The Tiger Forex Report – Week of 10/7 – 10/11/2024

The DXY has cut through strong resistance. More upside action is likely.

Crude Oil Bulls are on the move. This should help the USDJPY Bulls out this week. Higher gas prices are looming, for all.

30yr T-Bond Bears are taking rates higher in the short-term. This is helping to give the DXY a lift.

EURUSD Weekly Outlook:

EURUSD Bears are pressing the lows. More downside action is expected this week. Key off the downside breakout level. Trading below here is a negative sign that the market is not through with hammering support. A run for the monthly directional pivot level is the call for the next week or so unless Yields reverse gears.

Above the downside breakout level, the market will be in a digestive trade all the way to the upside correction zone. This is all that is likely for a higher trade this week. If the market can get a close above this area then the outlook changes to a short-term Bull that targets the upside breakout level.

GBPUSD Weekly Outlook:

GBPUSD Bears are on the move and ready for follow through. Key off the downside breakout level for the directional bias this week. Below here the Bears will be targeting the downsid correction zone. With Yields on the rise the Bears should keep laying on support.

If the GBPUSD Bulls can get above the downdie breakout level there is a chance of a correction hitting the upside correction zone. This is all that is expected out of a higher trade this week unless there is a big swing in the 30yr T-Bonds.

USDCHF Weekly Outlook:

Wow! We have a Bullish move in the USDCHF that is looking to flirt with the upside breakout level. A close above here would be a good indication that the market is looking to press a corrective leg higher toward the upside target #1.

If the Bears try and regain control it will be a fight. However, if Yields take a turn things could change. Should this occur, the USDCH is likely to fall back into the range trade of the last couple of months. Only a failure from the downside breakout level would confirm any major shift in momentum.

USDJPY Weekly Outlook:

We have action in the USDJPY. With Yields on the rise, and Crude Oil in rally mode it will be tough to reverse gears in this market. A run at the monthly directional pivot level is likely this week. This is a key level. If the market logs in a close above here it would be a sign that the Bulls are bent on taking a shot at the extended upside target level.

The Bulls crossed the upside breakout level last week. This is a pivotal level. If the market dips below here it would most likely fuel downside pressure in the market. If a pull back is just a correction the downside correction zone should hold the market afloat. All trading below this area would signal that the market is going to press a new leg lower. The downside breakout level would then become a viable objective.

AUDUSD Weekly Outlook:

AUDUSD Bears are gaining momentum. Is this a profit taking correction? Most likely so. Below the upside breakout level. the market is a Bear targeting the downside correction zone. This should hold the market up. If the market slips under here then things get dicey as the market makes a play for the downside breakout level.

Only a breach of the upside breakout level reverses the outlook for the AUDUSD. Trading above here would be a sign that the Bullish trend is trying to regain momentum. If this occurs the Bulls will be looking to lift the currency to new higher move highs up toward the 0.7025 level.

NZDUSD Weekly Outlook:

Bearish momentum is in full gear in the NZDUSD. Further support testing is expected this week. A test of the downside breakout level is likely. Do not try and fight a slide below here. The Bears could press this leg lower all the way to the critical support band.

If the Bears catch a bid, it will be a struggle all the way up to the critical correction band. This is a key area. Trading above here would signal that the Bulls are back in control and ready for a challenge of the upside breakout level. New move highs would be on the agenda if there is a close above this area.

USDCAD Weekly Outlook:

The USDCAD Bulls are on the move and looking to press newer move highs. A challenge of the critical resistance band is expected. Do not fight a rally above this area. Fresh buying pressure could fuel a move all the way to the upside breakout level.

If the market pulls back, it is likely to be a profit taking slide. Do not get to fired up about a slide in the USDCAD this week. A short-term low is planted on the Daily chart, and a buy break scenario prevails. Only a break into the downside correction band would change this outlook.