Weekly Technical Forecast on 30th May 2016
Forecast Technical Pairs: EURUSD, GBPUSD, AUDUSD, & XAUUSD
Along EURUSD weakening for a 4th week in a row, more down movement pressure is anticipated in the new week. Support stands at the 1.105 level. Rather down, support lies in at the 1.1000 level where as a violation will goal at the 1.0950 level. A crack of here will aim at the 1.0900 level. Its weekly RSI (Relative Strength Index) is bearish & signifying lower implying further weakness. Opposite, on the upside, resistance nearly in at 1.1150 levels with a cut over here unlocking the door for more aside towards the 1.1200 level. Added up, resistance remains at the 1.1250 level where a smash will disclose the 1.1300 level. Over all, EURUSD stays biased to the downside on more declines.
EURUSD remains Bearish
GBPUSD posted strong advance previous week, mounting 150 points. The pair closed the week just below the 1.45 line. This week’s major event was the PMI reports.
GBPUSD unlocked the week at 1.4350 levels. The pairs quickly fell down to a low of 1.4332 levels & then twisted directions. The pair mounted to a high of 1.4663, testing the resistance at 1.4635 levels. GBPUSD closed the last week at 1.4497 levels. GBPUSD remains Neutral.
Along Fed weighing a rate reduce in June, monetary divergence may favor the US dollar. Simultaneously, the Brexit referendum Sustains to cause uncertainty in the UK, which is balancing on cable.
AUDUSD lost floor for a 5th straight week, posting modest losses. The pair closed at 0.7169 levels, its lowest level from late February.
AUDUSD unlocked the week at 0.7223 levels. The pair rapidly reached a high of 0.7260 levels, testing resistance at 0.7334. AUDUSD then modified directions & dropped to a low of 0.7144 levels, as support adhered at 0.7105 levels. AUDUSD clogged the week at 0.7169.AUDUSD remains bearish.
XAUUSD – More Weakness
XAUUSD - The commodity constant to hold on to its downside force with more weakness anticipated in the new week. On the downhill, support lies in at the 1200 level where a crack will twist attention to the 1190 level. Added down, a cut through here will unlock the path for a move inferior towards the 1180 level. Underneath, here if may could trigger more downside force targeting the 1170 level. Its weekly RSI- Relative Strength Index is bearish & pointing inferior suggesting added more weakness. Appositively, resistance resides along at the 1210 level where a crack will aim at the 1220 level.