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Start your trading prep with an overview of catalysts lined up for the major currencies and the charts to watch this week.
FX Week Ahead

Major Currencies Overview

First up, here’s a rundown of how the major pairs performed in the past week:

Major Forex Pairs Performance from MarketMilk
Major Forex Pairs Performance from MarketMilk

USD

It’s NFP week y’all! But before that, a couple more leading jobs indicators are up for release from the U.S. economy that could provide market watchers with a better idea of how the top-tier employment reading could turn out. Read more.

CAD

It’s also jobs week for the Canadian economy, and there’s not much in terms of top-tier releases before that. BOC head honcho Poloz has a speech coming up, though, and there’s crude oil price action to watch out for. Read more.

EUR & CHF

It’s all about low-tier reports for both the euro and franc this entire week, although volatility could still come from risk-off flows if geopolitical tensions keep up. Read more.

GBP

It’s also a light week in terms of economic releases from the U.K., which leaves Brexit updates as the main source of potential volatility for pound pairs. PM Johnson has an important meeting coming up mid-week. Read more.

JPY

A handful of medium-tier reports might be worth watching from the Japanese economy, but it’s likely that market sentiment could be the main driving factor for yen pairs this time. Read more.

AUD

The Aussie has a couple of top-tier reports to react to this week, and it’s also worth noting that the bush fires in the Land Down Under are keeping traders on edge. Read more.

NZD

New Zealand won’t be printing any major reports this week, so traders might have to take their cues from overall sentiment and other market drivers. Read more.

Charts to Watch:

AUD/USD: 4-hour

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

This pair keeps trending higher above a rising trend line on its 4-hour chart, and price is in the middle of a correction. The Fibonacci retracement tool shows that the 61.8% level lines up with the trend line and an area of interest.

Stochastic is already indicating oversold conditions and is turning higher to confirm a return in bullish pressure as the 50% Fib is currently keeping losses in check.

EUR/USD: 1-hour

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

This euro pair is also trending higher inside an ascending channel visible on the 1-hour time frame, and price is undergoing a pullback. The 61.8% Fib seems to have held as support, but a deeper correction could still last until the channel bottom around 1.1100.

If these support areas hold, EUR/USD could recover to the swing high at 1.1240 or the top of the channel. Stochastic is on the move up to confirm the presence of bullish pressure, but the oscillator is approaching overbought conditions already.

EUR/NZD: 4-hour

EUR/NZD 4-hour Forex Chart
EUR/NZD 4-hour Forex Chart

Not a fan of the euro? Here’s a short opportunity on an ongoing downtrend!

EUR/NZD is pulling up from its latest dive, inching closer to the 38.2% Fib or possibly aiming for the higher correction levels. The 50% Fib lines up with the 1.6800 handle while the 61.8% level coincides with an area of interest or former support.

Stochastic is already indicating overbought conditions, though, so the pullback might just be a shallow one.