- In this series of videos, I take a look at the technicals that are driving the major currencies. You may be surprised.
The last week was certainly a volatile one for the major currency pairs. The GBPUSD saw the biggest movement, falling to the lowest level on record, and the EURUSD also reached to a new low for the year and lowest level since 2002.
What about the other pairs? How did the pairs end the week from a technical perspective? How can we prepare for the new week?.
I can say in the shorter term, some foreign currencies in the short term closed the week with a bullish tilt vs the USD. The "Dollar is King" crown was tarnished a bit.
Some others kept the tilt more to the downside vs the greenback.
You might also be surprised with some of the technical biases. Take a look and see.
This week, I parsed out each pair individually. Watch one by one, OR pick and choose. Trading successfully requires being aware and prepared for the new trading week. So spend a little time and get yourself ready to trade on Monday.
Be sure to Like, Comment, and Subscribe to our YouTube channel. Good fortune with your trading and have a great and safe weekend.
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EURUSD: EURUSD rebounds from new 2022 lows and tilts short term bias back to the upside.
The EURUSD moved to a new low going back to 2002 this week, but rebounded into the close for the week and is closing with a short term bullish bias. Could the low be in for the pair? In this video, I outline the levels that would keep the bias more bullish for the pair, and the key targets to get to and through to increase that bias. I also outline what would disappoint the buyers trying to catch the bottom.
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GBPUSD: A record low for the GBPUSD, but the closing level for the week is short term bullish.
The GBPUSD moved to a new all time record low last week. However, by the close of the week, the price had rebounded close to 900 pips from the low, and is closing the week with a more bullish bias in the short term. Surprise! Surprise! But is the GBPUSD pair out of the woods?
What needs to be done to keep the short term bias intact in the new trading week? What would turn the beat BACK around. Click on the video below.
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USDJPY: The USDJPY is still dealing with the BOJ intervention extremes.
The USDJPY has the ghost of the verbal and actual intervention from the Bank of Japan to deal with near the 145.00 level and above. The highs this week respected the 145.00 level, but is still closing the week near the level as traders tempt the central bank to try and defy the fundamentals.
Can the sellers continue to keep the lid on the pair and perhaps push lower in the new trading week? What are the downside targets that would need to be broken to give the BOJ and traders some comfort. For the buyers, it would take someone bigger than retail traders to take on the BOJ. So be aware. CLICK BELOW for the USDJPY key levels in play going into the new trading week.
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USDCHF: The USDCHF is the only major currency pair that has not approached and broken its 2022 high. Nevertheless, through the ups and downs this week, the low bottomed near an upward sloping trend line (after breaking the 100/200 hour MAs) and is closing above the 100 hour MA and near mid range for the week. That tilts the short term bias to the upside going into the new trading week.
The USDCHF is one of those pairs that may not be trending for long but it finds support, it finds resistance and it can move. So it is good for traders looking for those short term bursts (up or down).
In the video below I look at the levels that you should pay attention to in the new trading week.
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USDCAD: USDCAD closes near highs for the year and highest level since May 2020. What now?
With the USDCAD closing at new highs for the year and highest level since May 2020, the USD buyers are in firm control. The pair moved up toward the high of a swing area that is the gate to the extremes for this pair that peaked the price way up at 1.46650 to 1.4666 in 2016 and again in 2020. Where is that door? Will the buyers bust through? You need to be aware and prepare.
CLICK on the link below to see where we stand and what is important in the new trading week.
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AUDUSD: The buyers in the AUDUSD had their shot to correct and move off new 2022 lows on Friday, but they shot and missed.
In this FOREX QUICK video below, I look in detail at the AUDUSD. The sellers are back in control and closed Friday at the lows for the day. Bias remains in the bears favor in the short term and the long term.
More specifically, the pair is closing below the 100 hour MA and a channel trend line. Both were broken. Both breaks failed.
Going forward, it will take a move back above those areas to tilt the bias back to the upside (that would be the minimum). Absent that and the sellers are in firm control in the short and long term.
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NZDUSD: With the RBNZ set to raise rates by 50 BPs this week, what do the buyers have to do to get the NZDUSD higher?
Like the AUDUSD, the week saw the pair bounce higher and extend above the 100 hour MA and a trend line that has been a remarkable barometer for resistance and support going back to mid September.
However, going into to weekend and into the new trading week, what we know is that the NZDUSD buyers had their shot to take more control. That move failed and the price is closing near the lows for the week.
Can the RBNZ come to the rescue this week? If so, what would have to happen technically in the new trading week for the NZDUSD to tilt the bias back to the upside? Until then it is the down, down, down trend for the NZDUSD.
Trading analysis offered by Flex EA.
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