Forex Weekly Forecast Sept 18 2017

EURUSD: Bullish, Tests Key Resistance.

Outlook in EURUSD remains on the upside as long as 1.1867 support holds on a weekly closing basis, resistance comes at theĀ  1.2357 levels, a halt is likely and a reversal may occur, however; a break would open 1.2569 levels, further upside, resistance comes at the 1.2839 levels.

On the downside, below 1.1867 faces a pullback threats to the 1.1615 levels, further down, support comes at the 1.1430/1.1300 levels…

Conclusion: The EURUSD continues to face upside threats above the 1.1867 levels in medium-term outlook.

Note: a failure to take out 1.2091 levels (weekly closing basis) could mean a return to the 1.1867 levels…


GBPUSD: Bullish, Eyes Further Upside.

As long as 1.3443 support holds on a weekly closing basis, the GBPUSD remains on the upside to the 1.3658 levels, a break would open 1.4000 levels, further upside, resistance comes at the 1.4465 levels.

On the downside, below 1.3443 faces a pullback threats to the 1.3223 levels, further down, support comes at the 1.2908 levels…

Conclusion: The GBPUSD continues to face upside threats above the 1.3443 levels in medium-term outlook.


USDJPY: Halts Decline, Recovers With Caution!

As long as 107.30support holds on a weekly closing basis, the USDJPY remains in a recovery mode and further upside could be seen, resistance comes at the 111.32 levels. a halt is likely and a reversal may occur(If seen we may see a consolidation above 107.30 levels) however; a sustained breakout – weekly closing – above 111.32 will extend the recovery to the 115.19 levels, further upside, resistance stands at the 118.60 levels.

On the downside, below 108.15/107.30 sees a fall risk to the 105.35/104.00 levels…

Conclusion: The USDJPY continues to face recovery threats above the 107.30 levels…


XAUUSD: Consolidates With Upside Bias!

As long as 1315 support holds on a weekly closing basis, the XAUUSD remains neutral with risk to the upside to the 1345 levels, a halt is likely, but a break will restore the upside momentum and open the 1392 levels, further upside, resistance comes at the 1448 levels.

On the downside, below 1315 sees a pullback threats to the 1291/1251 levels before another rising…

Conclusion: The XAUUSD continues to face upside threats above the 1215 levels…


WTI Crude Oil: Outlook Turns Higher To 52.00 Levels

The WTI Oil continued its bullish momentum last week, bottomed at the 47.45 levels and topped at the 50.84 levels.

This development leaves the pair targeting the 52.04 levels, a halt is likely and a reversal may occur, however; a break would open 54.09 levels, further upside, resistance comes at the 56.65 levels.

On the downside, support comes at the 49.65 levels ahead of the 47.65 levels (main), below 47.65 faces pullback threats to the 45.41 levels, further down, support comes at the 42.70 levels…

Conclusion: The WTI Crude Oil continues to face upside threats above the 47.45 levels in medium term outlook.

 

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