LeTechs Forex Blog - Weekly Forex Technical Forecast 20-24 March 2017

20 Mar

Weekly Forex Technical Forecast 20-24 March 2017

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This Week’s Technical Pairs: EURUSD, AUDUSD, USDJPY, EURJPY, USDCAD, GBPJPY, EURAUD, CRUDE OIL, SILVER, & GOLD.

EURUSD

The pair had an optimistic week, taking benefit of the Fed’s dovish hike & the favorable ending of the Dutch elections. The upcoming event is PMIs stand out. In the Netherlands, PM’s candidate Rutte’s Liberals came out on crown, and with a broad margin against the extreme-right nominee Geert Wilders. This market favorable result was later accompanied by positive comments by 2 ECB members, Praet & Nowotny. The final recommended a hike to the deposit rate might be underway. One bigger driver of the pair to the benefit came from the Fed chair Yellen & co. sent their well-telegraphed rate hike but essentially left everything else unchanged.

Technically, the pair traded bearing level on the support levels of 1.0712. A long term previous high was found as resistance levels nearly was 1.081 levels. EURUSD remains BULLISH.

AUDUSD

The pair posted sharp gains previous week, soaring almost 250 points. The pair closed at 0.7690 levels, its maximum weekly gain since April 2016. This week’s major event is the RBA Monetary Policy Minutes. There was no surprise as the Fed pushed the rate trigger & lift rates to the 0.75 percent-1.00 percent range. This led to wide losses by the US dollar. Consumer inflation & retail sales were supple but within expectations. In Australia, job figures disappointed, as the economy unpredictably shed jobs & the unemployment rate stimulated higher.

Technically, the pair unlocked the week at 0.7541 levels & suddenly mounted to a high of 0.7534 levels. The pair after that reversed directions & jumped to a high of 0.7719 levels, testing resistance at 0.7691 levels mentioned earlier week. The pair ended the week at 0.7690 levels. This week the pair trading the resistance levels between 0.7729-0.7835. The pair previously upturned his direction many times in the resistance levels of 0.7729. The support levels will be at 0.7605. AUDUSD remains BULLISH.

NZDUSD

The New Zealand dollar had an upbeat week, even with some worrying signs on the domestic front. We currently get the word from the RBNZ. It stays dovish. The New Zealand economy grows by only 0.4 percent q/q in 4th Quarter of 2016. This was dumpy of 0.7 percent predicted & the report included a reducing for 3rd Quarter to 0.8 percent. The report delayed the rally in NZDUSD that was determined by the Fed’s dovish hike & the pair struggles to hold onto 0.70 levels.

Technically, the pair traded below the 0.696 levels discussed last week during the 1st part of the week, but after that made a breakout only to meet resistance levels at 0.7035. This week, the pair trade nearly the short-term bullish of immediate R1 at 0.7050 levels. After a breakout the pair will trade into the pivot point of 0.6950 levels otherwise, the pair trading in the range of resistance at 0.7135 levels. This week’s NZDUSD turns from BEARISH to BULLISH.

USDJPY

The Japanese yen upturned directions & gained 220 points previous week. The pair finished at 112.58, it’s the weekly close low since February. There are just 3 events this week. As predictable, the Fed pressed the rate trigger & raised rates to the 0.75 percent-1.00 percent range but this led to wide losses by the US dollar. Consumer inflation & retail sales were pliable but within potential. In Japan, the BoJ stood pat & held rates at -0.10 percent.

Technically, the pair unlocked the week at 114.76 levels & mounted to a high of 115.19 levels. It was all downwards from there, as the pair plunged to a short of 112.90 levels, as 112.53 levels held in support mentioned previous week. The pair ended the week at 112.58 levels. This the pair was trading in the shot-term bearish of support levels at 112.53 levels. Following a breakout the pair was reversed its direction to reach a maximum high of 114.57 levels which was held in a resistance. Or else if there is no breakout on 112.53 levels the bearing continues. USDJPY remains BULLISH.

