Weekly Forex Outlook 17 August 2026 to 21 August 2026
This week will kick off with the Canadian CPI release, where the current expectation is for a positive rebound, which could have a positive impact on Canadian currency pairs.
The UK CPI is the next event to watch, scheduled for Wednesday. The early reading is also expected to rise.
The FOMC meeting will be another event to watch, although no significant surprise is expected. However, the Australian employment change could be an event to look at, with the current reading showing a decline to 11.4K from 76.3K in the previous quarter.
Let’s now look at the further outlook from a technical analysis perspective from Forexpipsclub.
EURUSD Outlook 17 August 2026 to 21 August 2026
EURUSD is still facing trendline liquidity, with the current price hovering around a major trendline resistance that originated in February 2026.
A trendline break is visible, with corrective momentum accompanied by a buy-side liquidity sweep in the current context. More importantly, the existing bullish pressure from the 1.1360 swing low is impulsive, from where further bullish continuation is possible.
Based on the weekly market outlook, we anticipate the price to retrace lower and test the 1.1514 support level before forming another bullish opportunity. However, a break below the 1.1514 level could hint at an extended downside correction toward the 1.1380 area.
GBPUSD Outlook 17 August 2026 to 21 August 2026
GBPUSD is sweeping liquidity from the 1.3557 level, signalling the possibility of a bearish correction. However, the existing buying pressure from the near-term order block is significant and could form the basis for a bullish continuation.
As long as the price remains below the 1.3557 level, we anticipate a downside correction targeting the 1.3400 area. On the bullish side, a break above 1.3557 is mandatory before heading toward the 1.3800 level.
BTCUSDT
BTCUSDT is maintaining downside pressure, with multiple liquidity grabs below the 67,510.19 key resistance level. As long as the price follows the major trendline resistance, we anticipate a correction and a test of the 58,026.61 key support level.
In the current context, failure to hold the market above the 62,248.50 swing level could present a short opportunity targeting the 58,000.00 area.
The alternative approach would be to look for a buy-side opportunity from the 62,248.50 support level, followed by a bullish recovery above 65,355.00. In that case, a break above 67,510.19 could validate the long opportunity, targeting the 82,701.91 level.
XAUUSD
On the daily chart of XAUUSD, the recent bullish break from the support level is significant to consider as a potential trend reversal. The price is opening above the 4,223.28 support level, signalling more bullish pressure in the coming days.
On the bullish side, a resistance level to look at is 4,775.52. However, before opening a short opportunity, a long opportunity requires a break above the 4,445.39 resistance level, which needs to be breached before heading above 4,800.00.
On the other hand, a break below the 4,223.28 level could open the way for a test of the 3,940.00 area.
