Forex Weekly Outlook: Monday 24 February – Friday 28 February 2014

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Forex Weekly Outlook: Monday 24 February – Friday 28 February 2014
Forex Weekly Outlook: Monday 24 February – Friday 28 February 2014

Forex Weekly Outlook: Monday 24 February – Friday 28 February 2014

Eur/Usd

The pair continued to follow its technical levels where it remained above its critical support level given by the donchian band, leading to invite the bulls all over this past week where the pair managed to add in nearly 150 points to its value as it tested the top 1.3775.
Euro took a dip on Friday after which it rebounded to a certain extent and gave a closing at 1.3738 on Friday where overall outlook is bullish but good buying could be seen this week if it moves above the resistance level of 1.3752.

The German ifo Business climate data is due on Monday along with the inflation numbers, where yearly CPI coming more than expected 0.7% would lead to further rise in the pair.

Gbp/Usd

The British Pound lost nearly 70 points on Friday against the greenback and closed in the short term bearish zone that would allow the bears to further extend the downward rally this coming week as well, provided the GDP numbers for the UK economy disappoint the investors.

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The sellers can enjoy selling the pair as long as the pair hovers below the critical resistance level of 1.6710; moreover, even if the pair moves up there would be an opportunity for them to sell on tops. However, moving above and sustaining above 1.6710 would be riskier for them to short the pair as bullish momentum might take up.

Aud/Usd

The pressure is still there on the Aussie as it lost nearly 120 points in the past couple of trading days, where it gave a closing just below the critical support level, hence inviting bears to enter the market. The potential to short the pair would remain there if it makes a move below 0.8955 on Monday. Pending sell orders are set at 0.9013 and 0.9027 where if the pair makes a move above these two resistance levels then buying the pair would be a favorable condition for the traders.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com