EURJPY

EURJPY was in reversed channel, lost almost nearly reach 121.00 levels. In Euor, the Netherlands, PM’s candidate Rutte’s Liberals came out on crown, and with a broad margin against the extreme-right nominee Geert Wilders. This market favorable result was later accompanied by positive comments by 2 ECB members, Praet & Nowotny. In Japan, the BoJ stood pat & held rates at -0.10 percent.

Technically the pair was in upward trend. Currently the pair was trading in the pivot point of 121.01 levels. A sudden change in its direction on upside will reach a floor at previous weekly high at 123.12 levels. After an unmoved pivot point level if it breaks-out the pair ground levels will be the support point of 120.11 levels. EURJPY remains BULLISH.

USDCAD

The Canadian overturned directions previous week & gained almost 140 points. The pair finished the week at 1.3318 levels. This week’s main events are CPI & Retail Sales. Previous week’s key event was the Fed’s rate hike, raising rates to the 0.75 percent-1.00 percent range. This led to large losses by the US dollar. Consumer inflation & retail sales were spongy but within anticipations. In Canada, Manufacturing Sales posted a growth of 0.6 percent, compared to expand of 2.3 percent a month earlier.

Technically, the pair unlocked the week at 1.346 levels & jumped to a high of 1.3496 levels, as resistance held at 1.3457 last week discussed. The pair then upturned directions & fell to a low of 1.3275 levels. The pair ended the week at 1.3318 levels. This week the pair traded currently in a strong resistance levels of 1.3299. After a slight breakout the pair trading in a downwards channel reaching the support levels at 1.2827 levels. USDCAD remains BEARISH.

GBPJPY

The pair was traded nearly in a short-range last week. In the UK, the BoE held rates at 0.25%, but a dissenting vote in the rate decision helped send the pound downward. In Japan, the BoJ stood pat & held rates at -0.10 percent.

Technically, this week the pair was trade in a Triangle trend pattern mostly becomes an upward channel. The pair trade mostly in the current levels held as a support to reach the peak levels upto 142.59 levels which held as a resistance now. GBPJPY remains BULLISH.

EURAUD

EURAUD constant its upside & downside pressures as the pair some cautious confidence. This week’s major event is the RBA Monetary Policy Minutes. In EURO, the Netherlands, PM’s candidate Rutte’s Liberals came out on crown, and with a broad margin against the extreme-right nominee Geert Wilders. This market favorable result was later accompanied by positive comments by 2 ECB members, Praet & Nowotny. In Australia, job figures disappointed, as the economy unpredictably shed jobs & the unemployment rate stimulated higher.

Technically, the pair was trade between the resistance and support levels. The support levels will be at 1.3720. The resistance levels will be at 1.4153. EURAUD remains NEUTRAL.

WTI-Crude Oil

The pair was traded in a slight range but last week breaks this out at 50.64 levels which were a strong R1. After a breakout the pair was in downward channel last week. The pair traded nearly its support levels at 47.33. An upward direction sustains to reach the R1 & R2 at 50.64, 51.60 levels. WTI remains BULLISH.

XAGUSD-Silver

The pair was traded an upside trend discussed last week. This week the pair was trading in a range of strong resistance levels at 17.22. After a breakout the pair continues its downward pressure to reach the support levels held on 15.80. XAGUSD remains BEARSIH.

XAUUSD-GOLD

The yellow metal was in a positive week gaining some points. The final recommended a hike to the deposit rate might be underway. One bigger driver of the pair to the benefit came from the Fed chair Yellen & co. sent their well-telegraphed rate hike but essentially left everything else unchanged. The pair was trade in the range currently act as a support at 1229.04 levels. A near-term Bullish trading in the floor to reach the resistance levels at 1242.69. Following the levels, the metal should sustain to under the pressure of support at 1229 levels. The next support will be at 1186 levels. XAUUSD remains BEARISH.

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