- A demeanour during a weekly technicals on EUR/USD, AUD/USD and GBP/JPY
- Review Michael’s Foundations of Technical Analysis Series on Building a Trade Strategy
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In this array we scale-back and take a demeanour during a broader technical design to benefit a bit some-more viewpoint on where we are in trend. Here are a pivotal levels that matter on a weekly charts for a EUR/USD, AUD/USD and GBP/JPY. Review this week’s Strategy Webinar for an in-depth relapse of these setups and more.
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EUR/USD Weekly Price Chart
Notes: Euro has continued to connect above former slope insurgency (blue) of a broader descending pitchfork arrangement we’ve been tracking given 2016. Channel support fluctuating off a Apr 2017 low also converges on this zone and serve highlights a stress of this segment this week. Note that weekly RSI sealed next a three-point support trigger final week and casts a bearish position on a movement profile. Key insurgency stays during 1.2598 where a 61.8% retracement of a 2014 decrease converges on basic trendline resistance fluctuating off a 2008 high.
Bottom Line: Price is contrast up-trend support and a broader, “focus stays on a mangle of a 1.2167-1.2598 operation for guidance with a risk weighted to a topside while above 1.2167.” A crack / tighten above a yearly high-week annulment tighten during 1.2409 would be indispensable to symbol resumption targeting 1.2558/98. A downside mangle of this support section shifts a concentration towards a 2017 high during 1.2092 and a 2012 lows during 1.2042.
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AUD/USD Weekly Price Chart
Notes: It’s all about this pivotal support separator this week for Aussie and a opinion / levels sojourn unchanged- “The Australian Dollar has approached a long-term support confluence we’ve been tracking given a start of a year during 7612/37. This segment represents a vicious rhythm indicate for cost and IF damaged would risk a estimable sell-off in a Aussie. That said, we’re looking for signs of support this week with a crack above connection insurgency during 7750 indispensable to assuage serve downside pressure.” It’s make-or-break this week.
Bottom line: “The evident short-bias is during risk streamer into 7612/37 and from a trade standpoint I’ll be looking for justification of a near-term low in this range. A mangle reduce would keep a concentration on successive support targets during 7481 and a 61.8% retracement of a 2016 allege during 7327.”
AUD/USD IG Client Positioning
- A outline of IG Client Sentiment shows traders are net-long AUDUSD- a ratio stands during +1.43 (58.9% of traders are long) –weak bearishreading
- Retail has remained net-long given Mar 22nd; cost has changed 0.2% higher given then
- Long positions are 1.4% aloft than yesterday and 0.7% aloft from final week
- Short positions are 6.7% aloft than yesterday and 4.6% reduce from final week
- We typically take a contrarian perspective to throng sentiment, and a fact traders are net-long suggests AUDUSD prices might continue to fall. However traders are reduction net-long than yesterday but some-more net-long from final week andthe multiple of stream positioning and new changes gives us a serve churned AUDUSD trade bias from a view standpoint
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GBP/JPY Weekly Price Chart
Notes: GBP/JPY has been trade within a proportions of a well-defined ascending pitchfork formation fluctuating off a 2017 low. The miscarry off a reduce together is now eyeing connection insurgency during 152.17 where a 61.8% retracement of a yearly operation converges on a median-line. Interim support rests with a 50-line with bullish cancellation set to 147.00/50– a segment tangible by a reduce parallel, a 52-week relocating normal and a Dec 2016 high-week annulment tighten (are of seductiveness for probable long-entries).
Bottom line: The evident long-bias is during risk streamer into 152.17– we’ll be on a surveillance for a near-term depletion high IF reached. A crack above keeps a uptrend in play with such a unfolding targeting connection insurgency during a high-week tighten during 155.50.
Previous Weekly Technical Perspectives
- Weekly Technical Perspective on SP 500, AUD/USD and AUD/JPY
- Weekly Technical Perspective on USD/CAD, USD/JPY and GBP/CAD
- Weekly Technical Perspective on DXY, GBP/USD and NZD/USD
— Written by Michael Boutros, Technical Currency Strategist with DailyFX
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