Weekly Fundamental Preview and Trade Setups Nov 14-18, 2016
Trump’s victory is playing a major bullish role for USD as he promised so many things to improve fiscal stimulus, tax reform and others but emerging markets are pretty scared as global turmoil on US election. There is a ‘Wall’ coming sooner, shut down China and lots more. New players are coming at Oil market as government changed. WTI is about to breakout mood.
Government funded economic optimism is growing but FED is in a very tough situation and December hike is more complicated now than ever.
GBP is getting better due to less dovish BOE and safe haven currencies like JPY and CHF getting weaker as Dollar surge. And EUR is no exception!
Main driver of this week is US inflation report at Thursday and Sells data at Tuesday. Inflation hearing, Job data and Retail Sells will drive GBP. And Employment data is significant for AUD.
(All Charts are Daily Candle and charts are from FxPro)
GBPJPY has the hottest entry of this week! It is finally broke the long waited ‘Falling wage’ after a fake downward attempt. And has a 450 Pips solid ‘Long’ entry. KEY Support 128.758, broken Resistant 133.473 and probable target is 138.82 but it would be wise take the profit at a round number before the full target as 138.50. Check more details here.
AUDUSD tried to fake breakout upward twice in last 4 weeks! But finally its hitting the first Support and there is a nice 250 Pips possibility downward only if can break .75036.
Next Target would be till KEY Support .71446 but I will be out before next support .7242 which served as previous ‘Major Resistant’. Check more details here .
EURGBP broke the ‘Major support’ .88797 at Wednesday 9th Nov by a huge bearish Engulfing which also breakout of ‘inside bar’. And already reached the target. But It could meet the previous Higher High trendline of February 11 and February 25’s high at .8515 area.
There would be a possible ‘short’ opportunity only if it breaks .85 area and Lower Low trendline would act as support at .8310 area before Major Support .8249.
EURUSD is in Support now. It must have to break 1.08247 to reach its next Support 1.07124 .
Support: 1.0824 and 1.0520
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