USD Supported by Risk Aversion

Posted by Naeem Aslam | 03/08/2018 14:41

BoE raised interest rate as expected, FOMC members optimistic about the strong economic condition, and BoJ tweaked its policy. US successfully added 157K jobs below what was expected, however the unemployment rate declined to 3.9%. The Escalation in Trade war between US and China supports the risk-aversion mood.
 

Week Ahead:

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Technical Analysis:
 
EURUSD

Still within the symmetrical triangle. The pair failed to break the lower boundary of the pattern. So, we expect a rebound toward 1.1720/1.1750.

EURUSD-WEEKLY.jpg

GBPUSD

We are bearish on sterling as trading within the descending channel, a move toward 1.2880 support area would be the most probable scenario.

GBPUSD-Daily.jpg


USDJPY

Prices hold above key uptrend support at 110.50, any close below that level would introduce new downside risk.

USDJPY-Weekly.jpg

XAUUSD

AS 1205/1207 support levels hold a move upward toward 1225/1228 is the most probable scenario. However, closing below 1205 would push price further toward 1198/11985.

XAUUSD-WEEKLY.jpg


OIL

West Texas found support at 66.55 support levels, a bullish momentum has increased and a move to 69.80/70.00 is highly expected.

OIL-Weekly.jpg

Dow Jones

The upper boundary of the rising channel attracted selling interest, a 24,900s is the next target for the market.

DOWJONES-Weekly.jpg

DAX   

Bearish breakout clears the way for a test of support at 12,250.

DAX-WEEKLY.jpg
 

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