Weekly Technical Forecast (Sep 11 - Sep 15)

EUR/USD: Neutral


The swing high at 1.20622 forming on Aug 29 was targeted on Thursday, however, prices failed to close above that resistance when trying to make a break on Friday. EUR/USD’s RSI now approaches nearly the overbought territory, suggesting that we may see a short-term retracement next week. The nearest support level is spotted at 1.18860 (the 31-month peak resistance-turned-support). Alternatively, a turn above the mentioned swing high of 1.20622 could pave the way for a further climb to the 61.8% Fibonacci expansion of 1.21520.

Weekly Technical Forecast (Sep 11 - Sep 15)

GBP/USD: Bullish


The obstacle at 1.31210 was successfully struck through on Friday this week, opening the door for a probable rise to the 11-month high at 1.32645 next week. A break above that resistance level on a daily closing basis may register for another advance to the weekly hurdle identified at 1.34428. On a contrary, GBP/USD could pull back to the before-adverted level at 1.31210 which turned into new support.

Weekly Technical Forecast (Sep 11 - Sep 15)

USD/JPY: Bearish


This Friday confirmed that prices finally turned below the crucial support level of 108.137, indicating that the next foundation at 106.827 (the 61.8% Fibonacci expansion) is now on the radar. Given a strike through that support level, USD/JPY may continue to head lower to the 100.0% Fib of 104.458. On the other hand, prices could retest the support-turned-resistance zone at 108.137 – 108.252.

Weekly Technical Forecast (Sep 11 - Sep 15)

USD/CAD: Bullish


This currency pair has spent a week plunging exactly as we had forecasted. Prices reached the 61.8% Fibonacci expansion of 1.20775 on Friday but then rebounded. Combining with the fact that USD/CAD’s RSI line tends to cross back above 30 which suggests the weakening of bearish momentum, a short-term rally of the Greenback-Loonie is entirely possible next week. The nearest support level is found at 1.24131 (the 2-year low support-turned-resistance). Alternatively, a break below the 61.8% Fib of 1.20775 could trigger a further decline to the 31-month bottom at 1.19292.

Weekly Technical Forecast (Sep 11 - Sep 15)

AUD/USD: Neutral


As we had predicted, AUD/USD did make a bullish move to hit the two-year high at 0.80647. However, a shooting-star candle has developed on this Friday, signaling that we may see prices retreat to the support zone at 0.79245 – 0.78585 (EMA (20), SMA (50)) in near-term. On the contrary, the Aussie-Greenback pair could trade higher to challenge the 32-month barrier at 0.81511 given a close above the before-mentioned high at 0.80647.

Weekly Technical Forecast (Sep 11 - Sep 15)

NZD/USD: Neutral


The Kiwi-Greenback moved higher this week but couldn’t break to the upside of the EMA (20) – SMA (50) range, implying that a near-term consolidation is likely to form during the period from Sept 11 to Sept 15. The nearest support level is defined at 0.71301. On the other hand, a turn above the predicted top of the struggle at 0.73376 could clear a path towards the solid resistance level of 0.75568 (the 2-year top).

Weekly Technical Forecast (Sep 11 - Sep 15)
See also:
Weekly Forex technical forecast Aug 13 - 17
Weekly Forex technical forecast Aug 13 - 17
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