Sunday, May 13, 2018

WEEKLY OUTLOOK: MAY 15 - MAY 18


The US Dollar may find support after a pullback from four-month highs ahead of Senate confirmation hearings for two aspiring Federal Reserve officials.
Crude oil prices are looking to the monthly market update from OPEC as well as EIA statistics on US drilling productivity to inform supply trend expectations

Now our market outlook today as follow



EURUSD
The EURUSD pair confirmed breaching 1.1929 level after ending last week above it, to head towards starting recovery attempts on the intraday and short term basis, targeting testing 1.2045 level as a first station, noting that breaching this level will push the price towards 1.2160 direct.
Therefore, the bullish trend will be suggested in the upcoming sessions unless breaking 1.1929 level and holding below it again.
Expected trading range for today is between 1.1900 support and 1.2045 resistance.


GBPUSD
The GBPUSD pair provides calm positive trading by today’s opening, to support the chances of continuing the expected bullish trend for the upcoming period, supported by stochastic positivity, waiting to target 1.3710 followed by 1.3817 levels as next stations.
Holding above 1.3490 is important to continue the expected rise, as breaking it will push the price for more bearish correction that its next target reaches 1.3226 before any new attempt to rise.
Expected trading range for today is between 1.3500 support and 1.3660 resistance.


EURJPY
The EURJPY pair did not succeed to touch the first positive target at 131.00 yesterday, to form new negative rebound as appears on the chart, but the price stability above the key support 129.30 reinforces our bullish overview for the upcoming period, waiting to breach 131.00 level to open the way to achieve more targets that start at 132.20.


We notice stochastic rally above 50 level to decrease the negative pressures on the price and provide the price with new chance to gather the positive momentum until achieving the required breach.
Expected trading range for today is between 129.80 and 131.00


GBPJPY
The GBPJPY pair was forced to provide intraday negative rebound yesterday, attempting to revive before renewing the previously suggested bullish attempts, noting that it is important to settle above the bullish channel’s support at 146.90 to avoid any attempt to change the main trend, to assist to renew the bullish attempts until reaching the positive targets at 149.00 followed by 150.80.
Stochastic rally above 50 level paves the way to gain new positive momentum that confirms keeping the bullish bias domination and start achieving the waited targets.
Expected trading range for today is between 147.00 and 149.00

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