LeTechs Forex Blog - Weekly Forex Technical Forecasts on 28 Nov.

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Weekly Forex Technical Forecasts on 28 Nov. - 2 Dec. 2016

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Weekly Technical Outlooks on 28 November – 2 December 2016

Technical Pair’s for this week: EURUSD, GBPUSD, AUDUSD, & USDJPY.

EURUSD

The pair soaked to fresh lows but did not experience the magnitude of the last weeks. Fresh inflation numbers stand out as we move into the final month of 2016. ECB President Draghi sustained sounding tentative, weighing on the euro. On the other side, PMIs, like wise Germany’s IFO business climate measures, were mostly decisive. At the same time, the Atlantic, US durable goods orders looks positive, & the dollar constantly enjoying a bit more of the Trump Assembly. The pair touched a double-bottom levels at 1.0520, identical the levels seen in last December 2015, just ahead of the 1year anniversary. Following a calmer week, we are back to business with a full working days & no holidays. This might result in the resumption of the downtrend, a conclusion of the monetary policy divergence. This week’s EURUSD turns from NEUTRAL to BEARISH.

GBPUSD

GBPUSD bounce off previous week, attaining 130 points. The pair ended at 1.2455 levels. This week’s major news are the PMI reports. British Second GBP for third quarter posted an achieve of 0.5 percent, matching the forecasts. In the US, durable goods orders were good & UoM Consumer Sentiment taken out the expectations.

The pair unlocked the week at 1.2322 levels & suddenly fell to a low of 1.2311 levels, as support held at 1.2272 levels. The pair after that reversed directions & mounted to a high of 1.2512 levels. The pair finished the week at 1.2455 levels. With next month hike from the Fed a virtual confidence, sentiment towards the greenback is supportive. At the same time, the pound got a boost as the BoE did not lower rates this November, as the bank approved that its expectations about fallout from Brexit were overly-depressed. GBPUSD remains NEUTRAL this week.

AUDUSD

AUDUSD changed directions earlier week & gained 100 points, as the pair ended at 0.7425 levels. This week’s significant events are Private Capital Expenditure & Retail Sales. The Australian dollar placed solid gains, as the corrected upwards following 2 weeks of sharp losses. In the US, durable goods orders were positive & UoM Consumer Sentiment taken out the expectations. There were no key events for Aud last week.

The pair opened the week at 0.7324 levels & cut down to a low of 0.7311 levels, testing support levels at 0.7334 mentioned last week. The pair then bounce off & mounted to a high of 0.7468 levels. The pair finished at 0.7425 levels. AUDUSD handled to reverse directions & place some gains earlier week. Still, the Aussie will likely stay under pressure, with the Fed expected to raise rates next month. AUDUSD remains BEARISH.

USDJPY

USDJPY placed sharp gains for a 3rd weeks in a row, placing gains of 200 points. The pair ended the week just shy of the 113 lines. There are 8 news on the calendar. The US dollar sustained to roll, as US figures impressed. In the US, durable goods orders were good & UoM Consumer Sentiment taken out the forecasts. In Japan, Tokyo Core CPI placed another decreases, as the Japanese economy sutains to grapple with deflation.

The pair unlocked the week at 110.94 levels & suddenly fell to a low of 110.24 levels, testing support at 110.68 levels. It was all skyward from there, as the pair mounted to a high of 113.90 levels. The paur finished the week at 112.98 levels. The US dollar has placed solid gains against the yen in latest weeks & with a December rate hike a virtual confidence, sentiment towards the greenback is very supportive. USDJPY remains BULLISH this week’s scenario.

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