EUR/USD

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 EUR/USD is trading in range for a while no wand last week didn’t give any more clearance. Past week ended slightly lower. Friday showed a big move upwards but EUR/USD failed to break trough the 50 and 100 EMA’s. A descending triangle is forming, with support around 1.11000. Expect EUR/USD to trade in range till it breaks out of the triangle.

GBP/USD

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GBP/USD made new all time lows again past week after prime minister May said Britain will evoke article 50 by the end of march 2017. The spike in GBP/USD brings up memories of the flash crash, losing 6 cents in a matter of minutes and climbing back 4 cents immediatly after. Algorythms or panic? We will probably never know. But it became clear that investors should handle the sterling with caution and that the cable moves unpredictable in times of high uncertainty. Resistance is at 1.24700, support at 1.22450.

 

USD/JPY

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USD/JPY traded up five days in a row until it hit resistance at 104.163 on Thursday, which let to a down day on Friday. USD/JPY bulls failed to break through it’s high from last september and it looks like it is kept in range between the 100 and 104 levels.

USD/CAD

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USD/CAD closed the week higher than it started and is continuing its uptrend, moving towards the 38.2 fibonacci retracement level that had been made after the downtrend from earlier this year. MACD is slightly positive and the exponential moving averages confirm the uptrend.

 

NZD/USD

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NZD/USD closed the week lower. After forming an heads and shoulders pattern(highlighted in the circles) the kiwi found support at 0.71100 and made a double bottom, which signals that the uptrend will likely continue.

 

DAX

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DAX closed the week lower. MACD declined for the third week in a row and the EMA’s that crossed a few weeks earlier are still very close to each other. There is no clear signal which direction DAX will go. Support is at 10100 and resistance is at 11430

WTI

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WTI oil hit resistance last week at $50 and is being kept in range between the highs of last june and the 50.0 fibonacci retracement level at $39. WTI is trading above the 50 and 100 EMA. If WTI makes a lower low below $43 the uptrend will be over. However, if WTI manages to make a higher low, it could soon break through it’s $50 support.

Timothy Van der vlugt Forex Analitics © BJF Trading Group inc.