Weekly Outlook – 09/09/19 – 13/09/19

Weekly Outlook – 09/09/19 – 13/09/19 by William Currency Analyst

DXY – Weekly

– USD Index rejected the $99.00 highs and closed back into the weekly channel – LEVEL STRATEGY
– Seasonal/Current patterns suggest this could be the top for the USD and if price breaks the current candle lows then selling momentum should continue.
– This week forecast for DXY is down to 97.70 – if price breaks the current candle lows then selling momentum to 96.60.



AUDUSD – Weekly

– This pair recently broke out of the wedge pattern from the key lows.
– Currently highlighting the risk-on sentiment in the market.
– Price formed a bullish breakout candle and we could see price continue towards weekly trendline resistance 0.70415




NZDUSD – Weekly

– This pair formed a bullish engulfing candle due to the USD weakness.
– CoT reports shows an increase in long positions for the New Zealand dollar and with USD weakness, we could see some upside for NZDUSD.





USDCAD – Weekly 

– USDCAD formed a bearish engulfing candle at the key 1.3300 level.
– The price action suggesting further fall from here – market looks likely to continue down into the lows of 1.3030
– The strength and weakness table report adds confluence to this move with the Canadian Dollar gaining significant strength recently.
– Potential target to reach:
1. 1.31223
2. 1.30300



BCOUSD – Daily

– Brent Crude Oil closed bullish and looks likely to break higher if the USD weakens further.
– Break of 62.60 and trendline resistance will be added confirmation for BUY/LONG





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