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19 Sep

Forex Weekly Technical Outlook

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Forex Weekly Technical Outlook

Weekly Pairs: EURUSD, GBPUSD, AUDUSD, & USDJPY

EURUSD

EURUSD traded in balanced ranges among depressed from both sides of the nation. PMIs and another speech from Draghi stay out this week. Business confidence still subdued according to ZEW. Draghi did not cause trouble, nor did inflation numbers, that settled the weak data. In the US, results came out worse than expected, with retail sales remains out. Although this hidden those final hopes for a rate hike, it did not covered the US dollar. Overall, the pair still very balanced. Is it regarding to blast.

The ECB is yet place to introduce some kind of further stimulus, the euro kept pressured. The dollar is in full control, and except the Fed goes all-dovish by forcing rear rate hikes next year, Currently, another greenback rally night be seen. EURUSD remains Bearish.

GBPUSD

GBPUSD 275 points drop down approximately previous week, its sharpest weekly low since last July. The pair finished just shy of the 1.30 level. This week’s there are only four events. The pound posted fine losses following the British CPI missed its forecast, with a figure of 0.6 percent. But Retail sales contracted taken out the expectations. The BoE did not lower rates now, but did drive broad hints that a November cut was a solid possibility. US figures were mixed earlier week. Still, CPI and jobless claims were little bit better than forecast.

The pair unlocked the week at 1.3271 levels and rapidly reached a high of 1.3347 levels. The pair placed some losses late in the week, fell to a low of 1.2993 levels and cracking under the support levels at 1.3020. The pair finished the week at 1.2996 levels. UK data’s have been better in third quarter, but the BoE might well lower rates again this November if the economy looks signs of weakness. In the US, a rate hike is coming likely, while the timing stays unclear. GBPUSD remains Bearish.

AUDUSD

AUDUSD sustained to lose the floor previous week. The pair finished at 0.7466 levels, its lowest closing week since this July. This week’s major event is the RBA minutes. Australian employment report was a major depressed as Employment Change reduced 3.9 thousand, too short of forecast. US figures were mixed earlier week. Retail sales contracted and missed their forecast. Still, CPI and jobless claims were little bit finer than anticipated.

The pair unlocked the week at 0.7542 levels. The pair suddenly reached a high of 0.7568 levels, before fell sharply. The pair drops down to a low of 0.7431 levels late in the week, testing the support levels at 0.7438. The pair ended the week at 0.7466 levels. The RBA has already cut down rates twice this year, and if inflation falters or the exchange rate moves much, the bank will certainly consider once more quarter-rate cut. It’s the opposite side in the US, with a rate hike remains a reasonable possibility this year end. AUDUSD remains Bearish.

USDJPY

The Japanese yen gained floor for a 2nd week in a row, as the pair rose to 101.92 levels. It’s a usual week, with four key events this week for JPY. The Japanese BSI Manufacturing Index placed a gain of 2.9 points, finishing a nasty streak of 2 straight falls down. US data was a mixed bag previous week. Retail sales contracted and some missing the forecast. Still, CPI and jobless claims were little bit better than anticipated.

The pair unlocked the week at 102.47 levels & fell to a low of 101.92 levels, as resistance held firm at 101.51 levels. After that the pair reversed directions and mounted to a high of 103.36 levels. USDJPY then retracted & ended the week at 101.92 levels. The BoJ has stands on the sidelines for months, but might able additional easing measures at upcoming week’s policy meeting, which would likely measure on the yen. The US is drives in the opposite direction, with the Fed hints that it might take action and raise rates ahead the year end. USDJPY remains Bullish.

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