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Weekly Market Recap – USD ruined by US data July 14, 2017

By Mexgroup.com

EUR/USD challenges long term resistance

We had volatility on the EUR/USD this week, has rallied on Tuesday and reached the 1.1466 major static resistance. Continues to stay below this major upside obstacle after the last day’s sell-off. Today has rallied after the United States data were sent to the public, unfortunately the high impact figures have come in worse than expected. The greenback was punished by the poor data, the USDX plunged much below the 95.45 previous low and 95.18 low, could decrease further in the upcoming hours because is very heavy.

A further USDX’s drop will send the EUR/USD much higher in the upcoming days, the perspective is bullish on the daily chart.

EURUSDw

Price rallied today and is pressuring the 1.1466 level again, we have a very strong confluence between the median line (ml) with the mentioned static resistance. The false breakout above the median line (median line), the sliding line (sl) and above the 1.1466 level signalled and exhaustion, but the perspective remains bullish  as long in trading above the 1.1376 static support.

GBP/USD crucial breakout in play

Price resumed the upside movement and has managed to jump much above the upper median line (UML) of the major descending pitchfork. Is trading above the 1.3047 previous high and above the 150% Fibonacci line (ascending dotted line) and looks determined to approach and reach the upside line of the up channel, where he could find temporary resistance.

GBPUSDw

Was expected to increase after the failure to reach and retest the 1.2798 static support and the first warning line (wl1) of the ascending pitchfork. The breakout needs confirmation, we could have a buying opportunity if the rate will come back down to retest the upper median line (UML). Is premature to say that we have a valid breakout because we had other false breakout in the past.

USD/CAD registered an unbelievable drop

The Loonie registered an amazing rally against its major rival (USD), the USD/CAD continues to drop after the poor US data and could reach fresh new lows because looks unstoppable. USD/CAD dropped more than 260 pips since Wednesday and ignored major support levels. Was driven lower by the fundamental factors, even if it was a little oversold at the start of this week.

USDCADw

The rate plunged much below the median line (ML) of the major descending pitchfork, the third warning line (wl3) of the minor ascending pitchfork and below the 1.2678 static support, the next downside target will be at the lower median line (lml) of the minor descending pitchfork.

AUD/USD ignored major resistance levels

AUD/USD edged higher aggressively and ignored all resistance levels, now is very close to hit the major static resistance from 0.7835 swing high. Was almost to reach also the upper median line (uml) of the minor ascending pitchfork, where he could find resistance again.

AUDUSDw

The pair has managed to breakout from the major extended symmetrical triangle and above the 0.7755 long term static resistance. We’ll see how long this upside momentum will be and if the bulls will have more energy to push the rate much higher in the upcoming days.

By Olimpiu Tuns

Market Analyst

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The post Weekly Market Recap – USD ruined by US data July 14, 2017 appeared first on mexgroupblog.

 

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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