22 May

Forex Weekly Technical Forecast of 22-26 May 2017

admin Forex Technical outlook 1 Comments
This week Technical Pairs: EURUSD, AUDUSD, USDJPY, GBPUSD, USDCAD, GBPJPY, EURAUD, WTI-Crude Oil, SILVER, & GOLD.
EURUSD
The pair touched the highest in last 6 months, typically enjoying the weakness of the dollar. PMIs, a major German survey & the ECB meeting minutes stand out in the preceding full week of May. The US dollar was declining as President Trump was engulfing by more disgrace. The distrust of obstructing justice in the Comey memo was emphasizing of a dreadful week for the White House. The greenback chops down on the horror that growth-friendly policies would be postponed. In the Euro-zone GDP was established at 0.5 percent q/q & 1.7 percent y/y. Germany’s ZEW economic sentiment goes forward, but somewhat below expectations. In the US, housing starts & building approvals came out under the estimates. 
 
Technically, the pair moved our target of 1.15 levels as we discussed last week, currently EURUSD was closed above the 1.12 line on Friday. The support level for downward momentum was 1.1000. EURUSD remains BULLISH.
 
AUDUSD
AUDUSD posted minor gains previous week, finishing at 0.7455 levels. There are 5 events this week. The US dollar was generally lower as the Trump administration was racked by more disgraces. US president has been accused of intrusive in an investigation by FBI leader James Comey, raising misgiving of obstruction of impartiality by Trump. The US dollar chops down on market worry that growth-friendly policies such as tax reform & increased fiscal spending might be delayed. As well, US construction figures were spongy. In Australia, employment data shine, as employment change climbed & the unemployment rate curved in.
 
Technically, the pair was on upward direction breaking above the resistance level of 0.7429. The support was held at 0.7319 levels. AUDUSD remains BULLISH.
 
USDJPY
USDJPY was in a good momentum last week supporting the dollar. The US dollar was declining as President Trump was engulfing by more disgrace. The distrust of obstructing justice in the Comey memo was emphasizing of a dreadful week for the White House. The greenback chops down on the horror that growth-friendly policies would be postponed. But still the greenback has got its pressure on the yen.
 
Technically, the pair as we mentioned previous week crossing the resistance line which is currently act as an upward moment. The pair was trading in a range of support levels. USDJPY remains BULLISH.
 
GBPUSD
GBPUSD rebounded previous week, gaining 150 points. The pair stopped at 1.3028 levels. This week’s major events are the Inflation Hearings & Secondary Estimate GDP. The pound took full benefit as investors bitter on the dollar, due to scandals surrounding the Trump management. Trump has been accused of intrusive in an investigation by FBI director James Comey, lifting suspicion of obstacle of justice. Tough consumer data in the UK also boosted the pound, as both CPI & retail sales hit forecasts.
 
Technically, the pair was in an uptrend for more than a week. The support was held at 1.2734 levels & the resistance line was held at 1.3430 levels. GBPUSD remains BULLISH.
 
USDCAD
The Canadian dollar sparkled previous week, as the pair plunged 210 points. The pair stopped the week at 1.3509 levels. There are just 4 events on the calendar. Canadian data was varied, as CPI met expectations but Core Retail Sales dissatisfied with a 2nd straight decline. Still the Canadian dollar drives thanks to solid oil prices. US president has been accused of intrusive in an investigation by FBI leader James Comey, raising misgiving of obstruction of impartiality by Trump. The US dollar chops down on market worry that growth-friendly policies such as tax reform & increased fiscal spending might be delayed. As well, US construction figures were spongy.
 
Technically, the pair was nearly the target of 1.3663 levels as we mentioned last week. The pair was closely to the target levels for supporting the Canadian dollar in downside pressure. USDCAD remains BEARISH.
 
GBPJPY
The pair was trading in a same range last week but gaining some points. This week’s major events are the Inflation Hearings & Secondary Estimate GDP. The pound gets full support due to the JPY weakness.
 
Technically, the pair was moving along with the resistance levels. As the pair gets its medium short-term support held at 143.29 levels which was reversed its direction after reaching the line. The pair continue its upward momentum until it breakout the previous high point. GBPJPY remains BULLISH.
 
EURAUD
EURAUD posted some gains in the previous week. PMIs, a major German survey & the ECB meeting minutes stand out in the preceding full week of May. In the Euro-zone GDP was established at 0.5 percent q/q & 1.7 percent y/y. Germany’s ZEW economic sentiment goes forward, but somewhat below expectations. In the US, housing starts & building approvals came out under the estimates. In Australia, employment data shine, as employment change climbed & the unemployment rate curved in.
 
Technically, the pair sustained its upside force against the AUD, but the short-term resistance level target was 1.508, after a breakout of the target line the pair will drive onto the next levels. EURAUD remains BULLISH.
 
WTI - Crude Oil
The oil price continue its positive trend as we discussed previous week, due to the reason technically was on reversal direction and fundamentally also supports the oil price on upward momentum. The short-term reversal target was 47.4 levels and the upside target levels will be on the resistance line of 54 levels. Upcoming OPEC meeting also supports the pair, if the Non-OPEC nation was joined as a member in the OPEC. WTI remains BULLISH.
 
XAGUSD – Silver
The pair gets some moment on the price on last week. The pair trade in the same range, as we mentioned earlier week. Once the price gets the reversal direction the medium-term target will be 15.76 levels. After reaching the target levels, the pair continues its downside force of next target was 14.00 levels. XAGUSD remains BEARISH.
 
XAUUSD – GOLD
The metal last week posted some gains but traded nearly the downside direction. The yellow metal price moves on the reversal direction holding for its momentum. Technically, the metal was in downside target of 1200 levels which is currently as a resistance for the pair. XAUUSD remains BEARISH.

 
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