LeTechs Forex Blog - Weekly Forex Technical Forecast of 15-19 MAY 2017 (2024)

15 May

This week’s Technical Pairs: EURUSD, AUDUSD, NZDUSD, USDJPY, GBPUSD, USDCAD, GBPJPY, EURAUD, WTI-Crude Oil, & Gold

EURUSD

The pair took Macron’s victory with a pace, consuming priced in the election from the beginning. GDP & inflation data stand out in the 3rd week of May. Emmanuel Macron is the succeeding French president. The young centrist still has the superior task of governing but for markets, his conquest is a big release. German GDP met potentials & reached 0.6 percent, a healthy level. In the US, President Trump has dismissed FBI Director James Comey. The contentious move generated speculation that it will be firmer for the Administration to enact tax reform. The dollar fell but the uncertainties were shrugged off quickly. In the US, there are worries around a rate hike in June. Technically, the pair was opened above the 1.10 levels but still moving at the pace of upwards direction. EURUSD remains BULLISH.

AUDUSD

The pair posted small losses previous week, concluding just under the 0.74 line. This week’s significant events are the RBA’s policy minutes & Employment Change. In the US, President Trump’s dismissal of FBI Director James Comey set off a political blaze. The contentious move has markets concerned that the Administration might have to interruption plans for fiscal spending & tax reform. The US dollar misplaced ground on the news but improved rapidly. On the fundamental side, US CPI & retail sales dissatisfied & missed the estimates. In Australia, building approvals & retail sales dissatisfied with failures & missed their estimations.

Technically, the pair unlocked week at 0.7410 levels & rapidly climbed to a high of 0.7424 levels early in the week. The pair formerly reversed directions & fell to a low of 0.7329 levels, solid testing support levels held at 0.7319 discussed previous week. If the pair breakout the strong support levels it will be BEARSIH scenario. Otherwise it will reverse its direction to BULLISH. The upward trends will be held up to a resistance level of 0.7495. Overall this week AUDUSD remains NEUTRAL.

NZDUSD

The pair’s trading around 0.6870 support levels throughout the week. In the US, President Trump has dismissed FBI Director James Comey. The contentious move generated speculation that it will be firmer for the Administration to enact tax reform. The dollar fell but the uncertainties were shrugged off quickly. In the US, there are worries around a rate hike in June.

Technically, the pair was trading under the 0.68 line. If the pair continuous that downside pressure it will be reached 0.6 levels. Or else the pair breaking out the 0.68 levels, it will be reaching previous high. Overall this week NZDUSD remains NEUTRAL.

USDJPY

The pair opened earlier week with a jump up levels, breakout the resistance levels constant its upside direction. This week’s major events are Industrial Production and Foreign Bond Investment. In the US, President Trump has dismissed FBI Director James Comey. The contentious move generated speculation that it will be firmer for the Administration to enact tax reform. The dollar fell but the uncertainties were shrugged off quickly. In the US, there are worries around a rate hike in June.

Technically, the pair was unlocked above the resistance line. But it will correct the downside pressure during the time, whereas support will be held at 111.83 levels after that, it will reverse its direction. USDJPY remains BULLISH.

GBPUSD

GBPUSD lost nearly 100 points previous week, as the pair locked at 1.2877 levels. This week’s key events are CPI & Retail Sales and Average Earnings Index. The BoE-Bank of England held rates at 0.50 percent, but the negative rate statement sent the pound lower. In the US, President Trump has dismissed FBI Director James Comey. The contentious move generated speculation that it will be firmer for the Administration to enact tax reform. The dollar fell but the uncertainties were shrugged off quickly. In the US, there are worries around a rate hike in June. On the fundamental side, US CPI &retail sales dissatisfied and neglected the estimates.

Technically, the pair unlocked the week at 1.2966 levels. The pair mounted to a high of 1.2988 levels, as resistance held fixed at 1.3020 levels mentioned last week. The pair was unable to combine at this level & fell to a low of 1.2838 late in the week. The pair ended the week at 1.2877 levels. This week the pair trade downside for a short-term to reach the level of 1.2734. After that the pair reverses its direction to long-term upwards up to 1.3429 levels.

USDCAD

It was one more uneventful week for USDCAD pair, which posted insignificant losses. The pair finished the week almost unmoved at 1.364 levels. There are just 4 events this week. In the US, President Trump has dismissed FBI Director James Comey. The contentious move generated speculation that it will be firmer for the Administration to enact tax reform. The dollar fell but the uncertainties were shrugged off quickly. In the US, there are worries around a rate hike in June. On the fundamental side, US CPI &retail sales dissatisfied and neglected the estimates. In Canada, Building Permits sent a severe decline & missed the forecasts.

Technically, the USDCAD unlocked the week at 1.3669 & quickly fell to a low of 1.3643 levels, testing the support levels at 1.3563 discussed previous week. Late in the week, the pair mounted to a high of 1.3770. The pair closed the week at 1.3702 levels. USDCAD remains NEUTRAL.

GBPJPY

GBPJPY reached our target of 148 levels last week. The pair altered its direction after touched the 148 levels. This week’s key events are CPI & Retail Sales and Average Earnings Index. The BoE-Bank of England held rates at 0.50 percent, but the negative rate statement sent the pound altered.

Technically, the pair downside movement was nearly a short-term progress at the 143 levels, after the pair reverses its direction move up to a long-term BULLISH scenario.

EURAUD

EURAUD last week breakout the trend line constant its upward pressure. The pair took Macron’s victory with a pace, consuming priced in the election from the beginning. GDP & inflation data stand out in the 3rd week of May. Emmanuel Macron is the succeeding French president. The young centrist still has the superior task of governing but for markets, his conquest is a big release. German GDP met potentials & reached 0.6 percent, a healthy level. In Australia, building approvals & retail sales dissatisfied with failures & missed their estimations.

Technically, the pair continuous its uptrends up to the levels of 1.58 discussed earlier week. EURAUD remains BULLISH.

WTI-Crude Oil

The oil prices moves down during the last week reached our nearly target of 43 levels. After getting a correction, the pair reversing its upward pressure breaking out the resistance level of 47.49. The Oil remains BULLISH.

XAGUSD-Silver

The XAGUSD pair also moves down closely to the target levels of 15.76 last week. But a slight correction on the 16 levels reversed its direction to the upwards pressure. The pair closely to the resistance line at 16.84 levels. For this week, Silver remains BEARISH Outlook.

XAUUSD

The yellow metal continuous its downside pressure throughout the last week. The metal trade this week reach our target of short-term & long-term at 1200 & 1127 levels. For this week also the pair remains BEARISH scenario.