12 Jun

Forex Weekly Technical Outlook on 12 JUNE 2017

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EURUSD was on the rear foot following Draghi managed to drag the euro down & as the greenback improved. The week further on consists of French parliamentary elections, a significant German survey, the Euro-group meetings & more. The ECB currently sees “balanced risks” quite than disadvantage ones. It’s also unconcerned its supervision about interest rates. The Bank at present expects rates to stay at present levels for a long time, but not go down to lower ones. These hawkish varies were priced in. The euro retreated from its lofty. In the US, Comey speaks Trump lied, but did not rule that the President foiled impartiality. Even as Trump remains in problem, the snag did not get worse and the dollar might recover.
Technically, the pair was in upwards last week. There is no alteration this week for EURUSD, maybe be dropping up to 1.1136 levels. EURUSD remains BULLISH.
AUDUSD posted well-built gains last week, gaining 100 points. The pair stopped the pair at 0.7439 levels. This week’s key events are Private Capital Expenditures & Retail Sales. There was no shock from the RBA, which held rates at 1.50 percent. The economy slowed in first quarter, but still hit the estimate. Over in the US, investors are increasingly irritated with Trump’s breakdown to pass any health-care or tax reform, & the dovish hike is improbable to stimulate the markets.
Technically, the pair was wide open the week at 0.7428 levels & rapidly fell to a low of 0.7421 levels. The pair after that changed its directions & moved to a high of 0.7566 levels, as resistance held firm at 0.7605 mentioned previous week. The pair ended the week at 0.7527 levels. AUDUSD remains NEUTRAL.
NZDUSD posted strong gains last week sharply, but the pair is in down channel nearly to the resistance levels. The resistance was held at 0.7256 levels. Mostly the pair was in a correction mode for the reason of long-term upward channel which is on the resistance line and then the pair was in downward moment was in short-term. NZDUSD remains BEARISH.
USDJPY last week we discussed the pair was in downside pressure. The pair was trading in between the side lines, so the pair was at present remains in the mid-range. USDJPY remains NEUTRAL.
GBPUSD posted significant losses, fell 130 points. The pair finished at 1.2736 levels. There are TEN events this week on the calendar.
Technically, GBPUSD unlocked the week at 1.2867 levels & reached a high of 1.2978 levels late in the week. The pair after that fell sharply, dropping to a low of 1.2634 levels, as support held at 1.2616 levels. GBPUSD recovered a little & stopped the week at 1.2736 levels. GBPUSD remains BULLISH.
The Canadian dollar ticked lesser previous week, as USDCAD closing at 1.3462 levels. There are just 2 events on the calendar this week. Canada added 54.5K jobs in May, humiliating the estimate of 11.5K. In the US, the markets are more and more skeptical concerning Trump, underline by Trump’s breakdown to pass any health-care or tax reform. The dovish hike is improbable to excite the markets & hurl the greenback advanced. USDCAD remains NEUTRAL.
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