08 May

Weekly Technical Forecast on 8-12 May 2017

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Weekly Technical Forecast on 8-12 May 2017

This Week’s Technical Pairs: EURUSD, AUDUSD, NZDUSD, USDJPY, GBPUSD, USDCAD, EURAUD, WTI-Crude Oil, XAGUSD, XAUUSD.
EURUSD
EURUSD bordered higher ahead of the 2nd round of the Presidential French elections. Apart from the politics, we have GDP & other events from the aged continent. 
Economic data also gives a boost. GDP grew by 0.5 percent in First Quarter, showing accelerated development. PMIs were good enough, pointing to additional growth & retail sales hit expectations with 0.3 percent. In the US, the Fed left rates untouched and did not seem concerned about the fresh slowdown. The Fed helps the dollar, but not against the euro.
Technically, the pair was breakout the bullish support levels at 1.0948. After breaking the levels, the pair continued its bullish trend along with the previous high levels at 1.1500. EURUSD remains BULLISH.
AUDUSD
AUDUSD posted losses for a third week in a row, finishing just over the 0.75 line. This week’s key event is the Retail Sales. In the US, the Fed left rates untouched and did not seem concerned about the fresh slowdown. The Fed helps the dollar boost the greenback against the Aussie. The RBA in Australia, quarterly report said that wage growth is predictable to stay low. 
Technically, the pair unlocked the week at 0.7483 levels & mounted to a high of 0.7556 near the beginning in the week. The pair after that reversed directions & fell to a low of 0.7367 levels, as support held at 0.7311 mentioned last week. The pair closed the week at bearish 0.7408 levels. Currently the pair has an immediate support held at 0.7319 levels & resistance held at 0.7495 levels. AUDUSD remains BEARISH.
NZDUSD
The pair finished the week almost unmoved, In the US, the Fed left rates untouched and did not seem concerned about the fresh slowdown. The Fed helps the dollar boost the greenback against the New Zealand. even though the pair goes down to the support levels at 0.6870 throughout the week. The pair closed the week at these support levels. 
Technically, the pair unlocked the week in neutral range. The pair trades the week in a range of support levels at 0.6870. If the support breakouts in the downward the pair will resume it’s bearish otherwise it will sustain its upside trend. NZDUSD remains NEUTRAL.
USDJPY
USDJPY almost hit the high, as we discussed last week the pair goes upwards to the levels of 112.47 where currently act as a resistance. After the pair turns down the resistance levels, will help to move further as a downwards this week. In the US, the Fed left rates untouched but the rate statement was more hawkish than anticipated. USDJPY remains BEARISH.
GBPUSD
GBPUSD posted little gains previous week, finishing at 1.297 levels. This week’s key events are manufacturing Production & the Official Bank Rate.
In the US, the Fed left rates untouched but the rate statement was more hawkish than anticipated. In the UK, all 3 PMI reports strike their estimates, but this wasn’t sufficient to drive the British pound advanced.
Technically, the pair unlocked the week at 1.2931 levels. The pair fell to a low of 1.2828 levels late in the week, before improving & hiking to a high of 1.2984 levels, as resistance held at 1.3429 mentioned earlier week. Currently the support held at 1.2734 levels. The pair ended the week at 1.2969 levels. This week the pair continues its upward channel. GBPUSD remains BULLISH.
USDCAD
USDCAD posted grow during the week but gave up these increase late in the week. The pair finished the week almost unchanged at 1.3649 levels. There are just 4 events this week.
In the US, the Fed left rates untouched & sounded optimistic concerning the economy. In Canada, employment data was varied. The economy added distant fewer jobs than predictable, but the unemployment rate goes down to its lowest level since 2008. The Fed declaration was more hawkish than anticipated, rising the likelihood of a June rate hike. The US economy relic’s strong, despite an unacceptable of Q1, & weak oil prices are weighing up on the Canadian dollar.
Technically, the pair unlocked the week at 1.3642 levels over the support line where as 1.3563 levels & mounted to a high of 1.3794 levels. Late in the week, the USDCAD reversed directions & fell to a low of 1.3619 levels. The pair ended the week at 1.3649 levels. USDCAD remains BULLISH.
GBPJPY
GBPJPY posted strong gains during the week finishing at the levels of 146. In the UK, all 3 PMI reports strike their estimates, but this enough to drive the British pound advanced.
Technically the pair was in upwards, already mentioned the pair goes nearly out the target of 148 levels. GBPJPY remains BULLISH.
EURAUD
EURAUD posted its gains for 2nd week in a row ahead of the 2nd round of the Presidential French elections. Apart from the politics, we have GDP & other events from the aged continent. The RBA in Australia, quarterly report said that wage growth is predictable to stay low. 
Technically, the pair last week breakout a strong bullish trend line. The pair continue its upside directions to reach the high of 1.560 levels. EURUAD remains BULLSIH.
WTI - CRUDE OIL
The pair was in downside pressure as we discussed earlier week because of the weak oil prices. The pair currently has an immediate support at 47.49 levels. As we mentioned last week our medium term target reaching at 43.25 levels. The pair almost touched our target levels at 43.80 levels. This week Oil remains BULLISH. 
XAGUSD
Silver pair was in full form of its downtrends as we mentioned last week. We give some target at the level of 15.76 nearly reached our levels late in the week at 16.30. The pair continued it’s downwards pressure for its level. XAGUSD remains BEARISH.
XAUUSD
XAUUSD was losses its pressure for the free flowing as we discussed previous week because of the pair breaking the resistance levels. This week the pair sustain its trend which near by the immediate support at 1200 levels, where as the medium term support was held at the previous low of 1127 levels. XAUUSD remains BEARISH.
 
For more about Technical Analysis watch it: https://www.youtube.com/watch?v=ekGChW0R-_8 
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