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Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 131213, member: 29894"] [B]Weekly Forex Analysis for Major Currency pairs July 2nd - July 7th.[/B][COLOR=#0059b3][I] [deleted][/I][/COLOR] [B]GBPUSD[/B] This pair saw a rise up to 310 pips last week and ended the week at 1.3000 on Friday. This week, the green back is having some good run, which is making the GBPUSD to dangle around the 1.2995 region. It seems the GBP is about to retreat 0.25 percent with PMI in view. The PMI for the month of June will be relevant to the movement of the pair. There could be further gains during the week, but for now the general outlook is bearish. Key levels: R1 – 1.3026, R2 – 1.3036, R3 1.3046, S1 – 1.3006, S2 – 1.2995, S3 – 1.2985 [B]EURUSD[/B] The bullish breakout last week put an end to the neutral bias that had been in place since June 12 as price climbed more than 250 pips and almost reached the resistance line at 1.1450 before closing above the support line at 1.1400. A Bullish Confirmation Pattern has formed, making further bullish movements a possibility. The outlook on EUR pairs is bearish for this week, with a bearish run being likely before the end of this week. Key Levels: R1 – 1.1427, R2 – 1.1433, R3 – 1.1438. S1 – 1.1416, S2 – 1.1411, S3 – 1.1405 [B]USDCHF[/B] There Is no significant movement this week for the USDCHF. Although last week saw a quick drop which tested the support level at 0.9550 before closing near the resistance level at 0.9600. Fundamental outlook shows bearish, but this could change if the EURUSD drops this week. Key Levels: R1 – 0.9597, R2 – 0.9604, R3 – 0.9613. S1 – 0.9580, S2 – 0.9570, S3 – 0.9563 [B]USDJPY[/B] The pair showed burst strength and has now jumped to fresh new session at 112.80. There was a slow climb last week - testing the supply level at 112.50, but failing to close above it. The defeat of the Japanese Prime Minister during the Tokyo Metropolitan Assembly elections produced a bearish gap for the pair on Monday. However, such weakness was quickly in the past as the pair recovered back to almost one and half month highs as it did on Thursday last week. The incoming US ISM manufacturing PMI would hold a great influence on the sentiment surrounding the dollar and would provide a fresh impetus for the USDJPY during the NA early sections. Analysts believe the pair would likely test 113.00 to 113.20 resistant levels. Key Levels: R1 – 112.46, R2 – 112.59, R3 – 112.78. S1- 112.15, S2 – 111.96, S3 – 111.83 [/QUOTE]
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