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Get ready for an awesome trading week starting 12th August. Huge news on inflation and GDP from the UK and US is about to drop, and it could really shake things up. That’s why in this week's forex forecast, Nikkhil isn't just watching the markets for you, he’s decoding them with extra insights from CoT reports to supercharge your trades. Let’s discover how these big updates could twist and turn your trading strategies this week.
EUR/GBP
This week, the EUR/GBP shows a promising setup. On the monthly chart, buyers have shown resilience at the monthly support level, indicating a strong bullish undertone. The weekly chart suggests a continuation of this trend with no signs of bearish divergence yet, pointing to sustained buyer momentum.
GBP/NZD
In Nikkhil’s analysis of GBP/NZD this week, the weekly chart offers a promising outlook with a series of higher lows, traditionally a strong indicator of a bullish trend. This pattern typically reflects growing confidence among buyers, driving the price upward as each dip finds higher support levels. However, recent developments in the market paint a slightly different picture, with signs of buyer exhaustion starting to show. This cooling off might suggest that the bullish momentum is waning, potentially leading to a key shift in market dynamics. Such transitions are important to monitor as they often come before notable price movements.
USD/JPY
USD/JPY showcases a clear bearish divergence on the weekly chart, signalling a potential downturn. This observation is key as it hints at a momentum shift that could lead to notable price corrections. The daily and hourly charts support this bearish sentiment, offering a strategic opportunity for you to take advantage of these movements.
Gold
Gold is on the brink of something big, showing a consolidation pattern that screams potential breakout. Nikkhil's keen analysis keeps us bullish, highlighting specific resistance levels that are crucial in this tense waiting game. This could be the moment to capitalise on a significant market shift.
Nasdaq
Nikkhil is spotting signs of fatigue in the Nasdaq's recent surge, with buyers showing exhaustion at higher levels. This hints at a potential market shift, perhaps sooner than expected. His analysis forecasts a short-term pullback, presenting a prime opportunity for strategic selling.
Want to head into your trading week feeling confident and supported?
Lean on Nikkhil’s expert insights and thoughtful predictions to guide your decisions.
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Happy Trading and a Profitable Week Ahead.