07 Aug

Forex Weekly Technical Outlook on 7-11 August 2017

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This week Technical Pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, NZDUSD, GBPJPY, USDCAD, EURAUD, Crude Oil, Gold, Silver

EURUSD well moved another step high, but power not holds onto the highs last week.  We discussed previously, the pair reached maximum levels of 1.19-1.20 before making a drive to the reverse side nearly 130 pips came down at the end of the week. This week the pair slightly changed the trend. Our initial target was 1.1613 levels & afterwards reaching 1.1413 levels. EURUSD turns BULLISH to BEARISH.
GBPUSD reversed directions last week, losing more than 100 points. The UK inflation & GDP forecast was revised backwards and also the US employment data was positive. Technically, the pair was in upwards directions but the US data was beat for holding the position. This week if the pair breaking the previous low sellers could take the market downside otherwise GBPUSD remains BULLISH.
AUDUSD we mentioned previous week & cuts down side pressure. The pair finished at 0.79280 levels, reached at the long-term weekly resistance levels. This week the pair continues its momentum on downside. The initial supporting line for the pair was at 0.7785 levels where the price previously struggled. If the pair breakout on the levels, the price might sustain its downside directions up to the maximum levels of 0.7725. AUDUSD remains BEARISH.
NZDUSD last week we discussed the pair continued its upside momentum and made some correction downside. This week NZD had significant events like Interest Rate & Monetary Policy Statement on the calendar. Technically the pair was in supporting zone if breakout on the line NZDUSD moving downwards or conversely NZD had a positive data continues its upside momentum. NZDUSD remains NEUTRAL.
USDJPY last week we mentioned the pair trading in strong supporting zone. The pair finished the levels above the supporting point. This week the pair sustains its upside pressure. The pair’s next support level was previous low. Our initial target was moving towards at 120 levels. USDJPY remains BULLISH.
The pair we discussed previous week struggling within the same trading range between support & resistance levels. The UK data was blended last week moving sideways direction. This week GBPJPY remains BULLISH.
USDCAD last week traded in the long-term supporting point. The pair was traded continued its upwards last week. This week the pair sustains its drive. Our initial target was 1.3000 levels & after that reaching 1.3300 levels. USDCAD remains BULLISH.
EURAUD last week traded nearly long-term upwards and moving along with sideways direction. This week if the pair breakout the upwards channel continues its peak. EURAUD remains BULLISH.
Crude Oil
Crude oil we discussed last week made some correction on the downside afterwards moving on the floor. This week the pair moving its floor reaching our target levels at 54.65. Crude Oil remains BULLISH.
XAUUSD continued its bearish trend as we discussed last week. The pair made a correction last week breakout the uptrend resistance line. This week the pair continues its downside momentum nearly reaching our long-term target levels. XAUUSD remains BEARISH.
XAGUSD – Silver
XAGUSD last week we mentioned the pair continued it’s downwards direction trading in the resistance zone. This week the pair sustains it’s downwards slowly to reaching the target levels. XAGUSD remains BEARISH.
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