Weekly Technical Forecast (Oct 9 - Oct 13)

EUR/USD: Bullish

EUR/USD continued to correct this week, however, Friday saw a rebound from the Aug 17 low of 1.6613 with a relatively strong momentum, suggesting that prices are likely to trade higher next week. The nearest resistance zone is identified around 1.18190 – 1.18590 (EMA (20), SMA (50)). Alternatively, a breach below the 1.6613 solid support obstacle on a daily closing basis will pave the way for a further fall to the June 29 swing top at 1.14470.

Weekly Technical Forecast (Oct 9 - Oct 13)

GBP/USD: Bullish

GBP/USD’s retracement has turned into a short-term bearish trend this week as prices deeply plunged through the EMA (20) – SMA (50) support area. Nevertheless, the downward movement was temporarily paused by the June 30 support barrier of 1.30286, indicating that we may see a near-term rally appear next week. The highest level of the rally is defined at the Aug 3 peak of 1.32670. On the contrary, the 2-month low at 1.27774 will likely be targeted given prices trading lower.

Weekly Technical Forecast (Oct 9 - Oct 13)

USD/JPY: Neutral

This week saw the Greenback – Japanese Yen consolidate around the 112.706 - 113.242 zone (Sept 21 high, 8-week peak). On Friday, prices tried hard to break the 113.242 level to the topside but remained unsuccessful, forming a long-wick shooting star candlestick. In all likelihood, we will witness the USD/JPY pair approach the EMA (20) support line next week, with a close below opening the door for a further decline to the SMA (50). Conversely, the 6-month resistance hurdle of 114.487 could possibly be challenged given a daily turn above the beforementioned 112.706 - 113.242 area.

Weekly Technical Forecast (Oct 9 - Oct 13)

USD/CAD: Bullish

The Greenback – Loonie continued to trend higher this week. Combined with the fact that the EMA (20) line is about to cross above the SMA (50), an approach to the 1.26623 – 1.27768 resistance area (Aug 31 peak, 9-week high) is entirely possible in the near future. On the contrary, a break below the EMA (20) – SMA (50) support base on a daily closing basis may stop the current risk-trend and open a path up towards the 32-month nadir at 1.20613.

Weekly Technical Forecast (Oct 9 - Oct 13)

AUD/USD: Bearish

AUD/USD this week won against the Aug 15 bottom at 0.78068, making the June 30 barrier at 0.77126 be on the radar, followed by the June 15 support obstacle of 0.76332. However, RSI’s approach near the oversold territory should be noted as it hints for a potential rally in short-term. Given prices turning back above the 0.78068 level, the resistance area composed of the EMA (20) and SMA (50) will most likely be confronted.

Weekly Technical Forecast (Oct 9 - Oct 13)

NZD/USD: Bullish

The Kiwi – Greenback has spent a week falling strongly and piercing through the Aug 31 nadir of 0.71306. Nevertheless, NZD/USD’s RSI line is about to reach the 30 level, implying a potential bullish correction in the near future. The EMA (20) – SMA (50) area will likely be the next substantial resistance zone in case prices close back above the 0.71306 level – now recast as resistance. Alternatively, prices may trade towards the long-term support level of 0.68182.

Weekly Technical Forecast (Oct 9 - Oct 13)

See also:
Cryptocurrencies weekly technical outlook.
Cryptocurrencies weekly technical outlook.
10.12.2018
Technical analysis