Welcome to this week’s Market Blast Technicals where we will look at EURUSD, EURJPY, the USD Majors, Gold (XAUUSD), GBPUSD and the Pound Crosses.
Looking at the Daily charts on Pound Sterling, we see we are at yearly extremes with Brexit uncertainty and bad GDP figures from last week.
This week will tell us a lot with tomorrow’s Claimant Count Change and Thursday’s Retail Sales and we may see the Pound declining further with bad figures and we need to go to the Weekly charts now to find key levels.
As well, only the Weekly Chart on Gold will show us key levels on Gold from years ago.
Increased geo-political tensions and trade disputes may see us breaking $1500 and heading for $1525 and, better news has us looking at levels fo support in the $1400’s.
The USD is strong against EUR, NZD, AUD, GBP and CAD but weak against CHF, JPY and Gold.
Economists and analysts are waiting for this week’s economic news on US Retail Sales to get a better picture on the US economy.
The outlook for the Euro is bearish so watch for breaks of support against the USD and JPY
That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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