Forex Daily Outlook – Volatile Opening

EURUSD gains 0.23% today and still maintains its positive bias in the daily timeframe. The price remains above 5EMA while all MAs are trending higher. The grey zone still remains a solid resistance. Main week’s events are the ECB interest rate where we don’t expect surprises as well as the EU meeting on the common recovery plan that will take place on Friday and Saturday.     

CopyTrade with ZuluTrade

Daily
EURUSDDaily 1372020

GBPUSD is neutral to weak by losing 0.09% on Monday. The pair has stalled below the long-term trendline, creating Dojis. This action proves that the current area is critical. The cable stays above 5EMA but the MAs are flattening. RSI(5) is turning lower from the overbought area. Rishi Shunal, UK’s Finance minister, plans to introduce more measures to support the UK economy while we expect major news this week (UK Balance of Trade and Inflation Rate YoY).      

CopyTrade with ZuluTrade

Daily
GBPUSDDaily 1372020

USDJPY bounces to the upside from the 61.8% Fibonacci level and earns 0.15%. RSI (5) reversed from the oversold level in the daily timeframe. The pair is currently testing the 5EMA from below. Major week’s events include US Inflation Rate where analysts expect an increase to 0.5%, the US Retail Sales where market forecasts 4.5%.  

CopyTrade with ZuluTrade

Daily
USDJPYDaily 1372020

USDCHF is even stronger than USDJPY as the pair is moving above 5EMA while it earns 0.04% today. It seems that it has activated a falling wedge pattern on the daily timeframe. Bulls are targeting the 21EMA however there is the 38.2% Fibonacci level which acts as a resistance.  

CopyTrade with ZuluTrade

Daily
USDCHFDaily 1372020

USDCAD has no clear bias as it moves sideways. RSI and MAs prove this view as all of them have no trend. The market anticipates BOC’s interest rate decision though analysts don’t expect any change.

CopyTrade with ZuluTrade

Daily
USDCADDaily 1372020

Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on USDCHF, GBPUSD, and USDCAD while bearish on GBPJPY.
sentiment 1372020

 

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.