Forex Weekly Outlook: 27 Apr to 01 May 2020

First of all, I would like to wish all my Muslim readers a Happy Ramadan. It has been a long while since I made my last posting. Will do better from now on!

Let me start this week by sharing my view of next week outlook for the major pairs in the Forex market. I will show my analysis on the 4-hour chart since I trade Forex mostly off that chart. I do look at the daily and 1-hour charts but that will a topic for another posting.

EURUSD 4-Hour Chart

EURUSD has been moving lower since 15 Apr 2020 making lower highs and lower lows. It is currently testing its SR zone at 1.0812-1.0829, which was support but now resistance. It can either break above this zone to test the next higher SR zone or reverse from this zone to move lower. I will wait for next week price action to decide on my course of action. 

USDJPY 4-Hour Chart

USDJPY has been moving sideways since 15 Apr 2020 after a trend move down. I will look for a sell setup when USDJPY test its SR zone at 107.92-108.08.

GBPUSD 4-Hour Chart

GBPUSD has been moving lower in staircase descending manner since 15 Apr 2020. I will look for a sell set-up when GBPUSD test its SR zone at 1.2408-1.2448.

AUDUSD 4-Hour Chart

AUDUSD has been moving sideways after failing to break above its SR zone at 0.6433-0.6462. Recent price action from 21 Apr 2020 has been bullish with AUDUSD making higher highs and higher lows. I expect it to test again its SR zone at 0.6433-0,6462. Just a note, I have an opened long position at 0.63549 with SL at 0.6330 and TP at 0.6440.

USDCAD 4-Hour Chart

USDCAD has been moving higher since 14 Apr 2020. It seems to be supported at its SR zone at 1.3999-1.4023. I will wait for another test of the SR zone and then drill down to the 1-hour chart to look for an entry trigger.

USDCHF 4-Hour Chart

USDCHF has retraced down after failing to break above its SR zone at 0.9788-0.9797. It is currently testing its SR zone at 0.9714-0.9727, which was resistance but now support. It can either breakdown below this zone to test the next lower SR zone or reverse from this zone to move higher. I will wait for next week price action to decide on my course of action.

NZDUSD 4-Hour Chart

NZDUSD has been consolidating in a descending triangle pattern after reaching a high at 0.6130 on 14 Apr 2020. I will be looking for a sell setup at either SR zones at 0.6021-0.6041 or 0.6065-0.6092 or upper line of the triangle pattern.

XAUUSD 4-Hour Chart

XAUUSD(Gold) broke above its SR zone at 1696-1702 on 22 Apr 2020 and is currently testing its SR zone at 1734-1747. I will be looking for a buy set-up when XAUUSD retrace down to the broken SR zone, which was resistance but now support.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.