Weekly Forex Forecast

Sunday, 17 December 2017 9:41

By: DailyForex.com

EUR/USD

The EUR couldn’t keep the bullish pressure up during the week, and as a result we ended up forming a shooting star. I think the next week or so is going to be negative, as there is no wherewithal or conviction in the market. When I look at the charts though, I cannot help but see a bullish flag but until we break above the 1.20 level, none of that matters. Expect choppiness, and a general attitude to get nowhere.

EURUSD

USD/JPY

The US dollar was negative against the Japanese yen during most of the week, but did rally a bit during the day on Friday as it looks like tax reform is coming after all. The 112 level underneath is massively supportive, so I think that we will probably see buyers jumping back into take advantage of weakness when we see it. A break above the 114.50 level sends this market looking towards the 115 level. A clearance of that is a very bullish sign.

USDJPY

NZD/USD

The New Zealand dollar rallied significantly during the week, breaking out above a significant amount of resistance. Beyond that, we are at the bottom of a significant consolidation area, so it’s likely that we will continue to see buyers push this market towards the 0.75 level above. Because of this, I am bullish of the market but recognize we are going to see a lot of noise.

NZDUSD

Gold

Gold markets pulled back during a large portion of the week, but turned around to form a bit of a hammer. The hammers suggesting that we are going to go higher, and therefore I think that we will go looking towards the $1300 level over the next several weeks. I believe in buying dips in the gold market, unless of course we break down below the weekly uptrend line. In general, I think $1300 is a reasonable target going forward.

Gold

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

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