Forex Weekly Technical Forecast on 23rd - 27th May 2016
Forecast Technical Pairs: EURUSD, GBPUSD, AUDUSD, USDCAD, & USDJPY
EURUSD expelled to reduce ground with the greenback act better work. PMIs & 2 German surveys emerged. Fed meeting minutes set a June rate hike securely on the table & this was surely perceive in EURUSD. Statement was also average, with inflation looking comparably hard, exclusively when related to the euro-zone. As we predicted, core euro area inflation was declined to 0.7 percent for April. Is there further to this downtrend or equitable a mean inversion?
EURUSD held its prime less than 1.1335 levels before drain to much lower ground bottom of 1.12 levels. EURUSD remains Bearish.
GBPUSD set strong growth last week, mounting 150 PIPS. The pair closed the last week just below the 1.45 line. This week’s major action is Second Estimate GDP.
Fed meeting minutes were exceptionally hawkish, setting a June rate hike securely on the table. US unemployment figures were within anticipations & housing numbers beat the expected. British CPI & Claimant Change missed their predictions, but the pounds brush these releases.
GBPUSD unlocked the week at 1.435 levels. The pair quickly falls down to a low of 1.4332 & then converse the directions. The pair mounted to a high of 1.4663 levels, testing resistance at 1.4635 levels. GBPUSD closed the last week at 1.4497 levels. GBPUSD stays Bearish.
AUDUSD lost position for a fourth short week, posting slightest losses. The pair closed at the level of 0.7219. This week’s key is Private Capital Expenditure of AUD.
In AUSSIE, the RBA minutes hinted at another rate hike, & employment figures fell short of anticipations. 0.7692 has held hard in resistance from initial May, when AUDUSD began a pointed downhill trend. 0.7597 levels is the upcoming line of resistance. 0.7438 level has controlled hard from initial May. AUDUSD remains Bearish.
USDCAD was up pointedly last week, improving 160 PIPS. The pair clogged the week at the level of 1.3115. There are only 2 major news this week’s schedule.
US dollar posted heavy gains & pushed the CAD down strongly. US employment & housing figures were sturdy. In Canada, retail sales & inflation figures were comfy.
USDCAD unlocked the week at 1.2946 levels & reached a high of 1.3161 levels. The pair then converse the directions & dropped to a ground of 1.2836, a support believed rigid at 1.2780 levels. USDCAD blocked the last week at 1.3115 levels. USDCAD stands on Bullish.
USDJPY posted growth for a 3rd straight week. These pairs improved 120 PIPS last week, clogging at the levels of 109.89. This week’s main event is Tokyo Core CPI. Japanese Preliminary GDP posted an improvement of 0.4 percent in first quarter; afterwards reduces in the previous three quarters.
USDJPY opened this week at 108.66 levels & quickly reached a floor of 108.62 levels. The pair then converse the directions & mounted to a high of 110.58 levels, as 109.94 levels held tough in resistance. USD/JPY stopped the week at 109.89 levels. USDJPY stands on Bullish.