Forex Majors Outlook for the Week

Forex Majors Outlook for the Week

Where will the forex majors likely go this week?

Forex Majors
Forex Majors Getty Images

GBPUSD

The six hour GBPUSD chart shows that price is returning to test for support.  There are two areas (highlighted by the red dotted lines) that may provide the support to the GBPUSD to increase.  However, there is also a resistance area at 1.2900 (also highlighted with red lines) that could push back down (it has done so twice already).  If price manages to push through this resistance area, then there are also resistance areas at 1.3000 and 1.3210.  Additionally, the Stochastics is indicating that the market is potentially oversold and divergence is potentially forming because price is making lower lows but the Stochastics is making higher lows.

Forex Majors Outlook for the Week - GBPUSD EURUSD

The EURUSD six hour chart is very similiar to the GBPUSD.  There are two support areas immediately below price and two resistance areas above price.  Additionally, the Stochastics is also indicating that the market is potentially overextended to the downside.  If price tests the support area but is unable to break through, then price may increase and begin testing the resistance areas. 

EURUSD 360

USDCAD

The USDCAD six hour chart indicates that price is testing a prior resistance area with another resistance area immediately above.  A support area at 1.3280 may hold price up but the Stochastics is indicating that the market is overbought at the moment.  A reversal bar to the downside with a curving over on the Stochastics may indicating the beginning of an additional test for support to fuel another upward move.

USDCAD 360USDJPY

The six hour chart on the USDJPY indicates that price is returning to the prior highs at 113.57 and testing for resistance.  With the Stochastics indicating a potential overbought market and beginning to curl over, a test of the 112.55 for support could be anticipated.  However, a bearish reversal bar would be needed to indicate that the test for support is beginning.  If the test of support shows buyers are still in control, then a resumption of the uptrend could begin.

USDJPY 360

 

 

 

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