Weekly Forex Forecast: August 3 - 7 (2024)

FAQs

Will EUR USD go up or down? ›

EUR/USD Daily Outlook

Intraday bias in EUR/USD remains neutral for the moment. Further rally is expected as long as 55 4H EMA (now at 1.0747) holds. On the upside, above 1.0810 will resume the rebound from 1.0601 to 1.0884 resistance next.

The forex market is always changing and challenging to predict. Forex forecasting software, while not guaranteed to be entirely accurate, makes it easier to apply technical analysis and make short-term predictions about the market's direction.

GBP/USD FORECAST - TECHNICAL ANALYSIS

If we see a bullish continuation in the coming days, resistance lies at 1.2540, near the 200-day simple moving average. Above that, the focus will be on the 1.2600-1.2620 range.

EUR/USD Technical Analysis

EUR/USD faces key resistance at 1.0790-1.0800 (Fibonacci 50% retracement of the latest downtrend, psychological level). If the pair manages to stabilize above this region, 1.0830 (Fibonacci 61.8% retracement) and 1.0900 (Fibonacci 78.6% retracement) could be seen as next hurdles.

However, most experts agree that between 1 to 10 pips per day is a reasonable goal for most traders. As for trading 0.05 lots per every 100 dollars capital, this is generally considered to be a safe amount. This is because it allows for proper risk management while still providing a good opportunity for profit.

Today's USD to NGN forecast for next week suggests the USD to NGN rate might rise to ₦ 1,395.00 in the next 7 days, a 1.09% increase compared to the current rate.

Traders need to pay attention to fundamental factors such as: gross domestic product (GDP), inflation, economic growth activity, and manufacturing. Thus, fundamental analysis in Forex involves studying the economic strength of various countries, in order to make wise Forex predictions.

To predict forex movements, traders use two types of analysis: fundamental and technical. Fundamental analysis takes external events and policies into account, affecting currency prices. On the other hand, technical analysis relies on historical price data and patterns to predict future movements.

The middle of the week typically shows the most movement, as the pip range widens for most of the major currency pairs. Saturdays and Sundays tend to be the least favourable days for trading forex. Most traders tend to avoid trading forex during holidays and around major news events.

1. Kuwaiti dinar. Known as the strongest currency in the world, the Kuwaiti dinar or KWD was introduced in 1960 and was initially equivalent to one pound sterling. Kuwait is a small country that is nestled between Iraq and Saudi Arabia whose wealth has been driven largely by its large global exports of oil.

Why is USD Jpy falling? ›

For investors, higher interest rates in the US mean an opportunity to make much higher returns on investments, such as government bonds, in that country than they can in Japan. The more investors sell the yen, the more it declines in value – encouraging investors to keep selling in a self-perpetuating cycle.

As a general rule, there's no definite time as to when you should buy US Dollars before your trip. If you're a constant international traveller, you can get the best rate if you shop around and compare options.

The popular time to trade EUR/USD is when European and US trading sessions overlap. It often trades with the highest liquidity and volatility between 1pm and 4pm GMT. Economics, geopolitics and central banks all move EUR/USD.

Some common events that can have an effect on the Forex pair include the release of unemployment data in the U.S., or in the member countries of the EU. Interest rate and Treasury yield updates from the Federal Reserve or the European Central Bank can also cause the EUR/USD to fluctuate.

GBP/USD is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above . The next resistance located at …

Euro to Dollar forecast 2024: With the actual call for 75bp of easing by the Fed in 2024, ING analysts forecast Eur/Usd more likely to trade in the upper-half of the 1.05/1.10 range rather than in the lower-half of 1.00/1.05.

EUR/USD Technical Overview

North of here is the March peak of 1.0981 (March 8), which precedes the weekly high of 1.0998 (January 11), all before the psychological threshold of 1.1000. Looking south, a break of the 2024 bottom of 1.0601 (April 16) might mean a return to the November 2023 low of 1.0516 (November 1).

After the euro strengthened slightly to 1.15 in early 2022, the dollar gained the upper hand, with the euro first falling below parity in July and reaching a low of 0.97 in September. “Next year, the euro is expected to strengthen and trade between 1.12 and 0.92.

EUR/USD put in a steep fall last week on the heels of the U.S. CPI report and the ECB rate decision. Last week's low held into the weekly close around the swing low from March of 2020, when the pandemic was getting priced-in. Longer-term, there remains range support down to around the 1.0500 handle.