Market Weekly Outlook Jul 15 2019

In the week ahead: EURUSD/GBPUSD: Both recover with caution. USDJPY: Under pressure below 108.50...AUDUSD: Bullish Above 0.7018 ...USDCAD: Remains bearish...

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Last week recap: The U.S dollar fell on Powell’s dovish remarks! Federal Reserve Chairman opens the door for a possible rate cut at the Fed’s next meeting this month(July 30-31). In the week ahead; let’s take a quick look at the most important news that can affect the market.

U.S Economic Data
  • The U.S will report on Retail Sales (Jun) on Tuesday at 12:30 GMT.
  • Fed Chair Powell Speaks on Tuesday at 17:00 GMT.
EuroZone Economic Data
  • German ZEW Economic Sentiment (Jul) on Tuesday at 09:00 GMT.
  • EuroZone consumer price inflation (Jun0 on Wednesday at 09:00 GMT.
U.K Economic Data
  • Average Earnings Index +Bonus (May) on Tuesday at 08:30 GMT.
  • Claimant Count Change (Jun) on Tuesday at 08:30 GMT.
  • BoE Gov Carney Speaks on Tuesday at 12:00 GMT.
  • U.K inflation data (Jun) on Wednesday at 08:30 GMT.
  • U.K Retail Sales (Jun) on Thursday at 08:30 GMT.
Australia Economic Data
  • Employment Change (Jun) on Thursday at 01:30 GMT.
Canada Economic Data
  • Retail Sales data (May) on Friday at 08:30 GMT.

you can follow economic events in real-time from here:

Live Economic Calendar

Technical Analysis
EURUSD: The pair remains in a recovery mode as long as trades above 1.1250 levels. Below this level sees a fall risk to 1.1206/1.1190 levels where a rebound is likely. Below 1.1190 aims 1.1160 ahead of 1.1127 levels.

Resistance comes at 1.1282 levels. A break will extend the corrective recovery to 1.1330 levels. Next resistance comes at 1.1369/1.1423 levels.

Levels to watch this week: 1.1127, 1.1160, 1.1190, 1.1206, 1.1250, 1.1282, 1.1330, 1.1369, 1.1423, 1.1477, 1.1540

Keep an eye on U.S economic data near these levels. Also, pay attention to the pair near them by the end of the week ( Thursday and Friday).

Trend direction: limited recovery

GBPUSD: The pair remains in a recovery mode as long as trades above 1.2500 levels. But long -term resistance comes around 1.2590 levels where rejection is likely. However; above 1.2590 aims 1.2630 levels. Next resistance comes at 1.2695/1.2743 levels.

Levels to watch this week:1.2285, 1.2357, 1.2458, 1.2500, 1.2590, 1.2630, 1.2695, 1.2743

Keep an eye on U.S economic data as well as U.K economic data near support/resistance levels. The market will volatile around those levels by the end of the week.

Trend direction: limited recovery

USDJPY: The remain under pressure as long as the weekly closing is below 108.50 level. Support comes at 107.75 levels. A halt is likely. But a cut would open 107.15. Next support comes at 106.60 levels. On the upside. A sustained breakout above 108.50 will turn outlook bullish, aims the 109.60 levels. Next resistance comes at 110.50 levels ahead of 111.50 levels.

Levels to watch this week: 105.87, 106.60, 107.15, 107.75, 108.50 (main), 109.00, 109.60, 110.50, 111.50

Trend direction: Consolidates with downside bias below 108.50 (wwekly closing)…

Keep an eye on U.S economic data near these levels. Also, pay attention to the pair near them by the end of the week ( Thursday and Friday).

AUDUSD: The pair is bullish in the short-term forecast as long as trades above 0.7018 levels. A daily closing above this level should target 0.7070 levels. A halt is likely, it may turn lower from here. However; above 0.7070 aims 0.7130 levels. Next resistance comes at 0.7178 levels ahead of 0.7230 levels. On the downside. Below 0.7018 sees a fall risk to 0.6970 levels ahead of 0.6925 levels. A clear break below 0.6925 will turn outlook bearish…

Levels to watch this week: 0.6785, 0.6835, 0.6875, 0.6925, 0.6970, 0.7018, 0.7070, 0.7130, 0.7178, 0.7230

Keep an eye on the pair on U.S economic data as well as Australia economic data near support/resistance levels.

Trend direction: Consolidates with upside bias…

USDCAD: The pair is bearish as long as trades below 1.3133/1.3073 levels. Support comes at 1.3015 levels. A halt is likely but a cut would open 1.2930 levels. On the upside, above 1.3133 sees recovery threats to 1.3188/1.3222 before the next fall. Anyway; a break will extend the corrective recovery to 1.3280/1.3340 levels.

Levels to watch this week: 1.2820, 1.2860, 1.2930, 1.3015, 1.3073, 1.3133, 1.3188, 1.3222, 1.3280, 1.3340

Keep an eye on the pair on U.S economic data as well as Canada economic data near support/resistance levels.

Trend direction: Doward…

MARKET DATA

UPCOMING ECONOMIC EVENTS