Weekly Forex Market Technical Analysis and Wave Forecast: July 13

EUR/USD Outlook

The EUR/USD pair continues to track a dominant downward trend that has persisted since late January. Currently, the pair is undergoing a corrective phase within a sideways consolidation, following a breach of key support levels. Once this corrective movement completes, the broader bearish trend is expected to resume.

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Traders should anticipate a short-term upward bias early in the week, though price action is likely to remain contained beneath primary resistance. A reversal is expected thereafter, with increased volatility as the market seeks to re-establish the downward trajectory. Resistance sits at 1.1470/1.1520, while support is identified at 1.1250/1.1200.

USD/JPY Technical Analysis

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The USD/JPY four-hour chart indicates an active upward wave structure initiated in late April, with a corrective 'irregular flat' pattern currently underway. This correction remains incomplete, suggesting further development is required before a sustained directional move occurs.

Expect a downward bias at the beginning of the week, with potential for the price to test the support zone of 160.70/160.20. Growth may resume in the latter half of the week, potentially leading to increased volatility. Resistance is defined at 162.50/163.00.

GBP/JPY Analysis

GBP/JPY remains in an uptrend that has been building since February. As the price approaches the lower threshold of a major weekly resistance zone, technical indicators suggest a corrective pullback is necessary before further gains can be sustained.

The early week outlook favors a downward movement toward the support area of 215.90/215.40. Following the completion of this correction, the pair is expected to resume its upward trend. Resistance remains fixed at 218.70/219.20.

USD/CAD Market Forecast

Since early May, USD/CAD has followed a clear downward wave trajectory. A corrective, irregular flat pattern has dominated since late June, characterized by sideways price action. This structure currently lacks a final segment to confirm completion.

The sideways trend is expected to persist near the 1.4130/1.4080 support zone for the start of the week. Investors should monitor for a potential bullish reversal in the latter half of the week, as market volatility may increase following scheduled economic data releases. The upside resistance is located at 1.4280/1.4330.

NZD/USD and Gold Perspectives

NZD/USD is currently forming a downward zigzag, with recent weeks consumed by corrective consolidation. A push toward the 0.5810/0.5860 resistance zone is expected early in the week, followed by a subsequent reversal and decline toward the 0.5690/0.5640 support level.

Gold is currently tracking an unfinished downward wave initiated in January, with the final leg (C) progressing since late June. The price is currently testing significant resistance levels. Expect continued sideways movement near the 4130.0/4150.0 resistance zone, followed by a potential downward pivot toward the 4010.0/3990.0 support area.

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