Forex traders are preparing for a volatile week with key economic data releases and central bank commentary driving major currency pairs, gold, oil, and Bitcoin. The weekly outlook covers EUR/USD, XAU/USD, GBP/USD, USD/JPY, USOIL, and Bitcoin, providing key technical levels and market contexts.
The euro remains sensitive to interest rate differentials between the European Central Bank and the Federal Reserve. EUR/USD is trading within a range, with support at 1.0800 and resistance at 1.0950. A break above or below could signal the next directional move. Gold (XAU/USD) is consolidating near $4,355 after a strong rally last week, supported by softer US jobs data and safe-haven demand. Key support lies at $4,200, with upside targets at $4,400.
GBP/USD hovers near 1.2700, with markets pricing in possible Bank of England rate cuts later this year. The Reserve Bank of Australia’s rate decision on Tuesday is expected to hold at 4.35%, but a surprise cut could weaken the AUD. US inflation data on Wednesday and PPI on Thursday will be critical for the Fed’s rate path expectations.
Oil prices remain elevated due to geopolitical tensions surrounding the Strait of Hormuz, with WTI near $78. A sustained break above $79.30 could push prices toward $82, while $76.60 provides key support. Meanwhile, Bitcoin trades in a range between $60,000 and $65,000, awaiting regulatory news and ETF flows. On-chain data and macro factors continue to influence sentiment.
