Start your week with some thoughts on some market direction...
The DXY is riding the lows in the wake of the FED meeting.? It is expected to remain under pressure.
EURUSD Weekly Outlook:
?? The EURUSD is flirting with resistance, but the Bears are ripe to initiate a fresh sell-off.? That is the call for the week.? A break toward the downside correction zone is expected.? This is a key area holding the trend intact.? If the Bears get a dip below here then the downside breakout level should be in play.? 1.0834 is the extended sell-off target.
?? A close above the upside breakout level is needed to confirm any show of strength.? Trading above here targets the 1.1270 and 1.1350 levels.? Fundamental woes are weighing on this market, and unless the DXY gets hit hard, the Bulls in the EURUSD will have a tough time maintaining a new trend wave higher.
GBPUSD Weekly Outlook:
?? The Bulls are trying to keep the upside trend in new move-high mode.? The trend is your friend, and this market remains in a buy-dip mode.? Sustained trading above the upside breakout level confirms the Bulls' resolve to press on higher.? 1.3480 and 1.3550 are the upside trend targets.
?? If the Bears can spark a pullback, the market will be focused on the downside correction zone.? This area is expected to hold.? A failure in this area would be a good sign that the GBPUSD will be targeting the downside breakout level.? If this level fails, 1.2594 becomes a viable multi-week trend objective.
USDJPY Weekly Outlook:
?? USDJPY Bulls are in a profit-taking rally situation.? The upside correction zone is the key hurdle to cross.? Trading above here should spark a challenge of the upside breakout level.? Use caution fighting a rally in this area.? Fresh buying is likely to enter the market and stretch the rally up toward the monthly directional pivot level.? This is also the key BOJ price point that they wish to keep this currency below.
?? A slide under the downside breakout level is needed to confirm that the major trend is back in action.? Should this occur, the 138.40 and 137.90 levels will become viable downside trend objectives.? With crude Oil in a Bullish way, it is not likely that the market will get much lower than these trend targets.?
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Teddy Kekstadt
President of Forex Trading Unlocked Inc.
Academic Consultant at Bryan University | Curriculum Development, Instructional Workshops
5 个月These people scammed me year 2021. Until now they they are still trying to scam me.
Good luck this week, everyone.
FOREX TRADER ?? CRYPTO TRADER ?? Market Analyst & Researcher ???? Economist ??
5 个月Early