Forex Outlook this Week

Forex Outlook this Week

Which forex pairs are likely to move the most this week?

Forex Outlook this Week
Forex Outlook this Week Getty Images

Which forex pairs are likely to move the most this week is typically indicated on the higher timeframes (ie 360, 720, or daily charts).  When a trader can identify the potential move on a higher timeframe, they have the opportunity to enter a substantial move and trade it for the duration of the move.  Here are some examples.

The Multicharts scanner window shows EURJPY, EURUSD, GBPJPY and GBPUSD are potentially oversold (using the Stochastics).  Additionally, the EURUSD and GBPUSD have made pivot lows (candlestick reversal pattern is likely) and the GBPJPY has long volume divergence.

Forex Outlook this Week Multicharts Scanner windowEURJPY

The EURJPY 720 minute chart just completed the reversal bar pattern and the Stochastics is now turning up.  The daily is potentially forming a reversal pattern but could change before the end of the day (5pm).  Price will likely go up to the ATR on the 720 (red cross) and may potentially go up to the daily ATR, if the 720 ATR does not provide resistance.

EURJPY Forex OutlookEURUSD

The EURUSD 720 and daily show almost the exact same patterns.  The candlestick reversal pattern is complete on the 720 minute and potentially forming on the daily, as well.  The Stochastics on the 720 has turned up and is indicating oversold on the daily.

Forex Outlook EURUSDGBPJPY

The GBPJPY timeframes look almost identical to the EURJPY with one exception -- no reversal bar to the upside has formed.  The daily has a potential doji candlestick (indicating indecision) but a reversal bar on the 720 minute chart would provide better indication that the market was in fact ready to potentially move up.

Forex Outlook GBPJPYGBPUSD

Unlike the GBPJPY charts, the GBPUSD 720 and daily are forming the reversal bars to the upside with the Stochastics indicating an oversold market on both (with the 720 Stochastics already turning upwards).  More likely than not, the GBPUSD  potentially will move up towards the ATR on the 720 minute and, if no resistance is found, will continue up to the ATR on the daily timeframe.

Forex Outlook - GBPUSD

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