Forex Weekly Technical Outlook on 3-7 JULY 2017
This week Technical Pairs: EURUSD, AUDUSD, NZDUSD, USDJPY, GBPJPY, GBPUSD, USDCAD
EURUSD lastly made a breakthrough & touched the highest levels in over a year. The 1st week of July features PMIs & the ECB meeting minutes. The consolidation has ruined and the pair is on the technique up. Draghi unleashed the advantage, parallel to how Macron’s win did. In the US, the Fed shows a little hesitation concerning the rate hikes.
Technically, the pair was initially supports at the 1.1160 levels discussed last week. It afterwards made a sharp progress, initially preventing at 1.1360 levels. The short-term resistance level was 1.1292. Then it will consolidate their level moving upwards. EURUSD remains BULLISH.
AUDUSD upturned directions last week & gained more than 100 points. The pair finished at 0.7683 levels. This week’s key events are Retail Sales & the RBA rate statement. There were no major Australian events previous week. In the US, Final GDP in 1st Quarter was revised upwards to 1.4 percent, above the estimate of 1.2 percent. In the US, the Fed sounded more cynical about inflation picking up. If the Fed having doubts about a 3rd rate hike this year maybe the worries.
Technically, the pair unlocked the week at 0.7571 levels & rapidly reached a low of 0.7564 levels. The pair then upturned directions & climbed to a high of 0.7712 levels late in the week, as resistance held firm at 0.7749 levels mentioned previous week. The pair ended the week at 0.7683 levels. AUDUSD remains BULLISH.
NZDUSD still solid range in the nearby support levels at 0.7256 previous weeks, but the pair is in down channel clearly made the correction levels. The pair made a correction line close to the previous low at 0.7190 levels. Previous week we discussed the pair was in an alteration mode because of long-term upside moment which is on the resistance line. NZDUSD remains short-term BEARISH & long-term BULLISH.
USDJPY drifted to the upside, as the Bank of Japan was left unaccompanied as the most dovish central bank. The upcoming week unlocks the 2nd half of the year & it’s with a bash. We have a full construct up to the US Non-Farm Payrolls, with a tiny break for the 4th July celebrations. And, the Fed releases its meeting minutes, which might be rather less optimistic than the declaration.
Technically, the pair is now trading in a higher range. The bottom is 111 levels that worked as a support now. The resistance will be held at 114.31 levels which is our next target line also, a round figure that was also the bottom when the pair traded at an advanced range. USDJPY remains BULLISH.
GBPJPY was recovered somewhat after the UK’s election previous week. The pair was straight away to the upwards movement last week. This week’s significant are the PMI reports. The pound jumps after BoE Governor Mark Carney left unlock the door to interest rate rises, in comments made at the ECB forum in Portugal. The Bank of Japan was left unaccompanied as the most dovish central bank. The upcoming week unlocks the 2nd half of the year & it’s with a bash.
Technically, the pair was in a trading range between the previous high, the next target levels will be at 148 which is act as a support levels. The resistance will be at nearly 145 levels. GBPJPY remains BULLISH.
GBPUSD soared previous week, gaining 250 points. The pair finished at 1.3015 levels, the 1st weekly close over the 1.30 levels since May. This week’s events are the PMI reports. The pound jumped following BoE Governor Mark Carney left open the door to interest rate hikes, in comments made at the ECB forum in Portugal. Last week’s events British Final GDP destabilized, posting a small gain of 0.2 percent. Still, this matched the estimate. In the US, Final GDP in 1st Quarter was revised upwards to 1.4 levels, above the estimate of 1.2 percent. In the US, the Fed shows a little hesitation concerning the rate hikes.
Technically, the pair unlocked the week at 1.2744 levels & quickly fell to a low of 1.2705 levels. It was all uphill after that, as the pair climbed to a high of 1.3029 levels, testing support at 1.3020 mentioned last week. GBPUSD ended the week at 1.3015 levels. We discussed a long-term target 1.3430. The pair was on the move towards our target levels. GBPUSD remains BULLISH.
The Canadian dollar sparkled previous week, as the pair plunged 300 points. The pair finished at 1.2946 levels, its lowly weekly close since August 2016. This week’s main event is Employment Change. Canadian GDP softened to 0.2 percent, but unmoving matched the estimate. In the US, Final GDP in 1st Quarter was revised upwards to 1.4 levels, above the estimate of 1.2 percent. Janet Yellen did not speak something about monetary policy, but her colleagues seem more cynical about inflation picking up.
Technically, the pair unlocked the week at 1.3259 levels & rapidly mounted to a high of 1.3266 levels. It was all downhill from there, as the pair fell to a low of 1.2933 levels, breaking under the support levels at 1.2980 discussed previous week. The pair was on the downtrend as we mentioned earlier week reaching our target line 1.2987. The pair was ended the previous low levels last week. The pair made a short-term correction up to 1.3060 levels. After that the pair moving towards downside pressure next target will be at 1.2830 levels. In the Elliot wave analysis going on the pair which is currently on the 5th wave reaching the fifty percent target levels, another fifty percent target levels will be at 1.2830. USDCAD remains BEARISH.