Weekly Forex Market Update & Key Levels April 27 – May 1st

WEEKLY FOREX UPDATE

EURUSD – After a bullish week, we can clearly see that the Euro has made a come back. We can expect further upward movement to the 1.10 level. At which point the Euro will be facing a long term resistance level. The overall outlook for the Euro is still bearish.

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AUDUSD- Same as the Euro, the Aussie Dollar will be facing a long term resistance level at around 0.8027. The AUD will likely to continue its downward decent because of the recent disappointing numbers coming out of China.

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USDCAD – The US dollar will be facing a support zone at around 1.20,  we can expect a bounce off this level. Look for opportunities to go long on a pullback as the overall directional bias for the US Dollar is still favorable.

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Chris Ferreira

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