EUR/USD is expected to continue its bullish trend, with a target of 1.07171. Pound/USD is primed for a bonus breakout with a target of 1.21434. For AUD/USD, there is a broken resistance trendline that is now acting as a new support trendline. The pair is expected to make a pullback before being bought, with the target being 0.68970.

Euro USD, Pound USD, and AUD USD: Analyzing the Forex Market Trends for the Week Ahead

Introduction

The Forex market trends are always fluctuating, making it crucial for traders to stay updated with the latest information. In this article, we will dive into the analysis of three popular currency pairs- Euro USD, Pound USD and AUD USD. We will explore the past and present market trends of these pairs, and provide insights into their future movements for the upcoming week.

Euro USD

The Euro USD has been bullish for the past week, and it’s likely to continue its upward trend in the upcoming week. The daily chart shows that the Euro USD is respecting the level of support rank line, and the appearance of a reverse Hammer candle on the weekly chart indicates that there is a bullish reversal in the making.

Based on the support trendline and price action on the weekly chart, it’s safe to assume that the Euro USD will continue to rise until it reaches the resistance level of 1.07171. Traders can start buying the pair from the previous support level, which is expected to bounce back creating a pulling back effect. The safe zone is expected to range till the lowest level of support at 1.051708 and the take profit level at the resistance at 1.07171. This translates to a potential profit of 102 pips in a ranging safe zone of 42 pips.

Pound USD

The Pound USD has experienced a bullish reversal recently and is likely to perform well in the upcoming week. The inverted Hammer candle on the weekly chart confirms a bullish reversal, which is also supported by a resistance trendline and a support trendline forming a triangle on the daily chart.

The full green bar on the daily chart indicates a continuation of the bullish trend, with a potential price explosion leading to a breakout from the resistance trendline. Traders can start buying the Pound USD from the support level, which is expected to bounce back and make a pullback leading to a retest of the broken resistance trendline, which will now form a new resistance trendline. The nearest supported entry level is expected to be respected, with the target set at the highest level of resistance at 1.21434. The potential profit for this trade is 143 pips while the safe zone shouldn’t range lower than the support at 1.19416.

AUD USD

The AUD USD has respected the level of support at 0.67065 over the past week, leading to an expected rise to the resistance level at 0.68970. The broken resistance trendline has been retested, leading to the creation of a new support trendline.

Traders can start buying the AUD USD after the pair makes a pullback and retests the 0.67468 support level. This level has always been a strong key level of support, and it’s likely to be retested again. A pullback of about 12 pips is expected before traders can start buying the pair. The target level is set at the resistance level of 0.68970, with a potential profit of about 21 pips.

Conclusion

In conclusion, the Euro USD, Pound USD, and AUD USD are expected to be bullish for the upcoming week. The analysis of market trends allows traders to make more informed trading decisions. With this information, traders can buy these pairs with confidence and capitalize on the potential price movements.