Buy EUR/USD. MT is Sideways Normal.

Daily chart.Technical overview: Price has rejected the secondary support level at 1.17 and buyers took the opportunity to push the price towards recent highs. However, we will have to be cautious with resistance at 1.19. Once the price breaks above 1.19, we can expect the market to continue to our target of 1.24. 

Fundamental analysis: Data coming out of Europe last week continued to show signs of economic recovery. Despite better than expected data coming out from the US, the price is not responding favorably. This signifies strong bearish pressure on the dollar. 

My attention will be on the FOMC meeting, Eco fin and the ECB monetary policy meeting in the coming week.


Sell USD/JPY. MT is Bull normal.

Daily chart.
Technical Overview: Price strongly rejected the key support level at 105.00 and there has been a continuation of the bullish pressure. However, the formation of an evening star candlestick pattern on support turned resistance at 106.50, may be an early sign that the pair will retest 105.00 

Fundamental Overview: The recent bull run was supported by risk-on flows. Traders should remain cautious in this environment. 

Moving into the week ahead, attention will be on key data coming out from the US and Japan’s GDP. Keep an eye on any resurfacing of trade tensions between the US and China.


Wait GBP/USD. MT is Sideways Normal.

Daily chart.Technical Overview: Price is consolidating at 1.30. Await a breakout above the resistance level at 1.32 to have more conviction to buy the Pound. 

Fundamental Overview: Data coming out from the UK has continued to show signs of economy recovery. However, with the GDP significantly lower than previous prints, it is signifying a slowdown in the UK economy. 

Moving into the week ahead, my attention will be on the retail sales and the consumer price index.


Buy AUD/USD. MT is Bull Normal.

Daily chart.Technical Overview: Price has formed a series of higher highs and higher lows after a strong bullish breakout of key resistance at 0.7026.  There is a secondary support level forming at 0.7135 which will attract buyers with a good risk reward ratio targeting 0.74. 

Fundamental Overview: We have seen strong employment data coming out from Australia despite the ongoing pandemic and continuation of lockdowns in certain parts of Australia. 

Moving into the week ahead, the key event for the AUD will be the RBA minutes.