- A demeanour during a weekly technicals on EURUSD, USDJPY NZDUSD
- Review a Foundations of Technical Analysis mini-series
- Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT
In this array we scale-back and take a demeanour during a broader technical design to benefit a bit some-more viewpoint on where we are in trend. Here are a pivotal levels that matter on a Majors streamer into a yearly close. Review this week’s Strategy Webinar for an in-depth relapse of these setups and more.
EUR/USD Weekly Chart
Notes: Euro rebounded off a 2015 highs during 1.1714 final week (low purebred during 1.1717) with prices tagging monthly open insurgency now at 1.1903. The span has continued to trade within a proportions of this extended descending pitchfork fluctuating off a 2015 lows with a top together throwing a highs with pointing behind in September.
Bottom line: streamer into a open of 2018 a trade stays constructive while above a 2016 highs during 1.1616 (not this turn also converges on a 200-week relocating average) with broader bullish cancellation down during 1.1423. A crack above a Dec open targets initial topside objectives during a 2012 pitch low during 1.2042 with pivotal insurgency eyed during a top together / 50% retracement during ~1.2167.
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USD/JPY Weekly Chart
Notes: Despite all a sensitivity this year, USDJPY has continued to trade within a well-defined operation with pivotal insurgency solid during a 61.8% retracement of a yearly operation during 114.33. Note that simple trendline insurgency fluctuating off a 2015 highs converges on this segment streamer into a tighten of a year. Near-term support rests during a connection of a 52 200-week relocating averages around 112.14/28.
Bottom line: a evident concentration is on a mangle of a 112.14-114.33 operation to offer superintendence with a crack aloft (favored) targeting a 2018 open during 116.98 corroborated by 120.18-121.12. A downside mangle risks a incomparable reversal towards 108.73 corroborated by a 61.8% retracement during 106.38– debility next this turn would advise a dump towards a longer-term slope support, now ~102.70s. Review a relapse of a near-term levels in my latest USDJPY Scalp Report.
See how shifts in USD/JPY sell positioning are impacting trend- Click here to learn some-more about sentiment!
NZD/USD Weekly Chart
Notes: The New Zealand Dollar shielded a 2017 opening-range lows during 6828 final month with a successive convene stretching into connection insurgency this week during 7038. Note that Kiwi pennyless next channel support fluctuating off a 2015 lows behind in Oct and IF this relapse is legit, cost advances should be capped by a 52-week relocating normal during a 71-handle.
Bottom line: streamer into a tighten of a year it’s possibly a widen into 7100 or a mangle next 6828 to lure brief entries with such a unfolding targeting 6717 and connection support during 6453/88. A tighten above 7100 would advise that a some-more poignant low might be in place and opens a doorway for an allege behind towards 7261 7300. Broader bearish cancellation for a multi-year downtrend stands during 7516. Review a relapse of a near-term levels in my latest NZDUSD Scalp Report.
Check out the NZD/USD quarterly projectionsin the Free DailyFX Trading Forecasts
Previous Weekly Technical Perspectives
- A Weekly Technical Perspective on GBP/USD, AUD/USD, USD/CAD
- A Weekly Technical Perspective on DXY, AUD/USD, USD/CAD Crude
– Written by Michael Boutros, Currency Strategist with DailyFX