Forex Weekly Forecast Aug 07 2017

EURO -dollar - 69875

EURUSD Bullish But Hesitates Ahead Of 1.2000 Levels!

As long as 1.1713/1.1612 support holds on a weekly closing basis, the EURUSD remains on the upside in medium term outlook with risk towards the 1.2000 levels, a halt is likely but a break would open 1.2220 levels, further upside, resistance comes at the 1.2570 levels. On the downside, below 1.1612 sees a pullback risk to the 1.1285 levels, further down, support comes at the 1.0922 levels…


GBPUSD Tests Key Resistance 1.3120

Despite GBPUSD medium term outlook is bullish above the 1.2985 levels. The pair will have to break and hold above the 1.3120 levels on a weekly closing basis to prevent a return to the downside if seen, it will target 1.3532 levels, a strong reversal is likely but a break will extend gains to the 1.3835 levels ahead of the 1.4178 levels.On the downside, a failure to take out the 1.3120 levels on a weekly closing basis could mean a return to the 1.2985 levels, a break would open 1.2811/1.2705 levels, next support comes at the 1.2514 levels….

Notes: Minor resistance 1.3266)…

1-Minor resistance 1.3266

2- The pair may spike beyond 1.3120 and returns quickly below that level before the week ends…


USDJPY Continues To Consolidates 

The USDJPY continues to consolidate within 109.59/115.19 range, above 115.19 will pave the way towards the 118.65 levels where a break will turn the focus on the 121.48 levels. On the downside, below 109.59 sees a fall risk to the 106.95 levels where a cut will open the 104.04/101.18 levels.


XAUUSD Consolidates With Downside Bias!

Outlook in XAUUSD has turned neutral in the medium term forecast, support comes at the 1232 levels while resistance comes at the 1296 levels. Above 1296 will open 1319/1337 levels, below 1232 sees a fall risk to the 1212.1188 levels…

Minor support comes at the 1254 levels while minor resistance comes at the 1279 levels…


WTI Crude Oil Bullish Eyes The 52.00 Levels But With Caution!

As long as 48.81/45.41 support holds on a weekly closing basis, the WTI Oil remains on the upside towards the 52.00 levels, a halt is very likely and a reversal may occur, but a break would open 54.09, further upside, resistance comes at the 56.65 levels.

On the downside, minor resistance comes at the 49.81 levels, a failure to take out that level on a weekly closing basis could mean a return to the 48.81 levels, buyers may return from here, but below that level will open main support at the 45.41 before the next rising…

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