23 Jan

Weekly Forex Technical Outlooks on 23-27 January 2017

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Weekly Technical Forecast on 23-27 January 2017

Technical Pair’s for this week: EURUSD, GBPUSD, AUDUSD & USDJPY.
EURUSD
The Euro enjoyed the dollar’s weakness but traded with comparative concern after Draghi’s press meeting. The forthcoming week features a mix of PMIs, a key German survey & other measures are observe. The European Central Bank did not change policy & more significantly, did not modify its view regarding inflation. By discharge the recent raise as energy-related, Draghi drives the euro lower. Germany’s ZEW business survey showed higher assurance, but somewhat below expectations. Inflation was established at 1.1 percent, as projected. In the US, the temperature was raising in advance the Trump’s inauguration. EURUSD turns from NEUTRAL to BEARISH.
GBPUSD
The pair soared earlier week, gaining more than 330 points. The pair finished at 1.2373 levels. This week’s major event is Preliminary GDP. The pound posted its maximum single-day growth since 2008 after Prime Minister May’s Brexit speech. May supposed the UK would go away the EU on its own market but was interested in a free-trade concurrence with continent. In the US, manufacturing & employment figures were hard & beat anticipations. Philly Fed Manufacturing Index sustained to mount higher & unemployment claims beat anticipations for a 4th week in a row. 
 
GBPUSD unlocked the week levels at 1.2035 & rapidly dropped to a low of 1.1985, testing resistance levels at 1.220. The pair subsequently upturned directions & climbed to a high of 1.2415 levels, as last week’s resistance held at 1.2433. The pair ended the week at 1.2373 levels. There are concerns as Trump takes over as president, as his financial policies still unclear. Though, the economy is physically powerful & if inflation levels move superior, we might see the Fed step in with further rate hikes. In the UK, unease over Brexit might weigh on the pound. GBPUSD remains BEARISH.
AUDUSD
AUDUSD posted unassuming gains previous week, with the pair finishing at 0.7552 levels. This week’s significant events are CPI reports only. In the US, manufacturing & employment figures were positive. Philly Fed Manufacturing Index sustained to mount higher & unemployment claims beat anticipations for a 4th week in a row. Australian job figures were hard, as Employment Change placed a solid growth & beat prospects. 
 
The pair unlocked the week at 0.7495 levels & quickly reached a low of 0.7457 levels, as support held firm at 0.7427 levels. The pair suddenly changed directions & mounted to a high of 0.7589 levels. The pair ended the week at 0.7552 levels. There are concerns as Trump takes over as president, as his financial policies still unclear. Though, the economy is physically powerful & if inflation levels move superior, we might see the Fed step in with further rate hikes. AUDUSD remains BEARISH.
USDJPY
The pair recorded insignificant gains earlier week, as the pair finished at 114.57 levels. This week’s Tokyo Core CPI is the significant event. In the US, manufacturing & employment numbers were positive. Philly Fed Manufacturing Index sustained to mount higher & unemployment claims beat expectations for a 4th week in a row. In Japan, manufacturing indicators were a diverse bag. The pair started the week at 114.22 levels. The pair fell to a low of 112.43 levels but then bounces back & climbed to a lofty of 115.62 levels, as 115.90 levels held firms in resistance. The pair soaked late in the week & ended at 114.57 levels. USDJPY remains BULLISH.
 
 
 
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