Weekly Outlook

Economic Release : A slew of Economic Indicators are out from most countries , US Fed’s Beige Book on Wed, BOJ Monetary Policy Meeting Minutes , AUS Employment Changes and Unemployment Rate , GER CPI and Harmonised Index of Consumer Prices on Thu, US PPI and Michigan Consumer Sentiment Index on Fri are the most important data’s for this Week.

EURUSD Closed @ 13040, which was above the Open and near the high on the Weekly and near the high on the Monthly . Even though the Bulls gained this Week ,they have to crack the 13125-75 levels for further gains. The Oscillators on the Weekly, Daily and Hourly are Bullish . The MA on the Weekly indicates a huge barriers between 13415/13545 but the Daily and Hourly suggests strong support at 12800/12725/12580 levels. The Bulls must protect the 12970/12875 levels at all times to support our Bullish view in the near term . The Patterns suggests that 13125-75 are the critical levels for the Bulls in the near term. Our price target for this Up move are 13210-85/13375/13480/13540 levels , which may be seen but the Bulls immediate barriers are 13125-75 levels have to be cracked .The 15 min is suggesting that the downside support remains at 12960/12875 levels. We would want to go for a Buy near 12960/12875 levels if seen otherwise look to Buy on breakout Cautiously 13075 level if the low 12995 holds and watch carefully until 13125-75 levels are cracked.

GBPUSD Closed @ 16135, which was mildly below the Open on the Weekly and mildly below the Open on the Monthly . It is still in a Range trading with some strength expected this Week , but 16220-75/16310 levels are the immediate barriers for the Bulls. The Oscillators on the Weekly are Bullish while the Daily and Hourly are Mixed . The MA on the Weekly , Daily and Hourly indicates a huge support for the Bulls. The Bulls must protect the 16060-30 levels at all times to support our Bullish view in the near term . The Patterns suggests that the downside may be limited to 16090-60 levels . Our price target for this Up move are 16305-95/16450/16530/16640 levels and we believe the Bulls may attempt but 16310 must be cracked in the near term .The 15 min is suggesting that the low is not seen yet and we may get the Bears pushing lower and we have to ensure that 16100/ 16065-15/15960 levels holds. We would want to go for a Buy near 16065-15/15960 levels if seen otherwise look to Buy on the breakout of 16220 level and watch carefully until the 16275/16310 levels are cracked provided the 16065 low holds .

USDJPY Closed @ 7870, which was above the Open but within range on the Weekly and mildly above the Open on the Monthly . This pair is still caught in a Range and still indecisive on the direction , so Cautious approach is needed. The Oscillators on the Weekly is Mixed while the Daily and Hourly are Bullish . The MA on the Weekly and Daily are favouring the Bears while the Hourly is favouring the Bulls. The Bulls must protect the 7745-10 levels at all times to support our Bullish view in the near term . The Patterns are suggesting that a temporary low may have been seen ,but we need to see the Bulls cracking the 7895/7925 levels for further gains .We have no Price target until we are clear in this pair. The 15 min is suggesting a low at 7745 has already been seen and we should be seeing the Bulls testing 7925-65/8065 levels. We would want to Buy near 7830/7795 levels if seen otherwise Buy on breakout of 7900 level for a quick profit.

The Accuracy of the Long Term View may vary from the Weekly Projected Levels, so it is better to Pay attention to the Daily Report for more scrutinized view. Good Luck and Happy trading for the Week.