Once upon a weekend, we decided to take a look at the Forex charts in order to forecast what currency pair price might do next week.
The forecast is based on the use of some indicators.
However, as readers, you may need to check the following forecast in line with your strategy.
We found the following pairs very interesting with possibilities that may be of benefit to you.
EURJPY:
4 HOUR TIME FRAME:
EURJPY price closed for the week at 124.174
This pair price is currently consolidating on the 4 hour time frame. We expect a range-breakout to the upside.
Technically, the 124.700 area may be the next resistance zone and price is expected to breakout or retrace from there.
WEEKLY TIME FRAME:
Still on EURJPY, the weekly time frame still indicates that the overall trend is Bullish.
Analytically, EURJPY’s weekly price is ranging in a triangle.
The wick on the last weekly candlestick is quite bearish and the Bears may leverage on this to push price down.
Summary on EURJPY:
A breakout of the 123.00 to 125.00 range will determine the final direction of EURJPY price in due course.
AUDCAD:
4 HOUR TIME FRAME:
AUDCAD price closed for the week at 0.93647.
This pair price is currently jumping from the lows on the 4 hour time frame. We expect further upside move.
Technically, the 0.9450 area may be the next resistance zone and price is expected to retrace a bit from there.
WEEKLY TIME FRAME:
Further on AUDCAD, the weekly time frame still indicates that the overall trend is Bullish.
Analytically, AUDCAD’s weekly price is ranging in a triangle.
The wick on the last weekly candlestick is quite bullish.
Bullish Pin Bar traders may leverage on this to push price up to 0.9400 and 0.9450 zones.
Summary on AUDCAD:
A breakout of last week candlestick high price at 0.9387, will confirm possible upside move of AUDCAD price.
AUDJPY:
4 HOUR TIME FRAME:
AUDJPY price closed for the week at 74.719.
This pair price is currently jumping from the lows on the 4 hour time frame. We expect further upside move.
Technically, with what appears to be the formation of a double bottom, price may meet with initial resistance at 76.500 area.
The descending trendline at the 76.500 area may also serve as an area of value.
WEEKLY TIME FRAME:
Further on AUDJPY, the weekly time frame indicates that the overall trend is Bullish.
Analytically, AUDJPY’s weekly price is ranging in a triangle.
The Inside Bar candle, last weekly candlestick, gives a possible bullish outlook for AUDJPY next week.
