Technical Analysis and Forecast for Major Currency Pairs and S&P/Nasdaq for the Upcoming Week | Forexlive

**Technical Analysis and Forecast for Major Currency Pairs and S&P/Nasdaq for the Upcoming Week**

As we approach another trading week, investors and traders are keenly observing the technical indicators and market trends to make informed decisions. This article delves into the technical analysis and forecast for major currency pairs and the S&P/Nasdaq indices, providing insights that could shape trading strategies for the upcoming week.

### Major Currency Pairs

#### EUR/USD
**Current Trend:** Bullish
**Support Levels:** 1.1500, 1.1450
**Resistance Levels:** 1.1600, 1.1650

The EUR/USD pair has shown a bullish trend over the past week, breaking through key resistance levels. The Relative Strength Index (RSI) is currently above 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) also shows a positive crossover, suggesting further upward movement. Traders should watch for a potential breakout above the 1.1600 resistance level, which could pave the way for a move towards 1.1650. However, a pullback to the 1.1500 support level could offer a buying opportunity.

#### GBP/USD
**Current Trend:** Neutral to Bullish
**Support Levels:** 1.3700, 1.3650
**Resistance Levels:** 1.3800, 1.3850

The GBP/USD pair has been trading in a range, with slight bullish tendencies. The pair is currently hovering around the 1.3750 mark. The RSI is neutral, while the MACD is showing signs of a potential bullish crossover. A break above the 1.3800 resistance level could signal a move towards 1.3850. Conversely, a dip below the 1.3700 support level could lead to further downside towards 1.3650.

#### USD/JPY
**Current Trend:** Bearish
**Support Levels:** 109.00, 108.50
**Resistance Levels:** 110.00, 110.50

The USD/JPY pair has been on a downward trajectory, with the yen strengthening against the dollar. The RSI is below 50, indicating bearish momentum, and the MACD is in negative territory. The pair is currently testing the 109.00 support level. A break below this level could see the pair move towards 108.50. On the upside, resistance is seen at 110.00, and a break above this level could negate the bearish outlook.

### S&P 500 and Nasdaq

#### S&P 500
**Current Trend:** Bullish
**Support Levels:** 4,400, 4,350
**Resistance Levels:** 4,500, 4,550

The S&P 500 has been on a strong upward trend, reaching new highs. The RSI is in overbought territory, suggesting caution, but the MACD remains in positive territory, indicating continued bullish momentum. The index is currently facing resistance at the 4,500 level. A break above this level could see the index move towards 4,550. However, a pullback to the 4,400 support level could provide a buying opportunity for traders looking to enter the market.

#### Nasdaq
**Current Trend:** Bullish
**Support Levels:** 15,000, 14,800
**Resistance Levels:** 15,500, 15,700

The Nasdaq has also been on a bullish run, driven by strong performances in the tech sector. The RSI is in overbought territory, and the MACD is positive, indicating continued upward momentum. The index is currently testing the 15,500 resistance level. A break above this level could see the index move towards 15,700. On the downside, support is seen at 15,000, and a break below this level could lead to a move towards 14,800.

### Conclusion

The upcoming week presents a mix of opportunities and risks for traders. Major currency pairs like EUR/USD and GBP/USD show bullish tendencies, while USD/JPY remains bearish. The S&P 500 and Nasdaq indices continue their upward trajectories, but overbought conditions suggest caution. Traders should keep an eye on key support and resistance levels and use technical indicators like RSI and MACD to guide their trading decisions. As always, staying informed and adaptable will be crucial in navigating the markets in the week ahead.

• Source Link: https://zephyrnet.com/a-technical-roadmap-for-the-major-currency-pairs-going-into-the-new-week-plus-sp-nasdaq-forexlive/