Weekly Technical Forecast on 13-17 February 2017
Technical Pair’s for this week: EURUSD, GBPUSD, AUDUSD & USDJPY.
The pair was incapable to take advantage of the greenback’s weakness & suffered trouble of it’s possess. GDP figures stand out & also the ECB meeting minutes should be observed. ECB head maintained his dovish manner, seeing inflation as midway. That, mutually with political worries & weak data from Germany, forced the euro lower. In the US, the greenback trying a recovery & it worked out mostly against the defenseless euro. The pair made an alteration on European worries. Nevertheless, improving data from the euro-zone probable this week, as well as a Fed & Trump, stimulated weak dollar will likely lift the pair back up. EURUSD remains BULLISH.
The pair finished the week unchanged, at 1.2475 levels. This week’s major events are Claimant Count Change & CPI. US figures were blended, as unemployment claims cuts down & beat expectations. Yet, UoM Consumer Sentiment fell to a three-month low, & missed the forecast. In the UK, Manufacturing Production surged 2.1 percent, well over the forecast of 0.3 levels.
The pair unlocked the week at 1.2482 levels & fell to a low of 1.2345 levels, testing support at 1.2385 levels. The pair after that upturned directions & mounted to a high of 1.2582 levels. The pair was powerless to consolidate at this level & closed at 1.2475 levels. The US economy remnants in fine shape, but Trump’s theatrics & lack of an economic plan have led to restlessness in the markets. In the UK, the BoE appears in no flash to raise rates, even with inflation affecting higher. GBPUSD remains BEARISH.
This week’s schedule was Employment Change only. US figures were blended previous week, as unemployment claims fell & beat anticipations. Still, UoM Consumer Sentiment fell to a three-month low & neglected the estimate. In AUD, the RBA left the benchmark rate at 1.50 percent, as predictable. The pair unlocked the week at 0.7674 levels & cuts down to a low of 0.7605 levels. The pair then overturned directions & mounted to a high of 0.7689 levels, as resistance held at 0.7691 levels mentioned last week. The pair ended the week at 0.7665 levels. The US economy stands good but Trump’s protectionist attitude might sour investors on risk & damage the Australian dollar. AUDUSD remains BEARISH.
The Japanese yen inverted directions earlier week, as the pair posted reserved gains. The pair finished the week just over the 113 levels. There are just 2 events on the schedule for JPY. In US, unemployment claims fell down & strike the expectations. But, UoM Consumer Sentiment knocks down to a three-month low & missed the forecast. In Japan, there were no key events last week. Core Machinery Orders & PPI both beat estimation.
The pair unlocked the week at 112.64 levels & dropped to a low of 111.58 levels. The pair after that upturned directions & mounted to 113.85 levels late in the week, testing resistance levels at 113.80 last week. The pair ended the week at 113.10 levels. US Trump’s protectionist attitude might sour investors on Japan, which is greatly reliant on exports. USDJPY remains BULLISH.