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The major currency pairs are showing mixed technical signals ahead of the new trading week. GBP/USD broke above the 100-hour moving average after holding support at an upward-sloping trendline, but faces resistance at the 100-day and 200-hour moving averages. USD/JPY remains bullish above key support levels despite weak U.S. jobs data, with further gains likely if it clears the weekly high of 158.08. USDCAD is under pressure from surging oil prices and a weaker USD, breaking below critical support at 1.3624. AUDUSD faces a critical support cluster near 0.6972-0.6985, while NZD/USD tests the 100-hour MA at 0.5907 as a key level for direction. These technical levels are crucial for traders as they dictate short-term momentum and strategy. Breaks above resistance or below support could trigger larger moves, especially in GBP/USD and USD/JPY. Oil-sensitive pairs like USDCAD may see extended declines if energy prices remain elevated. Traders should monitor these levels alongside potential economic data releases and central bank policy shifts. For forex traders, the coming week will focus on whether GBP/USD can clear 1.3442 to confirm bullish momentum, USD/JPY's ability to hold above 157.45, and USDCAD's potential reversal above 1.3624. Gulf investors with exposure to oil-linked pairs should also watch crude price movements, which could amplify USDCAD's volatility.
