Welcome to this week’s forex forecast, starting on September 23rd. The recent 50 basis point rate cut by the US Federal Reserve, coupled with speeches by Jerome Powell and central bank meetings in Australia and Switzerland, have set the stage for significant market movements.
Let’s delve into the charts and pinpoint the trading opportunities that await you:
1. DXY (US Dollar Index)
After the Fed's decision, the Dollar Index now teeters between the 50% and 61.8% Fibonacci retracement levels, hinting at potential short-term trading openings. With a downturn on the horizon, you’ll want to keep an eye on resistance retests that might offer lucrative sell setups.
2. GBPUSD
GBP's strength against the Dollar grows as GBPUSD edges towards the 1.35 target, supported by solid bullish MACD indicators across longer timeframes. Should pullbacks occur towards rising trend lines, these moments could serve as prime buying opportunities for you.
3. JPN225 (Nikkei)
Your opportunity with Japan's Nikkei225 remains strong, as the index climbs supported by a steady rising trend line from March 2020 lows. With initial resistance around 41,431, based on weekly Fibonacci extensions, any pullbacks you see could be your chance to jump in for the uptrend continuation.
4. PAYPAL STOCK
PayPal presents an ultra-bullish outlook, recently surpassing a major breakout level. Trading around $76.70 with targets set towards $85, this is your time to strategize entries on dips towards strong support levels.
5. XAGUSD (Silver)
Silver is on a bullish trajectory towards $35, consistently supported by higher lows and bullish Fibonacci extensions. Currently stable above the crucial $30 mark, any downturns near this support could be your optimal buying moments, aiming for higher profit zones detailed in our analysis.
Aligning these insights with your trading strategy and risk management rules is key.
We trust this forecast will significantly enhance your trading plan for the week.
Here’s to a profitable week ahead in the markets!
Click Here To Watch The Full Week Forex Forecast
_