EUR/USD : Neutral
Heading into this weekend, EUR/USD has been consolidating during the week as we have forecasted before. Prices now seem to continually trade in range around the 1.16830 – 1.17389 weekly support zone before spotting new fuels to make remarkable moves next week. A break below the bottom support level found at 1.16830 may pave the way for a lower dip to the SMA (50) support line. Otherwise, the nearest resistance level is the 2-year high of 1.19092 which was reached on August 2nd.
GBP/USD : Bearish
Tuesday saw GBP/USD finally manage to escape from the range between the EMA (20) and SMA (50). The currency pair is highly likely to approach the solid support identified at 1.28122 in near-term. A turn below this level on a daily closing basis may lead to another fall to the next support found at 1.25885. Alternatively, prices may retest the resistance zone of 1.2978 – 1.30290 (EMA (20) and SMA (50) crossover point, weekly resistance level).
USD/JPY : Neutral
USD/JPY had an effervescent week turning up and down inside the 110.938 – 108.814 range. At the end of the week, prices bounced off from the bottom level of the range at 108.814 and now is likely to move up. The nearest resistance level is found at the top of the consolidation (110.938). On the contrary, a breakout below the significant support of 108.814 may lead to a lower dip to approach the nearest hurdle spotted at 108.137.
USD/CAD : Bearish
The currency pair found itself make a bearish strike of the EMA (20) line on Friday. USD/CAD’s short-term reversal which has been developing for 2 weeks seems broken, opening the door for a drastic drop to challenge the 2-year low of 1.24154 which was reached on July 26th. Otherwise, prices may retest the resistance area between the EMA (20) and SMA (50) line.
AUD/USD : Bullish
Wednesday witnessed AUD/USD successfully break through the resistance area composed of the EMA (20) line & 23.6% Fibonacci retracement level. However, prices retreated and struggled around this zone till weekend. Friday’s bullish candlestick still indicates a further rise to the 2-year top identified at 0.80647 in the near future. Alternatively, the nearest substantial support zone is found at 0.77990 – 0.78102 (EMA (50), 38.2% Fib).
NZD/USD : Bearish
NZD/USD has spent a week forming a continuation pattern, hinting a possible bearish breakout in the near future. Next week, prices tend to retest the crossover point of EMA (20) and SMA (50) at 0.73418 which has become a support-turned-resistance level since August 8th before heading lower to reach the first obstacle found at 0.72017. Otherwise, a turn above the important resistance level of 0.73418 may trigger a bullish move to the 2-year top of 0.75519.