Top Forex Brokers – Forex Weekly news and analysis For December 30 – January 5, 2025
EURUSD remains in a long-term bearish trend, forming a falling wedge pattern. The price is testing the upper trendline, with the CCI exiting oversold territory and +DI crossing above -DI on the ADX. However, the overall sentiment stays bearish.
•A trend line break above 1.0430 could cause the asset to rise to 1.0600;
•A bounce off the trend line will drop EURUSD back to 1.0340.
GBPUSD formed a Head and Shoulders pattern after a short-term fall. The price fell to the neckline and MA50 crossed MA200, forming a Death Cross pattern.
•Consolidation below 1.2500 may drop GBPUSD to 1.2350;
•A bounce off the support could bring the price back to 1.2770.
USDJPY has formed a rising wedge pattern in a short-term uptrend. The price is testing the upper trend line and a critical resistance level. The CCI has exited overbought territory, while %R remains significantly overbought.
•If the price breaks the trend line above 157.700 and the nearest fractal, the upside target is 161.700;
•A bounce off the trend line may drop USDJPY to the lower trend line, at 153.500.
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