Weekly Technical Forecast on 06–10 March 2017
Technical Pair’s for this week: EURUSD, AUDUSD, NZDUSD, USDJPY, EURJPY, EURAUD, XAGUSD (Silver spot), XAUUSD (Gold Spot), WTIUSD (Crude Oil).
The pair traded in a wider range & ultimately closed towards the superior end levels at 1.0626. Maybe it remains in the sort or make a crack. The key event of the week is certainly the ECB decision, which also consists of fresh forecasts. Last week’s Inflation data in the euro-zone, which touched 2 percent, sustained putting pressure on Draghi, particularly from his German peers. Developments in the French elections assist the euro. In the US, Trump’s priorities do not offer the essential fuel for the dollar, but positive expectations for Fed action keep it bid. Hawkish remarks from Dudley & after that from Brainard, two identified doves, sent the greenback high. Draghi is likely to do his finest to weigh on the euro. It seems that he got his magical back following a few lost attempts & he could certainly hit the ordinary currency as core inflation remains unresponsive. The support levels will be at 1.0480, the resistance will be at 1.0629. EURUSD remains NEUTRAL.
The pair cut down 70 points approximately previous week, finishing just under the 0.7600 levels. This week’s main event is Retail Sales & the Cash Rate. In the US, Donald’s words dissatisfied the markets, but solid market sentiment over a rate hike boosted the greenback. Hawkish remarks from Dudley & then from Brainard have piercingly raised potential of a March hike. In AUD, GDP sparkled with a growth of 1.1 percent, but the Aussie couldn’t take benefit.
AUDUSD unlocked the week at 0.7666 levels & rapidly climbed to a high of 0.7710 levels. The pair reversed directions & fell to a low of 0.7541 levels late in the week, as support held at 0.7515 levels. The pair ended the week at 0.7592 levels. The Trump administration’s initial month in office has been overwhelmed by difficulty, & there might be more problem in front. Still the US economy is doing fine & growing brightness over a March rate hike is upbeat for the US dollar. The support levels will be at 0.7506, the resistance will be at 0.7605. AUDUSD remains BEARISH.
The New Zealand dollar made more jumps to the upside, but this upturned as became hawkish. The milk auction is the next big event for the NZD. New Zealand’s trade balance shortfall widened to 285 million NZD, worse than anticipated. The publication took its charge on the kiwi, but the currency finally recovered, also thanks to a positive measure of commodity prices, up 2 percent as well as better conditions of trade, a rise of 5.7 percent. The New Zealand economy gives reasons to be cheerful concerning the kiwi & Trump provides cause to be worried regarding the dollar, the hawkishness of the Fed balances things out. The support levels will be at 0.7050, the resistance will be at 0.7149. NZDUSD remains NEUTRAL.
The Japanese yen upturned directions last week & cuts down 180 points. The pair finished at the 114 levels. This week’s main events are Final GDP & BSI Manufacturing Index. In Japan, Household Spending was unpredictably weak, & inflation indicators persist to post declines.
The pair unlocked the week at 112.10 levels & dropped to a low of 111.69 levels early in the week. The pair then reversed directions and climbed to a high of 114.75, testing resistance at 114.55. The pair ended the week at 113.98 levels. The support levels will be at 113.73, the resistance will be at 115.39. USDJPY remains BULLISH.
EURJPY was in upward channel, gained almost 150 points. Last week’s Inflation data in the euro-zone, which touched 2 percent, sustained putting pressure on Draghi, particularly from his German peers. Developments in the French elections assist the euro. In Japan, Household Spending was unpredictably weak, & inflation indicators persist to post declines.
The pair unlocked the week at 118.45 levels & quickly jumped to a high at 121.14 levels. Then the pair fell to a low of 118.20 levels earlier week. The pair ended the week at 121.12 levels. The support levels will be at 119.49, the resistance will be at 121.26. EURJPY remains BULLISH.
WTIUSD - Crude Oil
The pair was traded in a sideways almost unmoved last week. The pair opened the week at 54.02 levels & suddenly jumps to the high of 54.6 levels. The pair after that changed its direction cuts down to a low of 52.54 levels previous week. The pair ended the week at 53.33 levels. The support levels will be at 51.7 levels, the resistance will be at 54.26. WTIUSD remains NEUTRAL.
XAGUSD – Silver
The pair was traded in downtrend channel but gained some points. The pair opened the week at 18.42 levels & quickly climbed to a high of 18.54 levels. The pair changed its direction decline to a low of 17.66 levels. The pair ended the week at 17.74 levels. In the daily Chart, the pair was traded in the downside direction, the support levels will be at 17.12 levels & resistance will be at 18.86 levels. XAGUSD remains BEARISH.
XAUUSD – Gold
The pair was continued falling among the expectation of the US rate hike and the dollar's growth. The pair was traded in a red almost a week. The pair unlocked the week at 1254.70 levels & quickly jumped to a high at 1260.10 levels. Then the pair fell to a low of 1222.90 levels earlier week. The pair ended the week at 1225.50 levels. According to the daily chart the pair was held at nearly the resistance levels of 1242.56 & the Support levels at 1220 levels. XAUUSD remain BEARISH.