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As we had predicted, EURUSD does not have strength to continue its uptrend so last week was
bearish and it closed at 1.1210. We will prefer short positions this week too and maybe the pair will
try again the very important support of 1.1110. Mr. Draghi has a series of very important speeches
on Monday, Tuesday and Wednesday and along with important news of European economy (ZEW
and PMI) prelude a volatile week
GBPUSD continued its long term downtrend as we had estimated last week and it took the target of
1.26 that we had set. We remain sellers with next target the area of 1.2560. Mr. Carney’s speech in
Sintra on Tuesday, CPI announcement on Wednesday and rates decision on Thursday may cause big
fluctuations for the instrument and in combination with fragile Brexit environment makes us very
sceptical and low-risk oriented.
Another consolidating week passed by for USDJPY. The weekly range was about 50 pips and it
prepares us for a price explosion. Most likely, the explosion will favour the bearish direction since it
is the main trend of the instrument for the last weeks. BoJ rate decision on Thursday may cause high
volatility though and maybe the same thing will happen on Friday with the Japanese PMI
Downtrend returned for EURJPY as we had successfully estimated last week. It also took the target
of 122 that we had set. We remain sellers and it’s very possible to see the pair even below 121 this
EURGBP had a week of rest. Very low price range, very low volatility. Since both EUR and GBP are
very weak this week, we’ll stay out in order to see if the uptrend will carry on or if EUR will carry
away the instrument lower.
USDCAD had a bullish reaction which leads the price, up to the area of 1.34. Since there’s an
alternation of bullish/bearish weeks, we’ll avoid opening positions this week until a major trend is
defined. Pay special attention on Wednesday (CPI announcement) and on Friday (Retail Sales
Price of 0.70 was very hard for AUDUSD to keep. Temporary wellness passed by and last week the
instrument turned to a very bearish direction. The price area of 0.6860-0.6870 is very important for
the pair and if there’s a break-out, we will see another strong bearish week. On Thursday, the
speech of Governor Lowe in Adelaide may give the necessary fuel to the pair. The Australian PMI
announcement on Friday may cause high volatility too.
SP500 moved sideways last week with low range & volatility. It gave us the indication that the short-
term uptrend came to an end and the bears will dominate again. We will prefer sell positions with
target some points above 2,800. Building permits on Tuesday, FOMC rate decision on Wednesday
and PMI on Friday are the important news for US economy this week.
Index took some serious breaths and gathered strength last week with a low volatility week. We’re
still buyers with the main target at the area of 12,300 points.
Index was in consolidation last week with a light downtrend, mostly the last two days. We’ll stay
out, one more week.
Gold tried the price of $1,350 but it went down very quickly. We still believe that Gold is at
overbought levels and we’ll open short positions this week with main target the area of $1,325.
The latest news with the Gulf attack at vessels preludes a volatile week for US Oil. In combination
with the very strong support at $50, pushes us to favour long positions this week. Main target is
$54.70 but a price above $56 is not impossible.