This week’s Forex analysis focuses on three major currency pairs: EUR/USD, GBP/USD, and AUD/USD. These pairs are among the most traded in the foreign exchange market, making them important to keep an eye on for potential trading opportunities.
The EUR/USD pair has been trading in a tight range recently, with support around the 1.1200 level and resistance near 1.1300. Traders will be watching for any breakout above or below these levels to determine the next direction for the pair.
Meanwhile, the GBP/USD pair has been under pressure due to Brexit uncertainty and the ongoing political turmoil in the UK. Support is seen around the 1.2500 level, while resistance is near 1.2700. Traders will be closely monitoring any developments on the Brexit front for potential trading opportunities.
Lastly, the AUD/USD pair has been range-bound as well, with support around the 0.6800 level and resistance near 0.6900. The pair has been influenced by trade tensions between the US and China, as well as domestic economic data out of Australia. Traders will be watching for any breakthrough in trade negotiations or key economic indicators for potential trading opportunities.
Overall, traders should keep a close eye on these currency pairs this week for potential trading opportunities based on technical and fundamental analysis. Stay tuned for any developments that could impact these pairs in the foreign exchange market.