In this weekly technical outlook, we will be focusing on three major currency pairs – USD/JPY, USD/CAD, and AUD/USD. We will be using technical analysis to determine potential trading opportunities in the forex market.
First, let’s take a look at USD/JPY. The pair has been trading in a range between 110.00 and 111.00 for the past few weeks. The key support level to watch is at 110.00, while the resistance level is at 111.00. If the pair breaks above the resistance level, we could see a bullish continuation towards 112.00. On the other hand, if the pair breaks below the support level, we could see a bearish reversal towards 109.00.
Next, let’s analyze USD/CAD. The pair has been in a downtrend for the past few weeks, with key support at 1.2500 and resistance at 1.2700. If the pair breaks above the resistance level, we could see a bullish reversal towards 1.2800. However, if the pair breaks below the support level, we could see a continuation of the downtrend towards 1.2400.
Lastly, let’s look at AUD/USD. The pair has been trading in a range between 0.7400 and 0.7500. The key support level to watch is at 0.7400, while the resistance level is at 0.7500. If the pair breaks above the resistance level, we could see a bullish continuation towards 0.7600. On the other hand, if the pair breaks below the support level, we could see a bearish reversal towards 0.7300.
In conclusion, these are the key levels to watch for USD/JPY, USD/CAD, and AUD/USD. It is important to wait for confirmation before entering any trades and to always use proper risk management techniques. Watch the video for a more in-depth analysis of these currency pairs.