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15 Aug

Forex Weekly Technical Forecast on 15-19 August 2016

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Forex Weekly Technical Forecast

This Week’s Pairs: EURUSD, GBPUSD, AUDUSD, & USDJPY

 
EURUSD
 
EUR/USD was confined to a comparably narrower range throughout the most of the week. A significant German survey & the ECB meeting minutes stand out. Is the Brexit impact waning in European Union? The Sentix investor believe improved and maybe the worst is behind us. German GDP was also considering better with a rise of 0.4 percent in the second quarter. In the US, the better-than-expected NFP sustained promoting the greenback until the weak retail sales data came along. This sent the pair higher, but the EURUSD struggled to touch fresh ground. As the broad black lines show, the pair traded in a downwards channel and has currently broken over it. The breakout was after a breakdown. The US dollar stays in the white shirt in a dirty chunk, and the euro is too long from being well spotted in this chunk. EURUSD still Bearish.
 
GBPUSD
 
GBPUSD dipped under the 1.29 line for the 1st time in last one month, as the pair fell 160 points last week. GBPUSD just over the 1.209 levels, this week’s major schedules are CPI & Claimant Count Change.  It was once again rough week for the pound, which lost floor as British data depressed. Manufacturing Production posted a decrease of 0.3 percent & the NIESR GDP forecast soaked to 0.3 percent. Around in the US, key figures were dismal as retail sales and wholesale values missed their forecasts.
 
GBPUSD unlocked the week at 1.3072 levels & reached a high of 1.3096 levels. The pair after that reversed its directions and fell the entire path to 1.2899 levels, testing the support levels at 1.2902 as we discussed previous week. The pair closed the week at 1.2906 levels. The British economy has taken a shot from Brexit and the markets place are refreshing for more weak economic reports out of the UK as we get further Q3 figures. The US economy is doing comparably well, despite earlier week’s hiccup from retail sales. GBPUSD remains Bearish this week.
 
AUDUSD
 
AUDUSD was almost unmodified last week, as the pair closed at 0.7637 levels. This week’s key event is Employment Change. Australian business and consumer confidence figures were strong. Nonetheless, the Aussie lost floor late in the week as soft retail sales & wholesale values in the US declined the appetite for risk.
 
AUDUSD unlocked the week at 0.7611 & quickly fell to a low of 0.7596 levels, testing the support at 0.7797 levels mentioned earlier week. The pair suddenly twisted their directions & mounted to a high of 0.7755 levels. AUDUSD blocked the week at 0.7637 levels. A September rate raise in the US is likely off the board. Still, with the RBA in an easing posture, even following the new rate cut, monetary divergence sustains to favor the greenback. As well, the US recession is solid than Australia’s, against the US retail sales hiccup late last week.
 
USDJPY
 
The Japanese yen placed weekly gains for a 3rd week in a row, as the pair clogged slightly over the 101 level. There are only 4 schedules on this week. Japan’s current account expanded sharply in July, beating the anticipations. There were no other Japanese major publishes, but additional details regarding the government’s large stimulus package helped force the yen upwards. Late in the week, the yen took choice of soft retail sales & wholesale prices in the US, setting solid gains late in the week.
 
The pair unlocked the week at 102.04 & rapidly reached a high of 102.66 levels, as resistance stand firm at 102.80 levels discussed last week. The USDJPY then twisted directions and fell to a low of 100.81 levels. The pair blocked the week at 101.14 levels. With the US posting weak figures previous week, a September rate raise from the Fed is likely off the board. Investors might look to the safe-haven yen, notably as the Japanese currency sustains to improve & might make a force towards to symbolic 100 levels.
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