Which Forex pairs should you focus on this week? Find out here
has rallied a bit during the trading week, but it still sees quite a bit of noise just above extending all the way to the 1.10 level. Ultimately, I think this is a market that will eventually find sellers, but if we were to break above the 1.1050 level, then you would have to give up any bearish idea and understand that we are entering a longer-term bullish run. A lot of this comes down to the Federal Reserve and expectations coming from monetary policy.
The 50-Week EMA is sitting just below the 1.33 level, and I think that will offer a significant support level. That being said, oil gapped to kick off the trading week, but has yet to fill that gap. If it dies, that will obviously be negative for the Canadian dollar, so perhaps that’s what we are setting up for.initially tried to rally during the week but found a lot of resistance near the 0.68 level, a barrier that we have been paying attention to multiple times in the past.
. At this point, I think it makes quite a bit of sense that we will see a lot of noisy behavior, but the more volatility that we get, the more likely the US dollar is going to be the victor.The EUR/GBP initially fell during the week against the British pound but continues to see a lot of support near the 0.87 level.
Based on the recent trading history, it’s very likely that we could see a little bit of a bounce during the week, but it’s my opinion at this point that the 0.90 level above continues to be significantWe are at the bottom of the overall consolidation area, so more of the same would be anticipated at this point in time, and therefore I think it’s worth looking for short-term buying opportunities.
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