Weekly Overview of Forex

USDJPY and Elliot
Which Indicator tells us, from where the market is expected to test a volatility in a Current Session
GBP/USD howering around weekly support
Fed rates at 1.75% actual vs 2% pre Read Full statement by FOMC
ECB’s Mersch Speaks Scheduled ahead in economic event release I Bizasis

This week we have seen the performance o USD .USD lowered against the yen and as we have seen Friday have seen some volumetric upside against the euro and Pound .

Lets have some look how currencies performed .The pullback on the dollar was significant and and rallied too  on the performance of that currencies was range bounded and moved not much on the basis of percentage

This Week was most important for the U.S economic reports beats expectoration including consumer prices United States Consumer Price Index (CPI) MoM (Latest Release:Feb 15, 2017)
-Actual:0.6% Forecast:0.3%Previous:0.3%, retail sales, the Empire and Philadelphia manufacturing surveys, building permits and jobless claims.

As we have seen the report to where Yellen reported to tighten central banks plans for tightening where she said , “waiting too long to tighten would be unwise.”She also indicated that rate increases (plural) in 2017.and the as she presented the sentiments the dollar fall after her speech and comment.
There is no fundamental explanation for the reversal in the greenback but corrective forces emerged as the dollar took its cue from U.S. yields.

Nearly every data released released from U.K this week was weaker than expected and while sterling slide against the USD, the decline was nominal as GBP/USD traded within a narrow 1.2550 to 1.2385 range.
 it will be difficult for the Bank of England to maintain its optimism.
We may finally be seeing the effects of Brexit and it shouldn’t be long before 1.2385 support in GBP/USD gives.

The UK’s economy now finds itself in the unenviable position of having stagnating wages but higher inflation, which is likely to put further financial stress on households.
Despite robust labor demand, the Markit Household Finance Index fell sharply to 42.5 from 43.6 the month prior — the worst drop in 3 years. Clearly, UK consumers are having a difficult time keeping up with cost-of-living increases and their debt is the highest in Europe.

While euro ended the week unchanged against the U.S. dollar, its inability to break above 1.0700 is a sign of persistent weakness. According to the minutes released this past week, there was widespread support for a steady policy stance.

 The main focus for Australia was labor data Australia Employment Change Latest Release :Feb 16, 2017
Actual:13.5K Forecast:10.0K Previous:16.3K .While there was an increase of 13.5k jobs in January and the unemployment rate dropped to 5.7%,

Apart from this Lets have look on the commodities ,I will be focusing on the gold here to discuss in commodities i think it is better to discuss the one only rather than every thing so how gold has did last week

as we have given the targets of 1244 in recent blog it has accomplished now we have analysied that gold would subsequently moving to targets of 1437 as shown in this post we will be keep tracking it and keeping updates through this blog .

So,Gold had climbed successfully at the price 1242/1244 we were watching it to crack that level to set next targets but it declined back last week at 1235 technically god is still above the 100 ,200 and 50 moving averages and chart has made nice Elliot waves on smaller time frames so we are still bullish on it .because we have seen previously in this article about performance of USD so .there we are getting no clues about gold fall back .

What we have Targetted previous week –

Forecast On pairs I am trading 

EURJPY –Eur jpy on recent is 119.72 I have took entry in that for targets 122.50 reason behind this is the technical so charts .

Gold-  Positioning for long since 1218 recent low at 1216


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