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Forex Market Technical Analysis on 17 July 2017
Forex Weekly Technical Outlook on 17-21 JULY 2017
This week Technical Pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, NZDUSD, GBPJPY, Crude Oil, Gold, Silver

EURUSD
EURUSD took another step ahead, but might not hold onto the highs. The key event on the agenda is undoubtedly the ECB meeting. The ECB continues conveyance mixed messages regarding its next moves. It seems that they will declare QE tapering in September, but would like to restrain the market’s interest in order to keep the euro & bond yields low. Most data points look fine, with industrial output rising 1.3 percent. In the US, the latest political disgrace involving the son of the president damage the dollar, as well as Yellen’s bit of worry about inflation.
 
The pair started around the 1.1390 levels last week before making a drive to the upside. A break over 1.1445 levels was short-lived & can be seen as a false break. Technically, we mentioned last week the pair was sustained its upward channel moving along 1.15 – 1.16 levels where the resistance held. EURUSD remains BULLISH.
 
GBPUSD
GBPUSD reversed directions previous week, gaining more than 200 points. The pair closed at the 1.31 levels. This week’s highlights are CPI & Retail Sales. In the UK, Brexit jitters enlarged as all 3 PMIs reported softer growth in May & missed approximation. The latest political scandal involving Trump’s junior has damage the dollar, & Yellen’s concern regarding low inflation also weighed on the greenback. 
 
Technically, the pair opened last week at 1.2888 levels & fell to a low of 1.2811 levels. It was all uphill from there, as the pair climbed to 1.3114 levels, testing resistance at 1.3112 levels discussed previous week. The pair ended the week at 1.3097 levels. The pair continued its uphill direction where as the resistance levels are breakout in the long-tem position, the next target will be at 1.3400 levels. GBPUSD remains BULLISH.
 
USDJPY
Technically, USDJPY last week we mentioned made some correction for the reason of previous high. This week the pair made some correction the pair moving upside. The pair currently on the downside resistance line & also the moving average which is act as support levels so sustains its moving direction. Currently, the pair’s immediate resistance is the previous high. Our next target will be at 115 levels. USDJPY remains BULLISH.
 
AUDUSD
AUDUSD upturned directions previous week & climbed over 200 points. The pair finished at 0.7817 levels, its maximum weekly close since April 2016. The key event this week is Employment Change. In AUD, NAB Business Confidence enhanced to 9 points in June. In the US, the latest political scandal involving Trump Junior damage the dollar, moreover Yellen’s concern regarding low inflation also weighed on the greenback.
 
AUDUSD opened the week at 0.7600 levels & rapidly reached a high of 0.7586 levels. It was all uphill from there, as the pair upturned directions & mounted to a high of 0.7834, as support managed to hold at 0.7835 levels. The pair ended the week at 0.7817 levels. Technically, the pair last week we mentioned moving upwards to the previous high & also breakout the resistance levels. This week the pair was struggle in the previous high for advance move along. Sellers should be cautious to their order. we advised must use stop-loss above at least 10-15 pips for the reason of the pair moving his upward channel quiet rapidly nearly 100 pips at once. AUDUSD remains BULLISH.
 
NZDUSD
NZDUSD last week we mentioned the pair was made some correction downside because of the uptrend movement. The 1st half of the week nearly reaching our downside correction target levels, afterwards moving the pair upturned its direction advanced. This week the pair continue its upside momentum. Our next short-term target will be at 0.7435 levels.
 
GBPJPY
The pair we discussed previous week struggling within the same price range. The 1st half of the week moved towards downside & then the pair upturned its direction to the superior. The pair finished the week at same levels. This week GBPJPY need to break out the previous high which is act a resistance now. After breaking out the resistance levels a long-term continues its uptrend channel. GBPJPY remains BULLISH.
 
Crude Oil
Crude oil was trading in the downside range market. The pair moving it’s upwards after reaching the previous low we mentioned earlier week. This week the pair sustains its direction in the long-term upside movement which is breaking out the resistance level as 47.93. Crude Oil remains BULLISH.
 
XAUUSD – Gold
XAUUSD continued its bearish trend as we discussed last week. The pair made a correction last week breakout the uptrend resistance line. The pair currently ended the week in the resistance zone. This week the pair sustains its downside momentum nearly reaching our long-term target level 1177. XAUUSD remains BEARISH.
 
XAGUSD – Silver
XAGUSD last week we mentioned the pair continued it’s downwards direction. The pair trading in the neural range last week made some correction. This week the pair sustains it’s downwards slowly to reaching the target levels. XAGUSD remains BEARISH.
 
 
 
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