Charting 8 Currencies: A Weekly Forex Analysis and CPI Preview
Updated
In this week's Tradingview analysis, I've examined eight individual currencies and marked off key levels, support/resistance, and trendlines. These charts help me gauge the strengths and weaknesses of different pairs, which I'll be keeping an eye on for the week.
However, the fundamental landscape is also worth watching, especially with the upcoming CPI event. Last week's NFP data was mixed, with some numbers beating expectations while others missed. Traders are now looking to Tuesday's CPI data to get a clearer sense of the market's direction. If the CPI data is a miss, we may see upside in risk assets and downside in the dollar. On the other hand, a beat in CPI could trigger the opposite response.
Here's a brief rundown of each currency:
USD: The 4H chart suggests an uptrend, but a break of the support level could lead to further downside. Reclaiming the key level could signal a continuation of the upside move.
GBP: Recent price action hit a resistance zone, and I expect a pullback. I'll be watching the key level around the 50% fib for a potential bounce or downside move.
EURUSD: The current uptrend may continue, but breaking the trendline and key level could trigger a downside move.
JPY: Price is at an interesting juncture. Breaking the pattern and key level could give it more momentum to the upside, but failing to do so could push price down to the second key level. Watching the US10Y for further downside momentum is also important because it can add strength to the JPY.
CHF: Recent price movements seem stretched, and I'll be watching for any pullback or price action at the prior resistance level.
AUD: The 4H candle just broke and closed below the prior support level, indicating potential downside. A reclaim of the prior support level could indicate a false break.
NZDUSD: Our support level is currently holding. If it breaks, we may see a downward move. However, a breakout above our trendline and key level would suggest a possible bullish move.
CAD: There's currently downside pressure on the CAD. Watching the key level 2 for a potential reversal or further downside move.
Wishing you all the best of luck in your trades, and I hope this breakdown provides some valuable insights.
However, the fundamental landscape is also worth watching, especially with the upcoming CPI event. Last week's NFP data was mixed, with some numbers beating expectations while others missed. Traders are now looking to Tuesday's CPI data to get a clearer sense of the market's direction. If the CPI data is a miss, we may see upside in risk assets and downside in the dollar. On the other hand, a beat in CPI could trigger the opposite response.
Here's a brief rundown of each currency:
USD: The 4H chart suggests an uptrend, but a break of the support level could lead to further downside. Reclaiming the key level could signal a continuation of the upside move.
GBP: Recent price action hit a resistance zone, and I expect a pullback. I'll be watching the key level around the 50% fib for a potential bounce or downside move.
EURUSD: The current uptrend may continue, but breaking the trendline and key level could trigger a downside move.
JPY: Price is at an interesting juncture. Breaking the pattern and key level could give it more momentum to the upside, but failing to do so could push price down to the second key level. Watching the US10Y for further downside momentum is also important because it can add strength to the JPY.
CHF: Recent price movements seem stretched, and I'll be watching for any pullback or price action at the prior resistance level.
AUD: The 4H candle just broke and closed below the prior support level, indicating potential downside. A reclaim of the prior support level could indicate a false break.
NZDUSD: Our support level is currently holding. If it breaks, we may see a downward move. However, a breakout above our trendline and key level would suggest a possible bullish move.
CAD: There's currently downside pressure on the CAD. Watching the key level 2 for a potential reversal or further downside move.
Wishing you all the best of luck in your trades, and I hope this breakdown provides some valuable insights.
Note
Keeping an eye on USD and AUD right now. Watching USD for the break of support.
Watching AUD for the false break play.
Waiting for a setup on the AUDUSD pair!
Note
Watching NZD
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✅ YouTube: youtube.com/@natronfx
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