday at 7:45 am New York time but it is typically the ECB Press Conference that creates the most movement.  Currently, the EURJPY is at a congestion dot on the weekly chart and both the daily and weekly stochastics are indicating an oversold market.  A move to the upside is likely but traders should watch out for the daily ATR at 132.20 as it may provide resistance.  If 132.20 does not provide the resistance to push price down again, then the ATR on the weekly chart is the next area of resistance (about 1.3500).

 

Forex Pairs to Watch this week - EURJPY

 

USDCAD

The Bank of Canada Rate Announcement is on Wednesday at 10 am New York time.  Currently, the USDCAD is at a weekly resistance area that has held the price down since October 2017.  The big question is whether it will continue to hold.  Both the daily and weekly chart indicate that the stochastics is overbought and price is likely to retrace back down to the either the daily or weekly ATRs.  More likely than not, the retracement will occur prior to the BOC Rate Announcement and it will be important to see if the daily ATR holds price up.  To learn different ways to trade Bank of Canada Rate Announcement, join me in the Trading the Bank of Canada Rate Announcement webinar on Wednesday at 9:30 am New York time.

 

Markets to Watch - USDCAD

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