Weekly Forex Technical Report for Prominent Currency Pairs

AUD/USD ( 4 HOURLY )

RECOMMENDATION: SELL

The primary trend of AUD/USD is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA on the downside indicating downtrend of the pair. It is having an important resistance at the level of 0.7405 and support at the level of 0.7245. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.

INDICATORS:-

MACD is sustaining in its negative territory indicating the bearish trend in the pair.

RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.

STRATEGY: AUD/USD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.

EUR/USD ( DAILY )

RECOMMENDATION: SELL

SUMMARY:

The primary trend of EUR/USD is bearish on charts and price is trading below the trend line in its daily chart. In daily chart the price is sustaining above 200 day SMA and taking resistance of 50 day SMA on the downside indicating downtrend of the pair. It is having an important resistance at the level of 1.1375 and support at the level of 1.1280. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.

INDICATORS:-

MACD is sustaining in its negative territory indicating the bearish trend in the pair.

RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.

STRATEGY: EUR/USD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.

GBP/USD ( 4 HOURLY )

RECOMMENDATION: SELL

SUMMARY:

The primary trend of GBP/USD is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining below 50 day SMA and taking resistance of 200 day SMA on the downside indicating downtrend of the pair. It is having an important resistance at the level of 1.4425 and support at the level of 1.4340. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.

INDICATORS:-

MACD is sustaining in its negative territory indicating the bearish trend in the pair.

RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.

STRATEGY: GBP/USD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.