EUR/USD Has Chance To Continue Uptrend, February 5 - 9
Anton Kolhanov | Feb 05, 2018 02:45AM ET
Weekly forecast, February 5 - 9
Market conditions
EUR/USD has more chances to continue uptrend to the next strong resistance level 1.2800 and for this scenario we have next conditions:
1. Pair is trading above main support level 1.2300;
2. EU Core CPI recovered from 0.9 to 1;
3. Negative for Euro is that the Manufacturing PMI in US on the same level 55.5, when EU dropped from 60.6 to 59.6, but this level is still high, so it's not enough for the market to break down the current uptrend in EU PMI index and the market needs more time to see PMI changes on the negative side.
4. EU GDP increasing from 2.6 to 2.7;
Technical forecast
The market is trading along an uptrend with target on 1.2800, that may be expected to continue, while the market is trading above support level 1.2300.
A downtrend will start as soon, as the market drops below support level 1.2300, which will be followed by a move down to support level 1.2180 and 1.1900.
Long-Term Forecast, from 29/01/18
The market is trading along an uptrend with target on 1.2800, that may be expected to continue, while market is trading above support level 1.2300. And if it keeps on moving up above 1.2800 we may expect the market to reach resistance level 1.3500.
An downtrend will start as soon, as the market drops below support level 1.2300, which will be followed by a move down to support level 1.1900.
GBP/USD
Weekly forecast, February 5 - 9
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The market is trading along a sideways trend between support 1.3975 - 1.3900, where uptrend will start as soon as the market rises above resistance level 1.4310, which will be followed by a move up to resistance level 1.4600.
An downtrend will start as soon, as the market drops below support level 1.3900, which will be followed by a move down to support level 1.3500.
Long-Term Forecast, from 29/01/18
The market is trading along an uptrend with target on 1.4600, that may be expected to continue, while market is trading above support level 1.3900.
An downtrend will start as soon, as the market drops below support level 1.3900, which will be followed by a move down to support level 1.3500.
Gold
Weekly forecast, February 5 - 9
While EUR/USD still trading above level 1.2300, gold has a target on resistance level 1394.
The market is trading along a sideways trend between support 1321 and resistance 1365, where uptrend may be expected to continue in case the market rises above resistance level 1365, which will be followed by reaching resistance level 1394.
An downtrend will start as soon as the market drops below support level 1321, which will be followed by a move down to support level 1295.
Long-Term Forecast, from 29/01/18
The market is trading along a sideways trend between support 1321 and resistance 1350, where downtrend will start as soon, as the market drops below support level 1321, which will be followed by a move down to support level 1270.
The uptrend may be expected to continue in case the market rises above resistance level 1350, which will be followed by reaching resistance level 1394.
Crude Oil
Weekly forecast, February 5 - 9
Market conditions
Seems that after a few weeks of trading on current levels the oil market will drop down to first support level 60.00 and for this we have the following conditions:
1. Difference between oil supply and demand is becoming very low, just 300K barrels and with current temps of world production will be covered very soon, may be during one month;
2. Same time inventories is already started increasing and became positive, that is signal of near term oil oversupply;
If after a few weeks inventories will continue their uptrend, oil market start downtrend to 60.00.
Technical forecast
The market is trading along a sideways trend between support 64.50 - 63.40, where downtrend will start as soon, as the market drops below support level 64.50 - 63.40, which will be followed by a move down to support level 61.50 and 60.00.
The uptrend may be expected to continue in case the market rises above resistance level 66.20, which will be followed by reaching resistance level 68.30 and 70.00.
Long-Term Forecast, from 29/01/18
The market is trading along an uptrend with target on 70, that may be expected to continue, while market is trading above support level 60. And if it keeps on moving up above 70, we may expect the market to reach resistance level 78.
An downtrend will start as soon, as the market drops below support level 60, which will be followed by a move down to support level 54.50 and if it keeps on moving down below that level, we may expect the market to reach support level 46.40.
Natural Gas
Weekly forecast, February 5 - 9
Market conditions
The market has already played out as this season's weather cycle nears its end, it has very strong production, and in its technical picture it is already trading near main support level 2.750 – 2.640. Inventories on the next week is expecting to be over same levels, as previous, so market can start some sideways trading, so I think that more possible market will be trading just technically without any fundamental surprises, as we had a few weeks before.
Technical forecast
The market is trading along a sideways trend betwee support 2.750 and resistance 2.880, where downtrend may be expected to continue in case the market drops below support level 2.750, which will be followed by reaching support level 2.640.
An uptrend will start as soon as the market rises above resistance level 2.880, which will be followed by a move up to resistance level 3.000.
Long-Term Forecast, from 29/01/18
The market is trading along a downtrend with target on 2.750, that may be expected to continue, while market is trading below resistance level 3.300.
An uptrend will start as soon as the market rises above resistance level 3.300, which will be followed by a move up to resistance level 3.700.
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