Weekly chart analysis covers EURUSD, GBPUSD, AUDUSD.
The report looks at the daily and intraday charts to gauge the price action behaviour.
Weekly Market Risk Events:
Monday, March 7th @ 3:30am - JPY - BOJ Gov Kuroda Speaks
Tuesday, March 8th @ Tentative:0am - CNY - Trade Balance
Tuesday, March 8th @ 9:15am - GBP - BOE Gov Carney Speaks
Wednesday, March 9th @ 9:30am - GBP - Manufacturing Production m/m
Wednesday, March 9th @ 3:0pm - CAD - BOC Rate Statement
Wednesday, March 9th @ 8:0pm - NZD - RBNZ Official Cash Rate and Rate Statement
Wednesday, March 9th @ 11:0pm - NZD - RBNZ GovWheeler Speaks
Thursday, March 10th @ 1:30am - CNY - CPI y/y
Thursday, March 10th @ 12:45am - EUR - Minimum Bid Rate
Thursday, March 10th @ 1:30am - EUR - ECB Press Conference
Friday, March 11th @ 1:30pm - CAD - Employment Change
Price charts and Daily setups
EURUSD
EURUSD: 30min-4h - Daily view (Bears & Bulls)
EURUSD kept the bearish momentum for another week.It bottomed out just before Friday’s NFP @ 1.0830 and closed the week @ 1.10 handle.
Traders were waiting for NFP and Average Earnings.The jobs data came out better than expected but the wage inflation contracted.Dollar sold off for the rest of the session.
It’s hard to see where EURUSD could go in the next few sessions. We have ECB press Conference on Thursday which could bring some volatility.
From technical perspective it’s difficult to see any clear price patterns. EURUSD after declining for over 11 straight days, recovered and had 3 strong days in the row.
The low of 1.8020 could be the support we waited for so long.
There are 3 major reason to believe the support is now in place and we could see some rebound:
The daily chart printed reversal candle on 2nd March.
This is also an important 38.2% Fib level of the year’s low/high.
Stochastics are clearly oversold on daily charts.
For mid to long term bears, the support of 1.0820 would have to be broken to consider long term short positions. Bears could also try 1.0980 if the current up move fails to print above 1.1050 to make a higher high.
I’m in favour of long in the short term towards1.13.
Bulls @ 1.1015
Bears @ 1.0980after the break and pull back
EURUSD Daily View
EURUSD
30 min -1h view
GBPUSD
GBPUSD: 30min- 4h - Daily view
Cable recovered some ground this week. It declined towards 1.3840 and rallied for 5 consecutive sessions. It closed the week @ 1.4220
It seems like Brexit is off the news, which helped GBPUSD.
On daily charts Cable looks like is approaching a resistance defined by 50MA. The pairwas pretty responsive to this level in the past. We could see some bear sattempting this level.
Going tolower time frame, 1.4350 is again presenting an interesting level for bears.
It sits on 61.8% Fib retracement from the February high and the recent low.
This level was also an important support and the resistance in the past.
We could definitely see some bears eying it this week.
There is no clear pattern formed as of now to present any buy entries. Bulls could ente ron retracement towards support – former resistance if the price move up above1.4350
Bulls – No clear pattern
GBPUSD Daily View
GBPUSD
15-30 min view
AUDUSD
AUDUSD: 30min - 4h - Daily view
Aussie had an excellent run to the upside. It finished the week above 0.74. The move was mainly driven by great GDP numbers. After 6 consecutive days of gains, I expect AUDUSD to correct before it can resume the uptrend. It’s hard to know how deep Aussie can retrace but the support of 0.7270 seems logical.
Bears would need to wait for a break below 0.7120 and new lower low formed to consider short positions
AUDUSD Daily View
AUDUSD
15-30 min view
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