Weekly Forex Forecast

Week 23 2021

Monday, June 7, 2021
Covered Instruments:
EUR/USD Currency Flag
EUR/USD
GBP/USD Currency Flag
GBP/USD
USD/JPY currency flag
USD/JPY
AUD/USD Currency Flag
AUD/USD
USD/CAD Currency Flag
USD/CAD
EUR/USD Currency Flag
EUR/USD - Week 23

In our past analysis, we correctly forecasted that EURUSD will start a bearish move that would act as a consolidation for the Daily uptrend. For this week, we expect the price to make a pullback underneath the trendline and fall towards the support level. Another option is that we may break the top again. This might happen if we break the orange trendline and make a consolidation above it.

GBP/USD Currency Flag
GBP/USD - Week 23

In our previous analysis for this pair, we correctly anticipated a new top and the bearish move that followed. For this week, we incline towards a bearish move that will test the support area highlighted on the chart. There is a chance that this move might happen after we break the top one more time. However, our focus will be on the sell setups.

USD/JPY Currency Flag
USD/JPY - Week 23

In our previous outlook, we correctly anticipated USDJPY to make a small pullback and test the resistance area. For next week, we expect the price to fall into a consolidation that can push the price towards the blue trendline. From there we will study the price action and decide if we will continue the bearish momentum or make one more top. Keep in mind that we are in the middle of a corrective B-wave and this might get a bit messy.

AUD/USD Currency Flag
AUD/USD - Week 23

Last week, we were expecting the Australian Dollar to reach the resistance level highlighted on the chart. Instead, the price gained some bullish momentum and made an unsuccessful attempt to break the support level. In the coming week, we expect the price to begin a bullish move that will test the resistance area highlighted on the chart.

USD/CAD Currency Flag
USD/CAD - Week 23

In our past analysis, we correctly forecasted that EURUSD will start a bearish move that would act as a consolidation for the Daily uptrend. For this week, we expect the price to make a pullback underneath the trendline and fall towards the support level. Another option is that we may break the top again. This might happen if we break the orange trendline and make a consolidation above it.

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