In this article, we analyze EUR/USD, USD/JPY, GBP/USD and AUD/USD from a technical standpoint, highlighting crucial price levels that may act as support or resistance in the upcoming week.
EUR/USD exploded to the upside heading into the weekend following disappointing U.S. economic reports, clearing former resistance in the 1.0670/1.0695 range. If this bullish breakout is sustained in the coming trading sessions, buyers could become emboldened to challenge Fibonacci resistance and the 200-day simple moving average near 1.0765 level. On further strength, the focus shifts to 1.0840.
USD/JPY fell on Friday, extending its decline for the third consecutive day after failing to overcome technical resistance near the 152.00 mark. If losses gain impetus in the coming week, support is situated at 148.75. While the pair may have difficulty breaching this area, a clean breakdown could reinforce downside pressure, setting the stage for a descent towards 147.30.
GBP/USD also broke out on Friday, taking out trendline resistance at 1.2200 and its 50-day simple moving average located around 1.2310. With bullish momentum on cable’s side, gains could accelerate in the coming trading sessions, setting the stage for a possible rally towards 1.2450/1.2460, a key are where the 200-day simple moving average aligns with 38.2% Fib retracement of the July/October pullback.
AUD/USD has been on a bullish tear since late October after bouncing off horizontal support hovering around the psychological 0.6300 mark. After recent gains, the pair have managed to clear important technical levels and pushed towards its 100-day simple moving average at 0.6510, the next resistance in play. A break above this ceiling could see a move towards the 0.6600 handle in the near term.
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