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Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 141465, member: 29894"] [B][B]Weekly Forex Forecast on Major Currency Pairs Jan 7th - 12th, 2018. [/B] EURUSD[/B] Last week the Euro suffered from the disappointing EU CPI which supports the view that markets remain under positioned long term relative to the markets overwhelming bullish sentiment. The EURUSD is eyeing the 1.2000 level and a breakthrough could trigger a correction toward 1.1900. The overweight short-term speculators and fast money positioning suggests the market could be susceptible to an early 2018 squeeze lower. Key Levels: R1- 1.2077, R2- 1.2100, R3- 1.2140. S1- 1.2014, S2- 1.1985, S3- 1.1950 [B]GBPUSD[/B] Despite Friday's mixed results from the US monthly jobs report, a goodish pickup in the US [B]Treasury bond yields[/B], amid growing expectations for a March Fed rate hike move, underpinned the greenback demand and contributed towards capping the pair below the 1.3600 handle. Traders now look forward to the release of UK Halifax HPI data and Fedspeak for some fresh trading impetus. The key focus, however, would be on this week's US inflation figures, which along with other important [B]macro releases[/B] would help investors determine the pair's next leg of directional move Key Levels: R1- 1.3593, R2- 1.3618, R3- 1.3653. S1- 1.3593, S2- 1.3498, S3- 1.3473. [B]USDJPY[/B] On Friday the pair reached 113.30 and then consolidated above 113.00 for the balance of the session. A short-term “buy” signal was generated on Friday that makes further gains possible. The chart remains flat on the long term, so there might be further sideways trade within the broad 112/114 range, which might be reached this week. However, there exists the risk of a large pullback on JPY pairs. Key Levels: R1- 113.41, R2- 113.71, R3- 114.07. S1- 112.76, S2- 112.40, S3- 112.10 [B]GBPJPY[/B] The pair broke above the 153 handle on Friday followed by a Strong bullish Activity last week. The 153 level has been an important price for the pair. Since this level was previously breached, although pulled back to 152, the market could see more upside movement above 153. We could also expect to see a bearish correction if the price pushes higher than 163. Key Levels: R1- 153.86, R2- 154.25, R3- 154.83. S1- 152.89, S2- 152.31, S3- 152.92 [/QUOTE]
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