29 May

Forex Weekly Analysis on 29 May-2 June 2017

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This Week Technical Pairs: EURUSD, GBPUSD, AUDUSD, & USDCAD
##EURO- ECB President Draghi Meeting @ 06:00 PM, IND(GMT+05.30)
EURUSD
The pair had a positive week in common, increasing as prospects carry on looking better in the Euro-Zone in contrast to the US. The future week features preliminary inflation numbers & PMIs. Business assurance is growing in Germany, at a quicker pace than anticipated. Besides, manufacturing PMIs are looking fine. Merkel supposed the euro is weak & this lifted the general currency. 
 
Alternatively, ECB President Draghi at rest sees inflation as passive & this pressed back on earlier gains. In the US, it was a quieter week on the political face, but the Fed took center phase with the minutes. These left the door unlock for a rate hike but be short of a smoking gun. EURUSD remains BULLISH.
 
GBPUSD
The pair dropped piercingly previous week, dipping 230 points. The pair stopped at 1.2781 levels, its lowest weekly close in 4 weeks. This week’s major events are Manufacturing & Construction PMIs. The bombing in Manchester has terrified a pull into the British election, as the Conservatives’ show the way has been cut stridently. Although Theresa May is anticipated to form a majority government, the pound plunged in comeback to the newest opinion polls. 
 
The pair started the week at 1.3009 levels & rapidly hit a high of 1.3043 levels. The pair fell sharply late in the week, beating a low of 1.2773 levels, which is act as a testing support at 1.2775 levels mentioned last week. The pair finished the week at 1.2781 levels. GBPUSD remains BEARISH.
 
AUDUSD
The pair was unmoved last week, closing at 0.7439 levels. This week’s significant events are Private Capital Expenditures & Retail Sales. There were no key events out of Australia previous week. More in the US, the Fed rate statement was more dovish than anticipated, which reflects on the US dollar. The US economy is performing well, & the revised GDP statement posted a decent gain of 1.2 percent, defeat the forecast.
 
The pair opened the week at 0.7451 levels & mounted to a high of 0.7517 levels, testing support levels at 0.7513 discussed previous week. The pair after that upturned directions & fell to a low of 0.7421 levels. The pair ended the week at 0.7439 levels. AUDUSD remains NEUTRAL.
 
USDCAD
The Canadian placed gains for a 2nd straight week, as the pair lost 80 points. The pair ended the week at 1.3440 levels. This week’s major event is GDP. The Bank of Canada preserved rates, & said that inflation remains within the BOC’s ledge. More in the US, the Fed rate statement was more dovish than anticipated, which reflects on the US dollar. The US economy is performing well, & the revised GDP statement posted a decent gain of 1.2 percent, defeat the forecast.
 
The pair unlocked the week at 1.3517 levels & rapidly reached a high of 1.3540 levels. Late in the week, the pair reached a low of 1.3387 levels, as support held at 1.3351 levels discussed earlier week. The pair improved & blocked the week at 1.3440 levels. The Fed is likely to lift rates at the June conference, excepting a fall in inflation, & this is bullish for the greenback. The Canadian dollar has established a boost from upper oil prices, but the currency might soften if oil starts the other way. USDCAD remains BULLISH.
 
 
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