EUR/USD Forex Weekly Forecast (July 10-14)
The EUR/USD strong rally stalled and found resistance at the 1.1445 level. The current rally seems overstretched and a retracement might be due sooner rather than later. The two momentum indicators, the RSI and the MACD are pointing down showing signs of strong bearish momentum presence.
The first level of support only comes at 1.1311 closely followed by the 1.1292 last week low. A daily close and break below last week low can open up the door for a deeper retracement.
GBP/USD Forex Weekly Forecast (July 10-14)
The GBP/USD bullish technical pattern has taken a pause as the big psychological number 1.3000 has proven to hold the upside quite well. The first intraday resistance level comes at 1.2970 while on the downside a break below 1.2856 current week low can open up the door for more downside towards support level 1.2700 which has some important historical significance.
USD/CHF Forex Weekly Forecast (July 10-14)
The USD/CHF broke above last week’s high 0.9688 which is a confirmation of the bullish momentum. The MACD indicator is also showing a bullish crossover confirming the recent breakout. The RSI indicator is also pointing upwards signaling real bullish momentum behind this breakout.
On the upside the next logical target is the 0.9770 significant resistance level while on the downside as long as we trade above support level 0.9614 we remain bullish.
USD/CAD Forex Weekly Forecast (July 10-14)
The USD/CAD bearish trend looks exhausted with both momentum indicators already pointing upwards. The MACD indicator has also posted a bullish crossover and the histogram is above the zero line. As long as USD/CAD trades above the big psychological number 1.3000 the trend remains bearish, but in the short-term, there is a high probability of a retest of that level.
The anticipate BOC interest rate hike is also most likely priced into the price so we can see further short squeeze on the BOC announcement.
Gold Weekly Forecast (July 10-14)
The Gold bearish trend looks poised to extend below the big support level $1200. The downside move is lacking momentum so any break below $1200 should quickly fade away. We also can note big divergence between the price and both the RSI and the MACD indicators which can be a sign of reversal.