City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for five major currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD.
The focus is on technical price trends and major support and resistance levels.
EUR/USD has rebounded on a dollar pullback ahead of this week’s Fed meeting and could soon rise back up towards major 1.1450-area resistance.
GBP/USD has extended its rally on a weakening dollar and muted Brexit concerns, and could be poised for more gains on any dovish signals from the Fed.
USD/JPY has pared its recent gains, but could be in for some major volatility with both the Fed and Bank of Japan scheduled to hold policy meetings this week.
AUD/USD has tentatively rebounded from the key 0.7700 support level, but could soon exhaust its recent uptrend in the event of a retreat in commodities.
USD/CAD has extended its sharp downtrend on continued weakness in the US dollar as well as sustained support for crude oil.