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FX Next Week: 15 Currency Levels and Targets

ByBrian Twomey
Published 06/29/2023, 06:08 AM
Updated 09/03/2023, 03:41 AM


EUR/USD At the beginning of the week, support was at 1.0866, and longs were recommended from Sunday. EUR/USD traded Monday lows at 1.0886. Longs were challenged by 1.0936 and 1.0957, as shorts were recommended as the strategy from Sunday.

EUR/USD traded to 1.0976 and offered bonus points for shorts. EUR/USD shorts then traveled to 1.0880 and right back to where the week began. Overall, EUR/USD traded 90 pips higher and 96 pips lower.

EUR/USD next week trades from 1.0837 to 1.0939 and 1.1118. The target is 1.1043 from 1.1037. Same long-only strategy since December / January.

DXY traded 103.32 to the low 102.00s. The same 103.00’s and 102.00s trades for next week as DXY ranges adopted severe compression. At 103.00, ’s becomes overbought to oversold 102.00s. DXY’s more extensive 700 pip range is from 99.00’s at the 50-year monthly average to the current 1.0600s.

AUD/USD traded to 0.6720 highs Vs. AUD’s big break at 0.6735, then traveled lower to deeply oversold 0.6596. AUD/USD trades at Richter Scale oversold and targets a break at 0.6713 to trade a broader range from 0.6713 to 0.6910. The shortest term, AUD/USD, targets 0.6737, 0.6850, and 0.6886.

Massive overbought EUR/AUD and GBP/AUD from Sunday, traded to higher overbought status and offered better shorts. EUR/AUD targets 1.6143 and 1.6023 while GBP/AUD next week targets quickly 1.8979, 1.8818, and caution at 1.8737.

GBP/USD traded the range from 1.2621 to 1.2859 and achieved highs Tuesday at 1.2759. From Sunday, 1.2621, decide on longs and shorts. Next week, GBP/USD trades at 1.2521, 1.2625, to 1.2859. Next week 1.2859 is expected to hold.

Sunday’s oversold position for USD/CAD traveled higher from 1.3116 to 1.3273. USD/CAD challenges a big break at 1.3358. The only short levels remaining for USD/CAD are 1.3294 and 1.3326 to target a low of 1.3200 and a high of 1.3100’s.

GBP/USD Vs. USD/CAD

GBP/USD refreshing break at 1.2859 is matched by USD/CAD at 1.2859. GBP/USD can easily break higher at 1.2859, while USD/CAD targets 1.2859 on a break of 1.3194 and 1.3119.

GBP/USD breaks 1.2859 and then trades a range from 1.2859 to 1.3249, while USD/CAD would trade from 1.2859 to 1.2613.

Overall GBP/USD Vs. USD/CAD: The break for GBP/USD at 1.2859 targets USD/CAD 1.3003 on a break at 1.3194. USD/CAD break 1.3119 targets 1.2956. GBP/USD runs into 1.2956 when USD/CAD breaks 1.3119.

GBP/CHF targets 1.1343 and 1.1589, while GBP/CHF must hold 1.1322. Next week 1.1400;s become overbought.

EUR/CHF must clear above at 0.9801 to target long-term at 1.0064. Next week, EUR/CHF can easily travel to a high of 0.9800s. EUR/USD is holding EUR/CHF from far better movements.

Deeply oversold NZD/USD challenges a break at 0.6181 and targets 0.6210. Above 0.6181 NZD/USD trades a broader range from 0.6181 to 0.6298.

Next week, quick trades and decent profits begin with AUD/USD, NZD/USD, GBP/CHF, and EUR/CHF.

GBP/CAD and EUR/CAD from Sunday began last week oversold and traded 136 pips higher. GBP/CAD and EUR/CAD begin next week oversold.

Severely overbought EUR/NZD targets 1.7700s next week without more effort than 1.7600. GBP/NZD targets next week at 2.0677, then 2.0500’s.

USD/JPY Vs EUR/CAD

USD/JPY 144.36 Vs. EUR/CAD 1.4482. USD/JPY and EUR/CAD Correlate at minus 65%. Multiple trades exist by crossovers.

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