This week Technical Pairs: EURUSD, AUDUSD, NZDUSD, USDJPY, GBPJPY, GBPUSD, USDCAD

EURUSD altered its previous gains & fell within the range. This week features a mix of trade, industrial output, & inflation figures. The ECB persists trying to balance the image, but sometimes confuses markets. An ECB official supposed that tapering has not been argue, sending the euro down. Later, the ECB meeting minutes proves that they had considered take away the easing bias, allowing for a revival. German retail sales hit expectations while factory orders let down. PMIs were mostly helpful. In the US, the Fed is also crack around the timing of the balance sheet reduction as doubts concerning the 3rd hike in 2017 persist. 

 

Technically, we mentioned last week the pair was made a correction after reaching the support levels, this week the pair was sustained its movement, previous low drives between 1.15 – 1.16 levels where the resistance held. EURUSD remains BULLISH.

 

AUDUSD reversed directions earlier week & fell 100 points. The pair finished at 0.7584 levels. It’s a light week, with only 3 events on the schedule. In Australia, a muted rate statement from the RBA weighed on the Aussie. Australian Retail Sales soften to 0.6 percent, but still hit expectations. In the US, the Fed minutes pointed to separation over the timing of the balance sheet reduction & concerns in relation to low inflation. There was blended news on the employment front, as Nonfarm Payrolls rebounds to 222K, but wage growth stayed weak.

 

Technically the pair was unlocked the week at 0.7687 & quickly reached a high of 0.7695 levels. It was all downhill from there, as the pair upturned directions & fell to a low of 0.7567 levels, as support held firm at 0.7513 discussed previous week. The solid resistance firm at 0.7745 levels. The pair closed the week at 0.7584. AUDUSD remains BULLISH.

 

NZDUSD was struggled in the range last week but dropped to finish the week at breaking levels. In the US, the Fed minutes didn’t do much to increase investor confidence, unlike the positive rate statement in June. The minutes indicated that policymakers were separated over the timing of preliminary to reduce the Fed’s balance sheet, & member’s also spoken concerns about low inflation. US Nonfarm Payrolls bounced back in June, easily beat expectations.

 

The pair we mentioned last week that current range drives to downside direction almost reached our target levels. This week the pair was trading in a supporting region struggle at 0.7256 levels & breakout the resistance level also. NZDUSD remains long-term BULLISH.

 

The dollar vs. yen higher for the 4th week in a row, extending the climb alongside the uptrend support line. This week begins with echoes from the Non-Farm Payrolls report & also the G-20 meeting, including the 1st meeting between Trump & Putin. The focal point then shifts to Yellen’s witness on Wednesday & also on Thursday. This time, she will certainly talk about monetary policy, moving markets. In Japan, we will get the current account, PPI, & the revised industrial output data, but not any of these moves markets.

 

US data was varied, soft data was mostly optimistic with strong showings from the various PMIs, while ADP & factory orders fell short of outlooks. North Korea tested an ICBM, shocking the US on Independence Day. The event sent the pair rapidly lowers, but it improved swiftly as well. In Japan, a few have called for an implied reduction by the Bank of Japan, buying fewer bonds without making any statement. So far, the BOJ keeps on buying bonds, pressuring the yen. 

 

Technically, the pair was in a previous week target level reached. This week the pair first half made some correction to 111.90 levels. The resistance will be held at 114.31 levels which is our next target line. USDJPY remains BULLISH.

 

GBPJPY was improved somewhat after the UK’s election. This week’s key events are Average Earnings Index & Claimant Count Change. In the UK, Brexit jitters amplified as all three PMIs reported softer growth in May & missed estimation. In Japan, a few have called for an implied reduction by the Bank of Japan, buying fewer bonds without making any statement. So far, the BOJ keeps on buying bonds, pressuring the yen.

 

Technically, the pair was in a last week trading nearly in the same zone, the pair sustain its struggling to drive upwards. The resistance will be 145 levels. GBPJPY remains BULLISH.

 

GBPUSD upturned directions last week, losing more than 125 points. The pair finished at 1.2884 levels. This week’s key events are Average Earnings Index & Claimant Count Change. In the UK, Brexit jitters amplified as all three PMIs reported softer growth in May & missed estimation. In the US, the Fed minutes pointed to separation over the timing of the balance sheet reduction & concerns in relation to low inflation. There was blended news on the employment front, as Nonfarm Payrolls rebounds to 222K, but wage growth stayed weak.

 

Technically, the pair unlocked the week at 1.3015 levels & quickly mounted to a high of 1.3023 levels, testing the resistance levels 1.3020 discussed previous week. The pair posted considerable losses at the end of the week, dropping to a low of 1.2861. Our next target will be at 1.3430 levels. GBPUSD ended the week at 1.2884 levels. GBPUSD remains BULLISH.

 

The Canadian dollar witnessed strong gains for a 2nd straight week, as USDCAD fell 110 points. The pair finished at 1.2860 levels, its lowest weekly close since the last year’s June. Canadian employment data shines for a 2nd straight week, as the economy added 45.3K jobs, well over the expectations. As well, the unemployment rate edged lower to 6.5 percent, down from 6.6 percent. In the US, the minutes didn’t do much to increase investor confidence, dissimilar the positive rate statement in June. The Fed points out those policymakers were separated over the timing of starting to decrease the Fed’s balance sheet, & member’s also spoken concerns about short inflation. US Nonfarm Payrolls bounces back in June, easily beating forecasts.

 

USDCAD unlocked the week at 1.2976 levels & instantly climbed to a high of 1.3014 levels, testing the resistance levels at 1.2980 mentioned earlier week. The pair recorded spiky losses at the end of the week, falling to 1.2859 levels. The pair ended the week at 1.2860 levels. USDCAD remains BULLISH.

 

 

 

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