26 Dec

Weekly Forex Technical Outlook 26 December 2016

admin Forex Technical outlook 0 Comments

Weekly Technical Forecast on 26–30 December 2016

Technical Pair’s for this week: EURUSD, GBPUSD, & USDJPY.
EURUSD
The pair soaked to fresh lows but rebounded before the Christmas holiday. The week of Christmas & New Year’s is pretty glow. Germany’s IFO institute showed positive confidence in the continent’s highest economy, & also other numbers such as the Current Account came out quite well. The disposition was dampened by the attack in Berlin that stayed everyone of the election year. In the US, GDP growth taken out expectations with 3.5 percent & also durable goods orders looked hopeful. Still, personal spending & income fail to spot estimates. End-of-year portfolio adjustments might trigger some unreasonable moves, but they could be partial. The trend stands to the downside of monetary policy divergence is starker than earlier. Yet, the next shift might wait for 2017. EURUSD remains NEUTRAL.
GBPUSD
The pair sustained to slide, as the pair cut down for a 3rd week in a row, losing more than 200 points. The pair closed at 1.2277 levels, its lowest weekly close since last October. There are only 3 events this week on the calendar. In the US, GDP Q3 growth positive with an excellent reading of 3.5 percent but durable goods orders were blended. Consumer confidence also looked spiky, rising for a 2nd straight month. In the UK, Final GDP came in at 0.6 percent beat the forecast of 0.5 percent. 
 
The pair unlocked the week at 1.2485 levels & quickly jumped to a high of 1.2503 levels, as resistance held at 1.2512 levels. The pair finished the week at 1.2278 levels. Trading volumes are typically light the week of Christmas & there are only a handful of major events on the schedule. So, we’re not likely to see any important move from the pair. GBPUSD remains NEUTRAL.
USDJPY
The pair posted unassuming losses previous week, as the pair ended the week at 117.16 levels. This week’s key events are Household Spending & Tokyo Core CPI. US indicators were frequently positive earlier week. GDP Q3 growth positive with an excellent reading of 3.5 percent but durable goods orders were blended. Consumer confidence also looked spiky, rising for a 2nd month in a row. In Japan, the BoJ gone interest rates at -0.10 percent & the yen go down following BoJ Governor ruled out raising rates as inflation stays well short of the target of 2%. 
 
The pair unlocked the week at 117.82 & rapidly fell to a low of 116.54 levels, testing the support levels at 116.88. The pair after that twisted directions & mounted to a high of 118.26 levels. The pair was powerless to merge at these levels & clogged the week at 117.15 levels. While trading will be glow in the US this week, it’s business as standard in Japan, so we might see the dollar recommence its rally if Japanese indicators don’t meet anticipations. USDJPY remains Bullish.
Previous Next
 
Share This Post
 
Categories
Popular

Why we choose Forex Market?
Oct 06 , 2015

Forex, Commodity and Binary Trading Signals on 5th May 2016
May 04 , 2016

Forex Trading Terminologies
Oct 21 , 2015

 
Recent

Forex Weekly Technical Outlook on 7-11 August 2017
Aug 07 , 2017

Forex Weekly Technical Outlook on 24-28 JULY 2017
Jul 24 , 2017

Weekly Forex Technical Forecast 3-7 JULY 2017
Jul 03 , 2017

Archives
 
 
 
watercolor paints

Read ICM Capital Review

  LeTechs Rating  
  Regulation   FCA
  Branches   UAE, China, Russia, Mauritius
  Bonus   $1000

Since
2009

watercolor paints

Read Fidelis Capital Markets Review

  LeTechs Rating  
  Regulation   FSA, St. Vincent and the Grenadines
  Branches   Except USA, Belgium and British Columbia
  Bonus   200% Bonus

Since
2013

banner-img

Facebook

Twitter

Google Plus

Risk warning: Trading foreign exchange (Forex Trading) and contracts for differences (CFDs) on margin carries a high level of risk, and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Please ensure you fully understand the risk involved before trading, and if necessary seek independent advice.

Copyright © 2015 LeTechs. All Rights Reserved.