Weekly Forex Analysis 12 March

USD/JPY:

Weekly gain/loss: +1.00%

Weekly closing price: 106.81

The USD/JPY was little changed on Friday, despite the US non-farm payrolls release.  USDJPY did well to trade off the support area at 105.19-107.54. The only problem now, is the nearby weekly trendline support-turned resistance etched from the low 98.78.

USDJPY overall momentum is ascending and current momentum is looking to change from descending to ascending. On the weekly timeframe we closed with a bullish inside bar and on the 4HR chart a close above the daily trendline resistance level which could signal some bullish action this week for this pair.

USD/CAD

Weekly gain/loss: -0.54%

Weekly closing price: 1.2809

After piercing through weekly resistance at 1.2917 and coming within a few pips of connecting with a weekly resistance area at 1.3006-1.3115, weekly price printed a nice-looking bearish pin-bar pattern. This could open to the doors to a lot of technical traders to short this pair this coming week week until we shake hands with the 2018 yearly opening level at 1.2579.

USDCAD overall momentum is descending in which currnet momentum is ascending. On the daily timeframe price has formed a nice channel which should provide some good trading opportunities. I would look to place buy limit and sell limit orders on this pair until we get a break either above resistance or below support.

GBP/USD:

Weekly gain/loss: +0.35%

Weekly closing price: 1.3849

After a substantial downside push the week prior, GBP/USD bulls made an attempt to recover last week but failed to gain much ground. GBPUSD overall momentum is currently ascending and current momentum is descending. Price is currently trading in a large flag pattern. A breal below minor trendline support on the 4HR time frame will warrant the short trade back to the bottom of the flag channel. A break above daily resistance this week will see bullish momentum continue and a rally to weekly resistance would be on the cards. As is evident from the weekly timeframe, the pair remains trading within striking distance of a weekly support level at 1.3653 and the nearby 2018 yearly opening level at 1.3503.

EUR/USD:

Weekly gain/loss: -0.07%

Weekly closing price: 1.2303

EURUSD overall momentum is ascedning in which ciurrent price action is descending. Within market structure you can see which have a triangle formation within a bigger retangle formation which has come from the impusle move on the weekly timeframe. Price is currently consolidating on the weekly so any moves would be short term trades on the breaks of either support or resistance.

The EUR/USD concluded the week effectively unchanged, despite ranging over 170 pips. Since late January, upside has been capped by a major-league weekly supply zone coming in at 1.2569-1.2287.

GOLD:

Weekly gain/loss: +0.08%

Weekly closing price: 1323.0

Gold wrapped up the week with marginal gains in spite of ranging more than $27. Gold’s  Overall momentum is ascending in which current momentum is descending. Price is currently trading within a ABC triangle pattern on the daily time frame. Continuation to the downside is expected however a break above the diagonal resistance level and out fo the triangle pattern would void the short trade and a long set up would then be in our sights to the daily resistance level.

GBP/JPY

Weekly gain/loss: +1.3 %

Weekly closing price: 147.910

Although GBPJPY edged higher last week, rallying nearly 50% of the previous weekly candle its overall momentum has shifted the past couple weeks from ascending to descending with a close below the weekly trendline and then a further retest failing to rally back into the ascending channel. 4HR time frame shows a ascending triangle and a close below support will warrant the short trade to the daily support level and conclude that the bears are back to push the price lower.

DXY

Weekly Closing Price: 90.10

The dollar index has has some bullish action over the past couple week and is currently sitting at a minor resistance level. You can see the flag formation and a break above resistance would see price rally to the major descending trendline

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