Weekly forex analysis Sep-16

US Dollar

Starting with the Dollar Index (DXY), I find it hard to make a call on whether it will push higher or go lower in the coming week. If price goes up and stays above the monthly open and 95.50, I see it continuing higher and September closing as a bullish candle.

Right now price is below the monthly open and it's possible that price is printing the wick of the monthly candle. There was also a stop run below August lows and a quick rejection which seems like everything but bearish

Euro

EURUSD is almost the same as the DXY, although it did not go beyond August's highs. This could mean that a reversal has started and price will look for the liquidity below. At the moment, the picture is not really clear, so it needs to be seen what price does in the beginning of the week.

GBP

GBPUSD also couldn't reach August highs before reversing. However, since price is very close to it, it may push up one more time to run the stops and then reverse for the rest of the month. It's also important to see how price reacts around the zone at 1.3020.

JPY

USDJPY could retrace back to around 111.60 before continuing higher. Unless price breaks below 110.80, I see no reason to no be looking only for longs.

CAD

USDCAD closed last week above the 1.3010 support level and I will be waiting for bullish price action to buy. At the current levels I will not be looking for shorts, even though price may go down to 1.2960 before buyers step in. Potential targets for long positions would be the resistance levels around 1.3095 and 1.3175.

AUD

AUDUSD could not close above the monthly open and started dropping once again. If price goes around 0.7120 I may be looking for longs around that level. I will be looking for shorts only if price touches the monthly open before the 0.7120 zone below. The target for there shorts would be 0.7120.

That's pretty much what I see for the coming week at the moment.
Good Luck.