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Forex Discussions
Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 127876, member: 29894"] [COLOR=#006600][B]Weekly Forex Analysis for Major Currency pairs [/B][/COLOR] [B](May 14th to 19th)[/B]. [B]GBPUSD[/B] The previous week there was a consolidation in the GBPUSD testing 1.2850 where there is an accumulation territory. The consolidation didn’t however change the trend from being a downtrend, although further consolidation would return the trend to being neutral. This week, there is a high possibility of pullbacks occurring especially when the pair breaks past 1.2850. For this new week, the major happenings that would affect the pair could be Consumer Price Index and the [B]Average Earnings Index. [/B] Key levels: R1- 1.2908, R2- 1.2933, R3- 1.2966. S1- 1.2850, S2- 1.2817, S3- 1.2792 [B]EURUSD[/B] The previous week, the EURUSD briefly fell below the support line at 1.0850. Most of the movement in the pair was a reaction to the election victory of Macron in France. But by the end of the week, the pair closed above 1.0900 which is another support line. For this new week, should prices of this currency pair move below the significant resistance level we have at 1.1000, this would make the uptrend stronger. On the other hand, if the pair falls under the support line we have at 1.0700, the uptrend will be severely threatened. Across the next four days, significant economic happenings that may shape price movement of the EURUSD would be inflation and GDP data. Key levels: R1- 1.0957, R2- 1.0985, R3- 1.1036. S1- 1.0878, S2- 1.0827, S3- 1.0799 [B]USDCHF[/B] Last week, the pair climbed up reasonably pushing up by over 220 pips such that it briefly went above the resistance level located at 1.0100. For this week, the trend is neutral most especially for the pullback that occurred on Friday. For the trend to be a clear one either up and down, the pair needs to make a long protracted move. Retail sales data from the US would play an important role in the movement of the pair this week. Key levels: R1- 1.0066, R2- 1.0125, R3- 1.0165. S1- 0.9967, S2- 0.9927, S3- 0.9868 [B]USDJPY[/B] Last week, prices had crept up breaking past 114.00 where there is a demand level followed by a correction of 80 pips by the end of the week. For now the trend is still an uptrend so long prices don’t fall below 112.00 where there is a demand level. This week, prices may push as far as 114.50. Also this week, USDJPY would be affected by data released on Treasury yields and U.S stock indices. Key levels: R1- 113.78, R2- 114.24, R3- 114.53. S1- 113.03, S2- 112.74, S3- 112.28 [/QUOTE]
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