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Forex Discussions
Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 127328, member: 29894"] [B]Weekly Forex Analysis for Major Currency pairs (May 7th to 13th)[/B]. [B] NZDUSD[/B] For the second consecutive session the NZDUSD has gained his strength and is trading on a positive note after dropping to sub level 0.6900. Trade balance data on the Chinese headline helped boost the NZD and pull it off the session lows. The week, investors would want to be cautious as there is the RBNZ monetary decision which might hinder a higher trading price for the NZDUSD. If the Pair trades below 0.6900, there could be a fresh 1 year low at 0.6840. Key Levels: R1-0.6907, R2-0.6916, R3-0.6921, S1-0.6893, S2-0.6888, S3-0.6879. [B]EURUSD[/B] The Pair started this week with an upward extension, but dropped to a fresh session low around the 1.0900 level. There were two factors responsible for the retracement. One is investors taking profit off the trade and two is the growing prospect of a possible Fed rate hike June this year. There is now a 85% chance that this would actually occur. This week, there could be a stronger Dollar and EURUSD could drop lower. The immediate support level for EURUSD is at 1.0930 regions and if breached could pull the pair down to 1.0885-80 regions this week. Key levels: R1-1.1007, R2-1.1046, R3-1.1068. S1-1.0946, S2-1.0924, S3-1.0885 [B]GBPUSD[/B] The pair is currently trading at 1.29070-80 levels after trading at a low level in the previous week. Despite the strength of the dollar and some positive sentiment surrounding it, the GBPUSD managed to climb back to over 7 month high in the wake of France’s Presidential election. Meanwhile, the release of LMCI data from the US and Fed speech would be a big factor for the GBPUSD. Since the market is bullish at this time, a breach of 1.3000 would see the pair reach 1.350 and 1.3100. Key levels: R1-1.2984, R2-1.3002, R3-1.3014. S1-1.2954, S2-1.2942, S3-1.2924 [B]EURJPY[/B] The Pair has now being forced to retrace from daily tops around 124.00. After trading at a very high level, the Yen is now having a good momentum which saw the EURJPY retreat to the 123.30 region. The EUR is currently suffering from a profit Pull by investors after the Victory of Emmanuel Macron in the recently concluded French Presidential election. The Cross Pair is pulling back 0.48% to an immediate support level at 122.87. Key Levels: R1-124.26, R2-124.89, R3-125.26. S1 123.26, S2-122.90, S3-122.27 [/QUOTE]
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