FX Weekly – 2018 Week 04

Summary:

  • EURUSD ▲ upward bias in channel, but at channel resistance now
  • GBPUSD ▲ upward bias, now in resistance zone 1.3850 to 1.40
  • USDJPY  ▼ maintain downside bias, can go lower or pullback to 112
  • USDCHF ▲ at support at 0.96 - potential immediate buy
  • AUDUSD ▲ LT direction bullish bias, wait for correction to enter buys
  • USDCAD ▲ still at support level 1.2430 
  • NZDUSD ► next resistance at 0.7350 could prompt a correction down; LT direction uncertain or flat

Details:

EURUSD shot up and now is at overbought zone and at channel resistance - very likely to see a correction down this week.

GBPUSD is also at resistance zone 1.3850 to 1.40 and the move could stall here.

USDJPY may continue lower or pullback to 112 for a short entry.

USDCHF is at support 0.96 - potential buy with SL at lows of 0.9440.

AUDUSD no change in outlook - bullish and awaiting correction for more buy entries.

USDCAD remains at support 1.2430 - potential buy with SL at lows of 1.2050.

NZDUSD is approaching resistance of at 0.7350 - expected correction at this level. LT bias is neutral.