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Forex Discussions
Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 128430, member: 29894"] [B][COLOR=#00b300]Weekly Forex Analysis for Major Currency pairs [/COLOR][/B] [URL deleted] [COLOR=#00b300][B](May 21 to 26)[/B][/COLOR] [B]EURUSD[/B] Last week, the EURUSD recorded gains of over 285 pips. This increase pulled the pair over 1.1200 where there is a support line. This move made the uptrend even stronger. Considering the movements from last week as well as the strengthening uptrend, prices may continue their increase this week pulling up as far as the resistance levels located at 1.1300 and 1.1350. One major event however that would contribute significantly to movement in this pair is the minutes of meeting to be released by the European Central Bank on Thursday. Traders will be looking at this for the possibility of the bank tampering its Quantitative Easing program considering the growing inflation in the eurozone. Key Levels: R1- 1.1304, R2-1.1402, R3- 1.1593. S1-1.1015, S2-1.0824, S3-1.0726 [B]USDCHF[/B] The previous week, this pair suffered a decrease of 280 pips such that by Friday the pair had dropped below the resistance level located at 0.9750. So far the losses of the USDCHF have accumulated over 335 pips in last ten days. The trend for now is a downtrend with the possibility of the pair falling down below the support level located at 0.9650; possibly dropping down as far as the support level we have at 0.9600. One major event that could affect price movement in this pair is the FOMC Meeting Minutes which will be released on Wednesday. Traders will be looking at this for any prospects of interest rate changes considering that the US economy has of late been slowing down. Key Levels: R1- 0.9920, R2-1.0117, R3- 1.0217. S1-0.9623, S2-0.9523, S3-0.9326 [B]GBPUSD[/B] The GBPUSD has been impressive of late continuing its good form last week such that by Friday it closed above 1.3000. This week however there is the possibility that prices may pull up as far as 1.3050 where there is a distribution territory. Further gains in this pair may be threatened if other GBP pairs go on a downslide. One major event that would contribute to movement in this pair is the Inflation Report Hearings which will be coming out on Tuesday. There traders will be looking at the testimony of the governor of the Bank of England, Mark Carney – beforea parliamentary committee. Traders would hope to see if the Bank of England is examining the prospects of pushing up interest rates. Key Levels: R1- 1.3097, R2-1.3163, R3- 1.3279. S1-1.2915, S2-1.2799, S3-1.2733 [B]USDJPY[/B] The previous week, the USDJPY lost over 285 pips closing above 111.00 where there is a demand level. Such movement resulted in a forming downtrend. 109.50 may pose a barrier to further downward movement this week. One major event that would determine movement in the USDJPY is the testimony of former FBI chief Comey (who was fired by Trump) before the Senate Intelligence Committee. Any further revelations from him would make the dollar unstable again making traders rush at the safe haven yen. Key Levels: R1- 113.32, R2-115.40, R3- 116.94. S1-109.70, S2-108.16, S3-106.08 [/QUOTE]
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