This week’s forex market forecast, I will refer to the scenarios that may occur during the week. The first pair is on radar is AUDUSD. Recently, price moved up and formed a double top at level around 0.7940.
If the price goes down to between 0.7845 and 0.7826, I will look for a buying opportunity. I will look for buying opportunities according to the price action when the price approaches to 7826 level. If the price fall even further down to the level of 0.7826, I will enter the buy position with the BAT formation. The trend line created by the channel will be effective when executing the buying position.
If the price breaks up above 0.7960 level and if it is able to stay above this level, buying opportunities can be sought according to the price action that occur during the week.
On the NZDUSD, which is in a down trend for a while, there is a similar formation like the AUDUSD. There is a potential inverse head and shoulder formation that may occur if the price falls to 7266 – 7247 zone. During the week, the price may be create buying opportunities in the zone where the trend line and fibonacci levels intersect.
The GBPUSD pair is moving in a down trend by creating channels. If the price rises above these levels, sales opportunities in the above channel area may be sought. In the case of downward move, I will wait till price move up to the channel again to look for selling opportunities.