LeTechs Forex Blog - Weekly Technical Forecast on 13–17 March 2017 (2024)

13 Mar

Weekly Technical Forecast on 13–17 March 2017

Technical Pair’s for this week: EURUSD, GBPUSD, AUDUSD, & USDJPY.

EURUSD

EURUSD handled to edge up as the ECB spoken some cautious optimism. A further appearance by Draghi & elections in the Netherlands in addition to inflation and trade numbers stand out in the upcoming week. The ECB unconcerned a phrase about using “all instruments” to raise inflation & Draghi simplifies that the Bank no longer needs to convey a sense of pressure. This insignificant hawkish tilt eventually tilted the euro superior. An additional report suggesting that the ECB might opt to raise rates sooner than the QE scheme ends provided an extra lift to the euro. In the US, a vigorous jobs report covered the rate hike coming after that week.

Technically, the pair holds up to reach the high at 1.0800 levels. After that the pair will be downwards soon. The support levels will be at 1.0611 levels. Whereas the ECB is still years away from increasing rates like the Fed, this central bank’s rising optimism chains the euro. EURUSD remains NEUTRAL.

AUDUSD

AUDUSD posted slight sufferers for a 2nd week in a row, as the pair finished at 0.7540 levels. This week’s key event is Employment Change. In US, a sparking jobs report has almost ensured a rate hike future next week. Still, wage growth dissatisfied, falling short of the estimate. In Australia, the RBA maintained rates at 1.50 percent. As well, Retail Sales better to 0.4 percent, similar the forecast.

The pair unlocked the week at 0.7591 levels & jumped to a high of 0.7630 levels. The pair reversed directions & fell to a low of 0.749 levels, testing support levels at 0.7510. The pair ended the week at 0.7540 levels. The pair traded last week reached the resistance 0.7605 levels mentioned last week. For the pair, the week starts in the bulls tone then the directions will changed to bearish. The support levels will be at 0.7506 & the resistance levels will be at 0.7605 levels. AUDUSD remains BEARISH.

NZDUSD

The New Zealand dollar suffered below the latest strength of the US dollar & falling milk production prices. The only GDP report is significant now. The GDT auction showed a drop in values once again, and this time the rate was almost double the earlier fall. A drop of 6.3 percent might not be ignored. In the US, the greenback made an additional push forward towards the extremely anticipated rate hike.

Technically, the pair was traded last week nearly reached previous low holds the support levels. In the daily chart, the down trend line in the support levels. The pair switched a resistance levels at 0.7051 will traded. After that the pair might be in the oversold region. NZDUSD remains BEARISH.

USDJPY

The Japanese yen lost floor for a 2nd week in a row. The pair finished at 114.61 levels. This week’s major event is the BoJ Policy Rate. In the US, an outstanding nonfarm payrolls report has nearly ensured a rate hike future next week. But, wage growth dissatisfied, declining short of the forecast. In JPY, Final GDP was revised upwards to 0.3 percent growth, up from previous month’s preliminary estimation of 0.2 percent BSI Manufacturing.

The pair unlocked the week at 113.80 levels & fell to a low of 113.50 levels. The pair then changed directions & late in the week moved to a high of 115.39 levels discussed earlier week. The pair was incapable to consolidate at this level & ended the week at 114.60 levels. Technically, this week the pair obtains a down channel holds up for the strong resistance switching as a support at 113.74 levels. The resistance will be at 115.39 levels. USDJPY remains strong BULLISH.

EURJPY

EURJPY was in upward channel, gained almost nearly reach 123.00 levels. Last week’s further appearance by Draghi & elections in the Netherlands in addition to inflation and trade numbers stand out in the upcoming week. The ECB unconcerned a phrase about using “all instruments” to raise inflation & Draghi simplifies that the Bank no longer needs to convey a sense of pressure. This insignificant hawkish tilt eventually tilted the euro superior. In JPY, Final GDP was revised upwards to 0.3 percent growth, up from previous month’s preliminary estimation of 0.2 percent BSI Manufacturing. EURJPY remains BULLISH.

WTIUSD - Crude Oil

The pair was traded in a sideways last week changed its direction to downwards. The pair nearly traded 51 levels for the production raise in US. The pair trade this weeks as an alteration between 48.47-50.50 levels, then downside pressure target levels will be at 48.47. WTIUSD remains BEARISH.

XAGUSD – Silver

The pair was constant falling among the US rate hike & the dollar's growth. The pair was traded in an oversold levels almost a week. The pair changed its direction decline to a low of 17.04 levels. A short-term buy tones will be at 17.26 levels this week, after the pair was trade in the downside trend, the support levels will be at 15.80 & resistance will be at 18.86 levels. XAGUSD remains BEARISH.

XAUUSD – Gold

The pair was traded in downtrend channel but gained some points. The pair traded almost 1195 levels & quickly climbed to a high of 1200 levels. The pair trading this week reaches previous support 1220.18 levels. The pair continued the declines at 1185.90 levels According to the daily chart the pair was held at nearly the resistance levels of 1242.50 & the Support levels at 1185.90 levels. XAUUSD remains BEARISH.

EURAUD

EURAUD continued its upward pressure as the ECB spoken some cautious optimism. A further appearance by Draghi & elections in the Netherlands in addition to inflation and trade numbers stand out in the upcoming week. The ECB unconcerned a phrase about using “all instruments” to raise inflation & Draghi simplifies that the Bank no longer needs to convey a sense of pressure. In Australia, the RBA maintained rates at 1.50 percent. As well, Retail Sales better to 0.4 percent, similar the forecast.

Technically, the pair was reached our last week target 1.4153 levels. The level was earlier holds as a support in many times formed as a solid resistance this week. The pair reaches maximum high at 1.427 levels. The Support levels will be at 1.37187. EURAUD remains BEARISH.