|   Technicals


  |   Technicals


FxWirePro: Currency Weekly Outlook

Previous Week


The Yen, gold continues to shine as a coronavirus death toll increased to 80. US consulate in the city said that it has prepared to evacuate citizens. The yen recovered sharply against USD almost 100 pips on the increase in demand for Safe-haven assets.


DXY is trading higher for 3rd consecutive week and jumped more than 150 pips from minor bottom 96.36. The index has broken major resistance around 97.85, a jump till 98.25/98.60 possible. It is currently trading around 97.88.


The BOC has kept its rates unchanged at 1.75% as expected and downgraded GDP growth projections in 4Q19. The central bank has removed the reference to the current rate as "appropriate". The dovish stance dragged the Canadian dollar further down. Euro was trading in red after dovish ECB any violation below 1.09800 will drag the pair down till 1.0880.


The precious metal has recovered sharply more than $50 after hitting a low of $1536. Any break above $1582 (61.8% fib) confirms bullish continuation, a jump till $1600/$1611 likely.


US 10 year bond yield is trading weak for the past 2-week and lost more than 14% from temporary top 1.90. The spread between US 10- year and 2 years has narrowed to 19 bps from 35.7 bps.


Weekly Technical:



Major trend reversal level- 1.1180

Near term support- 1.0980/1.0880

Near term resistance – 1.1120/ 1.1180




Major trend reversal level- 107.80

Near term support- 108.30/107.80

Near term resistance – 109.75/110.30




Major trend reversal level- 0.9645

Near term support- 0.9645/0.9540

Near term resistance – 0.9770/0.9845



Major trend reversal level- 1.3180

Near term support- 1.3100/1.3020

Near term resistance – 1.3180/1.3300



Major trend reversal level- $1611

Near term support- $1560/$1535

Near term resistance – $1611/$1640



WTI Crude

Major trend reversal level- $50

Near term support- $50/$43

Near term resistance – $55/$57.60


Major Economic events for the week


US Durable goods orders – Tuesday (1:30 pm)


US CB Consumer Confidence  - Tuesday (3 pm GMT)


US Fed monetary policy  –Wed (7:00 pm GMT)


GBP BOE Monetary policy -Thursday (12:00 pm GMT)


US Advance GDP - Thursday (1:30 pm GMT)


Canada GDP m/m- Friday (10:00 pm)




  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.