EUR/USD Technical Analysis

Next week EUR/USD will probably try to test 1.3121 level as long as we don’t sink below 1.2820 area. If we get very good news from the eurozone, we may even see 1.3260. if the pair fails to stay above 1.2965 level the outlook will remain bearish and we may be back to 1.2634 and then 1.2454 level.

EUR/USD Weekly Chart

The latest CTFC (Commitments of Traders) report shows that the currency speculators increased their net short positions to record highs. They increased their net short EUR positions by 4.8K contracts to 160K.

CoT Chart EUR

 

GBP/USD Technical Analysis

GBP/USD is in a better shape. Maybe EUR/GBP is helping as well, 0.8370 acts a strong resistance atm. Anyway, I think GBP/USD will test and 1.5587 first and then 1.5670, even 1.5771. However if we go back below 1.5490 I guess things will turn to bearish and we may see 1.5400 and maybe 1.5200.

GBP/USD Daily Chart

The latest CTFC Commitments of Traders report showed that the currency speculators increased their short positions slightly. They increased their net short GBP positions by 5.8K contracts to 41.6K

CoT Chart GBP

 

AUD/USD Technical Analysis

AUD/USD closed the week at 1.0482. AUD has been strong against USD for the last 4-5 weeks. If bullish momentum continues 1.0570/1.0606 will be the next target. My very long term target is 1.1028. I am bullish as long as we trade above 1.0345/1.0300. However, if the bears manage to take control and we trade below 0.9900, then I will be looking for 0.8800.

AUD/USD Daily Chart

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One Response to Charts and Technical Update

  1. forex trading says:

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