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  • Tuesday 16 March 2021

    Forex Weekly Setups, 15th March To 19 March 2021

    Last week the Canadian dollar gained strength as the employment results came out positive with the employment rate improving beyond expectations making the currency to perform very great against its rivals.

    Fundamental Analysis
    This week we have quite a number of Fundamentals which will most likely affect the dollar, Australian dollar and The Pound.

    Technical Analysis
    The market has left us with tradable setups on major pairs and on the dollar as the dollar index has reached a former order block which will likely to cause more sells on the currency. 

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    Dollar Index
    The dollar index had shown a recovery since the beginning of March whereby we saw the dollar moving from 89.700 to 92.400 within a space of two weeks, currently we are looking for selling opportunities as the dollar index had formed a head and shoulder pattern formation before having to breakout of the drawn trendline, the dollar is currently testing the neckline of the Head and Shoulder pattern and we will wait for a bearish candle formation before taking our sell positions on the dollar.

    The Pound Dollar currency pair went against our expectation by breaking out of its down trend giving the bulls and upright hand in the market, and eventually had pushed down causing a confluence support as price is heading towards the confluent support zone at 1.38500 where we are likely to see some bullish activity.

    The Pound Sterling dollar pair has been bearish for quite some time, I would recommend waiting for price to break above the bearish trendline and possibly close above the trendline before considering buying the pair.

    Gold is currently bullish and heading towards the trend resistance

    Sifiso Nkwanyana

    Author & Editor

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