30 Jan

Weekly Forex Technical Outlook 30 January- 3 February 2017

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Weekly Technical Forecast on 30 January-3 February 2017

Technical Pair’s for this week: EURUSD, GBPUSD, AUDUSD & USDJPY.
The pair made a shift to superior ground but found it hard to maintain rising. Will it make significant falls? GDP and inflation numbers stand out in a hard week. Data was varied in the euro-zone, with a miss in Germany’s IFO measure & PMIs going in unusual directions. In the US, Trump’s 1st week in office was surely busy, with an initial slump in the US dollar followed by an upturn. Donald Trump is starting to dissatisfy earlier than expected. On these conditions, the greenback might fall & the euro, despite Draghi’s dovishness, may well advance. This Week’s EURUSD moves BEARISH to BULLISH.
The pair continued its winning ways previous week, gaining 160 points. The pair stopped at 1.2542 levels, its maximum weekly close since early December. This week’s major events are PMI reports & the Official Bank Rate. As anticipated, US GDP softened in 4th Quarter compared to the earlier quarter. The economy extended 1.9 percent, nearly the estimate of 2.1 percent. Unemployment Claims & Existing Home Sales fail to spot expectations, but consumer confidence stirred slightly higher, thumping the forecast. In the UK, Preliminary GDP border up to 0.6 percent, over the estimate of 0.5 percent. 
GBPUSD unlocked the week at 1.2384 levels & suddenly dropped to a low of 1.238 levels. The pair after that upturned directions & mounted to a high of 1.2673 levels, as resistance held at 1.2674 levels mentioned previous week. The pair retracted late in the week & ended at 1.2542 levels. Trump’s first week in the office, makes nerves to the investors. GBPUSD remains NEUTRAL this week.
The pair posted modest losses last week, as the pair closed at 0.7520. There are nine events on the schedule this week. US GDP soaked to 1.9 percent in Q4, weaker than the earlier quarter but nearly the estimation of 2.1 percent. Unemployment Claims & Existing Home Sales both missed anticipations, but consumer confidence jumped slightly superior, beating the estimate. Down Under, Australian CPI curved into 0.5 percent in Q4, short of the forecast of 0.7 percent. 
The pair unlocked the week at 0.7572 levels & climbed to a high of 0.7609 levels. The pair after that upturned directions & fell to a low 0.7510 levels, testing the support under the levels of 0.7513. The pair ended the week at 0.7526 levels. Trump has not shied away from debate. The Trump withdrew the US from the Trans-Pacific business & has rise tensions with Mexico. AUDUSD remains BEARISH this week.
The Japanese yen had a hard week, as the pair climbed more than 120 points. The pair finished the week at the 115 levels. This week’s significant event is Household Spending. All eyes were on US Advance GDP, the 1st GDP report for 4th Quarter. GDP dipped to 1.9 percent, weaker than the 3rd quarter but nearly the forecast of 2.1 percent. Unemployment Claims & Existing Home Sales missed anticipations, but consumer confidence jumped slightly superior, thumping the forecast. In Japan, inflation figures remain weak, as Tokyo Core CPI posted a turn down of 0.3 percent.
The pair opened the week at 113.80 levels & suddenly curved in to a low of 112.53 levels, as support was tested at 112.38 levels. The pair after that changed directions & climbed to a high of 115.38 levels. The pair ended the week at 115.04 levels. Just a week into his latest job, the economy is solid & if inflation levels shift higher, we might see the Fed step in with further rate hikes which is bullish for the US dollar. USDJPY remains BULLISH.
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