Forex

GBP/USD WEEKLY OVERVIEW

Pound dipped a cent below six and a half month high against dollar on Wednesday. Pound/dollar volatility rose in the pretext of declaration of new election up to June 2017 by British Prime Minister Theresa May. It is hoped that Pound is likely to continue to $ 1.30 this week. It is estimated that GBP is about 11% below its long term fair value on real exchange rate basis. GBP/USD was down to 0.47% at $1.2780 on Thursday whereas GBP slid to five month troughs of 136.05 Yen.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1.1966	1.2356	1.2586	1.2745	1.2976	1.3135	1.3525

GBP/USD	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1.25296	1.29045	1.25148	1.28168	2.2941

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EUR/USD WEEKLY OVERVIEW

On Monday Euro was at $ 1.0622. The Euro rose to 0.52% three week high against the Dollar on Thursday at $ 1.0765. the Euro slid to five months troughs of 114.95 Yen. According to reports Euro zone economic growth hit a fresh six year high in April. Job creation also Rose to the highest operating capacity.

Euro zone PMI composite output index at 56.7.

Euro zone PMI services activity index at 56.2.

Euro zone PMI manufacturing index at 58.0.

Growth accelerated in both manufacturing and services to the highest since April 2011.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1.0352	1.0527	1.0626	1.0701	1.0801	1.0876	1.1051

EUR/USD	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1.06163	1.07768	1.06020	1.07252	1.0457

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USD/JPY WEEKLY OVERVIEW

The Dollar dipped to a five month low against the Yen on Monday due to rising tension over North Korea and US conflict. The Dollar index was down 0.2% at 100.390. The Dollar losses and retreated to 1.8.135 Yen. However the Dollar gain over night against Yen on comments of US treasury Secretory.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	106.2027	107.5607	108.3563	108.9187	109.7143	110.2767	111.6347

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	108.690	109.481	108.123	109.152	0.4240

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GOLD WEEKLY OVERVIEW

Gold hit up to a five month high on Monday. As investors took much interest to buy gold in the pretext of North Korea and US conflict. Spot Gold was up 0.4% at $ 1290.40 an ounce. Gold Steadied on Thursday after its biggest one day Drop in more than six weeks. On Thursday spot gold rate was $ 1279.96 an ounce. US Gold future for June delivery were at $ 1281.50 an ounce.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1240.15	1261.61	1270.76	1283.07	1292.22	1304.53	1325.99

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1290.23	1295.38	1273.92	1279.92	0.7940

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OIL WEEKLY OVERVIEW

Oil prices downed on Tuesday touching their lowest in Eleven Day as bearish trend prevails due to declaration of biggest shale output by US authorities in the month of May. On the other hand OPEC countries along with Russia announced to continue their cut in oil output. Brent was down 28 cent trading at $ 55.08 a barrel on Tuesday. On Thursday, there was mixed reaction in Oil prices as OPEC members and Russia would likely to extend oil output cut beyond June. Brent futures were up ten cents to $ 53.03 a barrel wheras crude prices dipped more than 3.9 %.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	47.7800	50.7300	54.9933	51.8500	54.8000	56.6300	59.5800

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	55.45	55.51	52.56	52.97	4.4744

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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]