DXY remain in 96.00 – 97.00 ranges. Here are the pairs to look closely for the week ahead

EURUSD re-tested 1.12 level.

DXY remain in 96.00 – 97.00 ranges. Here are the pairs to look closely for the week ahead - 1

EURUSD was last traded at 1.12 level in 24th Nov 2021, before buyers quickly pushed the price back to above 1.13 within just 2 trading days, and since then the price remained consolidating between 1.1250 – 1.1350 for the past 15 trading days. In this weekly chart perspective the divergence is too obvious to ignore as RSI signaling oversold since EURUSD broke below 1.13 level in early November 2021. Despite the uncertainty from a macro-economic point of view, there are chances for 1.14 level to be the next bulls target, as long as sellers do not break below 1.12 level.

AUDUSD re-tested 0.71 weekly engulf.

DXY remain in 96.00 – 97.00 ranges. Here are the pairs to look closely for the week ahead - 2

Following the rise of Iron Ore in mid-November 2021, it has become a huge favor for the Aussie dollar to make a significant upside push just right after sellers reached 0.70 level, which then becomes the Q4 new low. Now buyers that has clear the 0.71 level which will expose 0.72 - 0.73 as the next bull target. However, this will be a tough job for buyers as both 100-200 weekly moving averages act as a strong resistance level, even though last week buyers managed to reach 0.72. After that the price quickly lowered toward weekly engulf neckline before the US session closed. Weekly engulf can be a good area to watch for buyers to look for upside continuation for the week ahead.

Surya Teja

Surya began his career in trading industry by working in a FX broker in Hong Kong, he then decided to start his own FX community -LCFXpro which quickly grew and attracted active members from around the globe. He is also one of the TradingView all time TOP-Authors. Surya also provides intra-day trading ideas with clear market direction on TradingView and linktr.ee/LCFXpro