• Millennium Markets

Top 3 FX Pairs To Be Looking At This Week

Updated: Dec 21, 2020

Christmas week is finally here, and with that comes the last full week of December. The final weeks of December often come with a decrease in market volumes and volatility across all markets. However, as investors focus their attention this week to COVID-19 Vaccine News, Brexit, and U.S Stimulus, we could still be in for some big moves.


Below are the Top 3 FX Pairs To Be Looking At This Week, from a technical perspective, where we will breakdown what the charts are telling us, along with our weekly bias outlook.


USD/CAD - LONG

A full size graph of the price of gold XAUUSD
USDCAD - Full Size Chart Update - Support at 1.2700

USDCAD has found support at the 1.2700 Support & Resistance level in recent weeks, where the bulls found an increased amount of support at this key region last Friday, closing with a strong Daily bullish engulfing candlestick. Since then, USDCAD opened this week with a 20pip gap up, securing the bulls position above the 4HR 50EMA.


Fresh bullish volume can be seen increasing on the Anchor(Daily) and Lower Anchor(4HR) Weis Wave Volume Indictors, while the Daily MacD is also displaying heavily oversold signals. Besides this, the presentation of new bullish Parabolic SARS also suggests a bullish outlook for the Loonie in the week ahead.



EUR/JPY - SHORT

Full chart view of Gold XAUUSD
EURJPY - Full Size Chart Update - Resistance at 126.50

EURJPY found resistance at the 126.50 Support & Resistance level in recent weeks, after the bears bounced off this region in August. The bears were once again ever-present on Friday, after closing with a strong Daily Shooting Star candlestick. Since then, EURJPY opened this week with a 10pip gap down, breaching the previous trading day's low.


Fresh bearish volume can be seen increasing on the Lower Anchor(4HR) Weis Wave Volume Indictors, while the Weekly, Daily and 4HR MacD's are also displaying heavily overbought signals. Besides this, the presentation of a new bearish Parabolic SAR on the 4HR also suggests a bearish outlook for the EURJPY in the week ahead.



GBP/NZD - SHORT

A full size graph of the price of gold XAUUSD
GBPNZD - Full Size Chart Update - Resistance at 1.9000

GBPNZD also found resistance last week at the 1.9000 Support & Resistance level, after the bears bounced off the Daily 21EMA. Take note of the indecision present within this FX pair towards the close of last week, with two Daily Doji candlesticks present at the Daily 21EMA. Since then, GBPNZD opened this week with a 105pip gap down, breaching the previous three trading day's low.


Bearish volume can be seen increasing on the Weekly and Lower Anchor(4HR) Weis Wave Volume Indictors, while the Weekly, Daily and 4HR Average Directional Indexes (ADX) are also all displaying bearish signals. The presentation of bearish Parabolic SARS on the Weekly and 4HR also suggests a bearish outlook for the GBPNZD in the week ahead.


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