Weekly Forex Analysis and Trade Setups ; March 27-31, 2017
Complicated healthcare bill was pulled by Trump administration at the final moment! Market was in a total chaos during last week.
Safe haven currency Yen and yellow metal Gold had the edge against dollar last week. No doubt, Trump administration would face challenges to their future economic agendas as momentum changed dramatically since the election.
Dollar index is in support now (99.09). Stay focus to the technical chart and avoid fundamental noises.
Let’s look at the trade ideas and their probable setups for this week.
(All charts from FxPro, you should update according to your broker)
Political uncertainty in both EU zone and USA made EUR bullish. EURUSD finally reached resistant 1.0818 last week.
In daily chart we can see a probable uptrend towards major resistant 1.11223 but before that price action must need to break present major resistant 1.08502 (low of Oct25,2016).
We have to wait till the daily closing of Tuesday to confirm the bullish breakout.
On the other hand, a break below 1.0652 would open door to the KEY Support 1.0520.
Sterling is bullish before the final moment of triggering ‘Article 50’. As I mentioned last week that there is a probable ascending channel forming (Golden color). But GBP could be bearish when Article 50 happen. Stay cautious!
GBP is bullish above 1.2415 and next major resistant is 1.2794 with a minor resistant at 1.26734. So, market would require a daily closing above this price before reaching the full target.
EURGBP is hovering between tight support and resistant.
We want another bearish candle from .86686 and next target remains same .85718, which is acting as a support.
But a breakout above .86686 would open door towards Major Resistant .87864.
Nothing changed significantly since last week. AUDUSD is in Support .76085 as we mentioned. Price must need to break this level to be bearish, we have to see the daily closing of Monday and Tuesday to confirm a bearish breakout.
No changes from OPEC and Non-OPEC so far, they are facing direct threat from US shale corporations.
OPEC trying to extend their original deal for another 6 months but still a long way to go.
Our view in Oil remains same. WTI is bearish below $48.22 and next major support is $46.41.
However, we are not holding any position here. We will hold short once the price break $46.41 towards $43.57
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