GBP/USD WEEKLY OVERVIEW
Despite British Prime Minister Theresa May formal request to quit European Union, this week pound gained up to 1.0% against dollar which is eight week high of $1.2615 on Monday. On the other hand several major banks have predicted fall of pound below $1.20 due to political uncertainty created during process of Brexit and forthcoming Scottish Independence referendum. Meanwhile dollar slide down 0.65% its lowest since November 2016 due to Trump’s defeat in Congress on key issue of health care reform bill, first major failure in Congress where his Republican party is in majority it’s really a big setback. On Thursday British pound geared strongly against the dollar rising 0.7% to $1.2525. The dollar index on Thursday erased its gains by falling from a nine day high.
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TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
|
|||||||
|---|---|---|---|---|---|---|---|
|
TIME
|
S3
|
S2
|
S1
|
MAGNET POINT
|
R1
|
R2
|
R3
|
|
WEEKLY
|
1.2016
|
1.2254
|
1.2371
|
1.2493
|
1.2609
|
1.2731
|
1.2970
|
|
GBP/USD
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
CHANGE
|
|---|---|---|---|---|---|
|
WEEKLY
|
1.24904
|
1.26144
|
1.23759
|
1.24872
|
0.0246
|
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EUR/USD WEEKLY OVERVIEW
On beginning of market on Monday, the Euro reached $ 1.0904, its highest since Nov 11, 2016. On Wednesday Euro fell to $ 1.0741 it’s lowest since March 21, 2017. In fact whole scenario is engulfed with forth coming election in France, a major member of European Union, on 23/4/2017. In France Liberal Party Chief Emmanuel Macron who is supporter of globalization, more liberal France and wants more active part of France in European Union seems to win election as compared to his rival National Front Chief Marine Le Pen who is totally against the membership of France in European Union and termed it against the sovereignty and integrity of France.
|
TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
|
|||||||
|---|---|---|---|---|---|---|---|
|
TIME
|
S3
|
S2
|
S1
|
MAGNET POINT
|
R1
|
R2
|
R3
|
|
WEEKLY
|
1.0282
|
1.0517
|
1.0601
|
1.0753
|
1.0837
|
1.0989
|
1.1225
|
|
EUR/USD
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
CHANGE
|
|---|---|---|---|---|---|
|
WEEKLY
|
1.08381
|
1.09052
|
1.06693
|
1.06855
|
1.40199
|
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USD/JPY WEEKLY OVERVIEW
On Monday the dollar fell more than 1% to 110.09 against Japanese Yen, it’s lowest since Nov 18. On Wednesday the dollar rose 0.4 % against Yen. Overall position remained calm as Bank of Japan Governor Haruhiko Kuroda’s clarification regarding no hike in bank bond’s yield in Japan received mixed reaction in the market.
|
TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
|
|||||||
|---|---|---|---|---|---|---|---|
|
TIME
|
S3
|
S2
|
S1
|
MAGNET POINT
|
R1
|
R2
|
R3
|
|
WEEKLY
|
107.2030
|
109.2910
|
110.5690
|
111.3790
|
112.6570
|
113.4670
|
115.5550
|
|
USD/JPY
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
CHANGE
|
|---|---|---|---|---|---|
|
WEEKLY
|
110.906
|
112.189
|
110.101
|
111.847
|
0.8434
|
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GOLD WEEKLY OVERVIEW
Gold hits more than 1% on Monday and slipped the dollar to a four month low. Spot gold was up 1.2% at $ 1259.11 an ounce. US gold futures were up 0.8% at $ 1258. This is the outcome of US President Donald Trump’s defeat in Congress on the issue of his key health care reforms bill where his Republican Party is in majority a major setback. On Thursday gold prices dipped down as the dollar strengthened but uncertainty of Brexit and French election supported the gold prices. Gold is at $1260 level whereas Spot gold was down 0.1% at $1250.66 an ounce and gold futures dipped to 0.3% at $1250.
|
TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
|
|||||||
|---|---|---|---|---|---|---|---|
|
TIME
|
S3
|
S2
|
S1
|
MAGNET POINT
|
R1
|
R2
|
R3
|
|
WEEKLY
|
1204.5767
|
1225.9567
|
1233.7533
|
1247.3367
|
1255.1333
|
1268.7167
|
1290.0967
|
|
USD/JPY
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
CHANGE
|
|---|---|---|---|---|---|
|
WEEKLY
|
1245.57
|
1260.92
|
1239.54
|
1241.55
|
0.3247
|
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OIL WEEKLY OVERVIEW
Oil continued its slide on Monday due to uncertainty on OPEC decision to continue cut in its output. Brent crude fell 17 cents to $50.63. Brent session low was $ 50.03 whereas US crude was down 33 cents at $47.63 a barrel. Oil prices rose to 2% on Tuesday after major disruption to Libyan oil supplies on Wednesday according to reports in Libya oil production dropped by 250,000 bpd this week due to blocking of western oilfields of Sahara and Wafa by armed protestors. Moreover oil prices rose more than 2% as US crude inventories recorded less as expected. Consequently, on Thursday oil prices hit high for a third day to their highest in three weeks after Kuwait oil minister’s statement regarding imposing cut on its oil output in favour of OPEC decision. Brent crude oil settled up about 1% to $ 52.96 a barrel after hitting $53.10.
|
TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
|
|||||||
|---|---|---|---|---|---|---|---|
|
TIME
|
S3
|
S2
|
S1
|
MAGNET POINT
|
R1
|
R2
|
R3
|
|
WEEKLY
|
51.5933
|
51.7533
|
51.8367
|
51.9133
|
51.9967
|
52.0733
|
52.2333
|
|
USD/JPY
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
CHANGE
|
|---|---|---|---|---|---|
|
WEEKLY
|
51.91
|
51.99
|
51.83
|
51.92
|
0.0192
|
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[box type=”info” align=”” class=”” width=””]ISMAR Financial – MUJEEB UR REHMAN KHAN – Director, Corporate Affairs[/box]
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[box type=”note” align=”” class=”” width=””]DISCLAIMER: This report has been prepared by ISMAR financial. The information and opinions contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or correctness. This document is only for Reading information.[/box]