Today’s weekly forex forecast covers the DXY, EURUSD, GBPUSD, USDCAD, and EURJPY.
The US Dollar Index (DXY) carved out a massive bullish reclaim last week, while the EURUSD approaches channel support from October.
We also have a potential 900-pip opportunity on USDCAD this year and a EURJPY reversal pattern worth your attention.
Get the details on that and more in today’s forex forecast.
Watch the video and scroll down to view the charts to prepare for the week ahead.
US Dollar Index (DXY) Forecast
The DXY gave us a significant reclaim with Thursday’s close above 102.60.
I wrote about this area several times this month, including just before Thursday’s reclaim.
As expected, DXY pushed higher on Friday following Thursday’s bullish pin bar.
However, dollar bulls face strong resistance this week at the 103.50 yearly open.
It will take a daily close above that to flip it back to support and open up higher levels like the top of this channel and 104.12.
Beyond that, we have the monthly open at 105.04 and the 105.60 multi-month resistance.
So DXY bulls are not out of the woods yet, but the dollar does look constructive while above the 102.60 region.
EURUSD Forecast
EURUSD sold off last week from a trend line I mentioned in Discord while the euro was trading near 1.0900.
Sure enough, we saw the DXY reclaim 102.60 and the EURUSD reverse lower from 1.0900.
The pair also appears to have closed the week just below 1.0760, which could become significant early this week.
However, it may take the first 24 hours of the week to know if 1.0760 is holding as resistance.
I have a EURUSD short position from 1.0852, as shared with members in Discord.
I’m interested in adding to it if we see follow-through, but only after EURUSD is below the 1.0650 area.
GBPUSD Forecast
GBPUSD tested the 1.2200 mid-range last week after carving a 4-hour rising wedge.
We discussed this pattern in the member’s area before the breakdown, and several managed short entries with a 1.2200 target.
For the week ahead, 1.2200 remains support with a daily close below that triggering a bearish fakeout and exposing the 1.1900 range lows.
Resistance for GBPUSD comes in at last week’s 1.2350 highs, followed by the 1.2445 range highs.
USDCAD Forecast
I got long USDCAD last week at 1.3664, a trade I shared with members when I took the position.
I booked about 25% profit on Friday but still like USDCAD higher.
If bulls can defend 1.3735 early this week, that may provide an entry for a move back to 1.3800 resistance, followed by 1.3880.
However, we may get another run at 1.3660 while USDCAD is sideways.
But as I wrote on Friday, there’s a real possibility of a 900-pip rally from the pair later this year to tag the 1.4670 multi-year range highs.
I’m bullish on USDCAD while above 1.3660 on a daily closing basis.
EURJPY Forecast
Since May, EURJPY has carved a potential head and shoulders pattern.
It’s a potential pattern until sellers can secure a daily close below the 139.00 region.
A daily close below the neckline will open up the 133.40 support area, followed by the measured objective at 127.00.
Alternatively, a move above the 145.60 highs would negate the idea.
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2023-03-25 15:00:00Z
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