Dec
Weekly Technical Forecast on 5–9 December 2016
Technical Pair’s for this week: EURUSD, GBPUSD, AUDUSD, & USDJPY.
EURUSD
GBPUSD
The pair relish a superb week, gaining 240 points. The pair ended at 1.2717 levels. There are 9 events this week on the calendar. In the UK, Manufacturing & Construction PMIs pointed to increase. The BoE published its Financial Stability Report & said that it sees global risks as a conclusion of the Trump US election, which might have poor repercussions for the British financial system. In the US, the economy sustains to extent at a brisk clip. Preliminary GDP sparkled in 3rd Quarter with a growth of 3.2 precent, beating the forecast of 3.0 percent. Consumer Confidence data easily wipe out the anticipations. Employment figures were blended, as Nonfarm Payrolls met the predictions, but wages decreased.
AUDUSD
USDJPY
USDJPY sustained to post some gains previous week, as the pair reached its highest levels since February. The pair ended the week at 113.30 levels. There are 9 events this week’s on the schedule. In Japan, consumer spending figures stands weak, as Household Spending & Retail Sales both placed decreases. In the US, Preliminary GDP sparkled in 3 quarter with a gain of 3.2 percent, beating the forcaste of 3.0 percent.
USDJPY unlocked the week at 112.65 levels & fell to a low of 111.35 levels, testing support levels at 111.45 mentioned earlier week. The pair then twisted directions & mounted to a high of 114.83 levels. The pair gave up few gains & finished the week at 113.36 levels. With a Fed rate hike considered a virtual confidence this month for US, sentiment stays very positive towards the US dollar. The yen cut down regarding 8% in November and the slide might sustain. This week USDJPY remains BULLISH.
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