LeTechs Forex Blog - Weekly Technical Outlooks on 12â€“16 December 2016

12 Dec

Weekly Technical Outlooks on 12â€“16 December 2016

admin Forex Technical outlook 0 Comments

Weekly Technical Forecast on 12–16 December 2016

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

EURUSD

The pair was hit solid by dovish Draghi & cuts down back to lower floor. Fresh PMIs, as well as other events, anticipate the euro. The ECB determined to decrease the amount of monthly bond buys to 60 billion from April 2017 but moreover want to extend the program towards the year-end & to release a few limits. Joined with a dovish tone about the way of inflation, the pair eventually thrust. Previous, Italian voters ignored the constitutional changes projected by Renzi, in an additional blow to mainstream politics. But now, the euro regained rapidly.

In the US, the ISM Non-Manufacturing PMI positive reports, as markets switch their mind to the FED. After the ECB took the dovish direction, including the abolishment of the yield limit, the FED is probable to highlight the monetary policy deviation with a rate hike. Even if the FED is vigilant regarding the future, the ECB stays much more dovish & like the QE program, also the cut down the pair might be extended. This week EURUSD remains BEARISH.

GBPUSD

The pair twisted directions earlier week, losing more than 100 points. The pair finished at 1.2559 levels. It’s a hard week, with 13 events on the calendar. In the UK, Services PMI strike the forecast, but Manufacturing Production depressed with a sharp reduces. It was a fair week in the US, as significant economic indicators constantly to impress. ISM Non-Manufacturing PMI reports were positive & UoM Consumer Sentiment moved & easily taken out the forecast.

GBPUSD started the week at 1.2666 levels & mounted to a high of 1.2774 levels, as resistance held at 1.2776 levels. The pair after that modified directions & fell to a low of 1.2545 levels. The pair ended the week at 1.2557 levels. This week GBPUSD stays BEARISH.

AUDUSD

The pair was unaffected previous week, as the pair finished at 0.7445 levels. This week significant event was Unemployment Change. It was a fine week in the US, as major economic indicators sustain to impress. ISM Non-Manufacturing PMI reports were positive & UoM Consumer Sentiment enthused & easily taken out the forecast. As predictable the RBA uphold rates at 1.50 percent. Australian GDP was pathetic in 3rd Quarter, posting a turn down of 0.5 percent. This striking was the first decrease since 2011.

The pair unlocked the week at 0.7439 levels & plunge to a low of 0.7402 levels, testing support levels at 0.7406. The pair after that inverted directions & mounted to 0.7505 levels. The pair ended the week at 0.7442 levels. An astonishing turn down in Australian GDP might set the phase for a rate cut in near the beginning of 2017. Over in the US, the Fed will possible raise rates this year for the 1st time since December, so the greenback might get an increase. AUDUSD this week stands BEARISH.

USDJPY

The pair sustained to post gains earlier week, increasing nearly 170 points. The pair finished the week at 115.16 levels. This week’s key events are the Tankan indices. In the US, key economic gauge maintain to impress. ISM Non-Manufacturing PMI reports were positive & UoM Consumer Sentiment mounted & easily taken out the forecast. In Japan, Current Account goes beyond the estimate, although Final GDP came in 0.3 percent, short of the forecast of 0.6 percent.

USDJPY unlocked the week at 113.50 levels & cut down to a low of 113.00 levels late in the week. The pair after that sharply upturned directions & goes up to 115.35 levels, as resistance held firm at 115.55 levels. The pair ended the week at 115.12 levels. The Japanese economy sustains to resist, so the yen might be in for a uneven ride. This week outlooks BULLISH.

Previous Next