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21 Nov

Weekly Forex Technical Outlooks on 21-25 November 2016

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Weekly Forex Technical Outlooks on 21-25 November 2016

This Week Analysis Pairs: EURUSD, AUDUSD, GBPUSD, & USDJPY
EURUSD
EURUSD sustained its deep dive & hit fresh lows as the dollar rally continued & euro-zone data was blended. Another public presence from Draghi & fresh PMIs stand out now. German GDP poor expectations but thanks to a beat in Italy, the 0.3 percent growth rate was confirmed for 3rd Quarter. On the other hand, German business confidence looks fair. Trump’s Triumph continued promoting the dollar, sending the pair to support levels at first & following a pause, to fresh lows, departing only two support lines left. The pair was not helped by Draghi, which stayed dovish. After the ongoing ascension of the dollar, it might take a breather in the week of Thanksgiving, granting a pause also for the pair. The pair might resume the downtrend eventually, as monetary policy divergence yet favors even lower floor, with some talking about the parity. EURUSD this week’s outlook is BEARISH turn to NEUTRAL
AUDUSD
AUDUSD sustained to sag previous week & fell 230 points, as the pair finished at 0.7319 levels. There are only 2 events this week on the calendar. The US dollar sustains to post broad gains following Trump’s victory. US inflation figures were blended; although unemployment claims fell to a 43-year low. Australian employment change extra 9.8 thousand, but this was short fall of expectations. 
 
The pair started the week at 0.7551 levels & mounted to a high of 0.7581 levels, as resistance held firm at 0.7597 levels. It was all downhill from there, as the pair cut down to a low of 0.7319 levels, where it blocked the week. The pair has been in a downward spiral since the Trump victory, & the dollar’s momentum might sustain against risk currencies like the Australian dollar. With the Fed anticipated to raise rates this December, sentiment towards the greenback is very positive. AUDUSD remains BEARISH this Week.
GBPUSD
GBPUSD fell sharply earlier week, losing 250 points. The pair closed at 1.2318 levels. This week’s key event is 2nd Estimate GDP only. In the UK, CPI came in at 0.9 percent, short fall the expectation of 1.1 percent. Retail Sales sparkled at 1.9 percent, but this wasn’t enough to support the pound from posting sharp losses on last weekend. The US dollar sustains to post broad gains after election Trump’s stunning victory. US inflation figures were blended, although unemployment claims fell to a 43-year low.
 
The pair opened the week at 1.2574 levels & rapidly reached a high of 1.2579 levels. GBPUSD then reversed directions & cut down to the round number of 1.2300 levels, as support held at 1.2272 levels mentioned last week. GBPUSD ended the week at 1.2579 levels. The US dollar sustains to roll since the shocking US election results & with the Fed expected to raise rates this December. Sentiment towards the greenback is very supportive. At the mean time, the market stays jittery regarding the effects that Brexit will have on the UK economy, as politicians on both sides of the Channel suggest resigned to clumsy negotiations before the UK’s exit from the EU. GBPUSD remains BULLISH this week.
USDJPY
USDJPY placed solid gains previous week, as the pair mounted 230 points. The pair ended at 106.49 levels, nearly 14-week highs. The US dollar sustained to post broad gains after the Trump election impact. US inflation figures were blended, although unemployment claims fell to a 43-year low. Japanese Preliminary GDP gained 0.5 percent, taken out the expectations. 
The pair unlocked the week at 106.88 levels & rapidly fell to a low of 106.84 levels, as support held firm at 106.55 levels. It was all uphill from there, as the pair mounted to a high of 110.95 levels. The pair finished the week at 110.77 levels. The US dollar has been red-hot from the US election results, and the currency might make additional inroads this week. With the Fed anticipated to raise rates this yearend, sentiment towards the greenback is very positive. USDJPY remains BULLISH this week.
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