Imminent Bull Run Among Major Forex Pairs
In the world of forex trading, keeping a close eye on major forex pairs is crucial for identifying potential trading opportunities. This analysis provides insights into the recent performance and forecast of various currency pairs, including the AUD/USD, USD/CHF, CAD/JPY, EUR/JPY, GBP/CAD, and EUR/USD.
Additionally, we’ll explore technical indicators, support and resistance levels, and potential profit objectives for traders engaged in online forex trading. We’ll also touch upon the forecast for equities and commodities such as Brent and Gold, as well as the S&P 500 stock index. By staying informed about these key market developments, traders can make more informed decisions and seize profitable opportunities in the forex market.
The US Dollar Index (DXY)
The US dollar index holds firm support at 103.00, indicating a positive outlook and potentially signaling the start of a bull run. While failing to surpass last week’s high, the index’s current level would lead to a breakthrough, targeting resistance levels at 103.95/104.05.
As anticipated, the US dollar index has reached 104.00, supporting the prediction of further gains. To confirm the next buy signal, a break above 104.20 is necessary.
Downside Breakout and Selling Opportunity
The AUD/USD has broken downwards as predicted, suggesting a selling opportunity on a bounce to 6560/80, with a stop above 6605. This presents a swing trade opportunity, with potential drops of up to 200 pips.
While USD/CHF is heading higher, a small correction to support at 9010/900 could occur due to short-term overbought conditions. Long positions should have stops placed below 8990.
CAD/JPY found its support at 101.70-50, making it essential for long positions to have stops below 101.30. Targets are set at 102.10 and 102.60.
EUR/JPY experiences daily fluctuations within a sideways trend, limiting its usefulness for traders except for scalpers. Minor support is identified at 149.50/40, and strong support lies at 148.75/55.
GBP/CAD longs at the support of 167.60/40 have yielded positive results, with the bounce reaching the target of 168.55. Moreover, traders can consider long positions again at the same support level, with a stop below 167.10. Targets are set at 168.20, 168.50, and 168.90, providing potential profit objectives for traders engaged in online forex trading.
EUR/USD shorts at strong resistance of 1.0830/40 have proven successful, leading to the target of Fibonacci support at 1.0730/20. Profit-taking can be considered at this level.
Major Forex Pair Technical Analysis and Forecast Equities, and Commodities
- EUR/USD: The currency pair has completed its forex pattern to 1.0800. Currently, it is heading towards a decline to 1.0730. A consolidation range might form around this level, with a potential extension downwards to 1.0700.
- GBP/USD: The currency pair has completed a wave of decline to 1.2355. A consolidation range has formed, suggesting a continuation of the downward wave to 1.2315. A link of correction to 1.2355 could follow.
- USD/JPY: The currency pair has formed a consolidation range of around 138.65 and completed a structure of growth to 139.65. The current wave is expected to continue to 139.85, followed by a correction to 138.65.
- AUD/USD: The currency pair has completed a wave of decline to 0.6534 and is currently consolidating around this level. A breakout downwards suggests a continuation of the wave to 0.6480, while an upward breakout could lead to a corrective rise to 0.6571. A decline to 0.6480 is coming thereafter.
- Brent: Brent has experienced a wave of growth to 78.46, followed by a correction to 77.00. The market is currently forming a structure of growth targeting 79.40. Therefore, subsequent correction to 77.40 may occur, with a potential new wave of growth to 80.20.
- XAU/USD: Gold has completed a wave of growth to 1984.00 and is now developing a new wave of decline to 1945.75. A correction to 1964.00 could follow.
- S&P 500: The stock index has completed a wave of decline to 4106.0. Moreover, the market is currently establishing a consolidation range above this level, indicating that an upward breakout could imply a corrective move toward 4160.0. A downward breakout could lead to a wave of decline to 4050.0.