Majors Weekly Forecast Apr 24 2017

EURUSD: Corrective Pullback Risk Remains Intact! GBPUSD: Bullish, Builds On Medium Term Uptrend! USDJPY: Bearish But Hesitates Ahead 108.50 Levels!

Majors -987456-min
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EURUSD: Corrective Pullback Risk Remains Intact!

As long as 1.0780/1.0828 resistance holds on a weekly closing basis, the EURUSD remains in a corrective pullback mode and further down could be seen, support comes around 1.0528 levels, buyers nay return here and push it higher but If that fails to happen, expect the pair to weaken further towards the 1.0440 levels, further down, support stands at the 1.0132 levels. On the upside, above 1.0828 levels on a weekly closing basis will restore the upside momentum and expose the 1.0905 levels and pave the way to the to the 1.1200 levels ahead of the 1.1365 levels.

In the bigger picture, as long as 1.0828 resistance holds on a monthly closing basis, the pair remains bearish with risk to the 1.0455 levels, below here will open the way to the 0.9930 levels. Above 1.0828 levels on a monthly closing basis sees a recovery threats to the 1.1466/1.1713 levels…

GBPUSD: Bullish, Builds On Medium Term Uptrend!

The GBPUSD maintained a bullish momentum last week, bottomed at the 1.2514 levels and topped at the 1.2905 levels. This development leaves the pair targeting the 1.3120 levels, a halt is likely and it may turn lower from here, but If that fails, the pair will develop upside move to the 1.3532 levels, further upside, resistance stands at the 1.3835 levels.

On the downside, a failure to take out the 1.2905 levels on a weekly closing basis could mean a return to the 1.2735 levels, with a break below here opening the 1.2514 levels ahead of the 1.2365, buyers should back around here and push it to the upside, but If it fails to rise from here, expect the pair to weaken further towards the 1.2000 levels and possibly lower…

Conclusion: The GBPUSD continues to face upside threats above the 1.2365/1.2514 levels in the medium term forecast…

In the bigger picture, the pair consolidates around main support 1.2000 but remains bearish below 1.3118 on a monthly closing basis, above that level will open 1.3850 ahead of 1.5000 levels.

USDJPY: Bearish But Hesitates Ahead 108.50 Levels!

Outlook in USDJPY remains on the downside as long as 110.12/111.58 resistance holds on a weekly closing basis, support comes around 108.50 levels, below that level, would open 106.58, further down, support stands around 104.00 levels.

On the upside, above 110.12 will open 111.58 levels, a halt is likely and it may turn lower from here, but a break will set the stage for a run to the 115.18 levels…

Conclusion: The USDJPY continues to face downside threats below the 11/58 levels…

In the bigger picture, as long as 114.53 resistance holds on a monthly closing basis, the pair remains in a pullback mode and further down could be seen to the 105.52 levels, below that level would open 101.17 levels. Above 114.52 will restore the upside momentum and turn the focus on the 121.48 levels…

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