GBP/USD WEEKLY OVERVIEW
The Pound showed lower trend throughout this week due to unexpected sharp slowdown retail sales data coupled with doubts regarding Bank of England interest rate strategy. Weak data of retail sales fell up to 0.8% weakest annual rates since 2013. Eventually Pound declined to a one week low against the Dollar after the retail sales data at around $ 1.32.
The authorities of Bank of England are indicating for taking back the rate cut after Brexit issue. So chance of one hike is likely to be expected up to next month.
| TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD) | |||||||
|---|---|---|---|---|---|---|---|
| Time | S3 | S2 | S1 | Magnet Point | R1 | R2 | R3 |
| Weekly | 1.27 | 1.30 | 1.30 | 1.32 | 1.33 | 1.34 | 1.36 |
| GBP/USD | Open | High | Low | Close | Change |
| Weekly | 1.32933 | 1.33107 | 1.30869 | 1.31280 | 1.24 |
EURO/USD WEEKLY OVERVIEW
Euro rose 0.4% to $ 1.1837 to a one week high at the back drop of political uncertainty in Spain, an important member of European Union. Due to political tension in Spain, the Spanish government threatened that it would suspend Catalonia’s autonomy and impose direct rule if position remains unchanged. Eventually Euro will resist up to $ 1.1880 whereas investors preferring selling Euro before European Central Bank meeting next week.
| TECHNICAL STUDY USING LUTFI MAGNET THEORY (EURO/USD) | |||||||
|---|---|---|---|---|---|---|---|
| Time | S3 | S2 | S1 | Magnet Point | R1 | R2 | R3 |
| Weekly | 1.15 | 1.17 | 1.17 | 1.18 | 1.19 | 1.19 | 1.21 |
| EUR/USD | Open | High | Low | Close | Change |
| Weekly | 1.18119 | 1.18572 | 1.17296 | 1.17997 | 0.10 |
USD/JPY WEEKLY OVERVIEW
The Dollar jumped to its highest in about two weeks against the Yen coupled with rise in US Bonds Yields. The Dollar index against basket of Six (6) Currencies was higher at 93.389 whereas Dollar rose as high as 113.095 Yen its strongest since October 6. The rise in Dollar trend against Yen attributed to uncertainty prevailed due to this week-end election in Japan. However it is expected that in this election Japanese Prime Minister Shinzo Abe may win by 2/3rd majority causing more political and monetary stability in Japan resulting strength to Yen.
| TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY) | |||||||
|---|---|---|---|---|---|---|---|
| Time | S3 | S2 | S1 | Magnet Point | R1 | R2 | R3 |
| Weekly | 109.19 | 111.00 | 112.16 | 112.81 | 113.97 | 114.62 | 116.43 |
| USD/JPY | Open | High | Low | Close | Change |
| Weekly | 111.759 | 113.457 | 111.646 | 113.321 | -0.01 |
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GOLD WEEKLY OVERVIEW
Recoveries in Gold prices observed from more than one week low. Although investors are not showing their much interest in investing Gold in prevailing trend due to strong expectations of upcoming higher interest rates by Federal Reserve. Spot Gold was up 0.5 % to $ 1287.39 an ounce after hitting its lowest since October 9 at $ 1276.22. Overall Gold has lost 6% since September 8 whereas US Gold futures for December delivering rose 0.5 % to $ 1289.
| TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD) | |||||||
|---|---|---|---|---|---|---|---|
| Time | S3 | S2 | S1 | Magnet Point | R1 | R2 | R3 |
| Weekly | 1228.61 | 1258.13 | 1269.45 | 1287.65 | 1298.97 | 1317.17 | 1346.69 |
| Gold | Open | High | Low | Close | Change |
| Weekly | 1302.42 | 1305.85 | 1276.33 | 1280.77 | 1.66 |
OIL WEEKLY OVERVIEW
On Thursday Oil prices fell more than 1 % on the back drop of profit taking activities after a recent short uptrend in prices. Instability in Middle East continuously resulting increase risk to main supply of key Oil producing sources. Investors took sigh of relief while profit taking after two weeks of gain as upward momentum in prices observed. In fact Oil market took a soft turned on the reports of surprise drop in US Refining rates and unexpected rise in US Oil Stocks last week creating less demand for Oil.
Brent Crude was down at $ 57.22 a barrel whereas global benchmark is still 30 % above its Mid-Year level. It is not out of place to mention here that US President Donald Trump refused nuclear deal with Iran and referred Congress, within 60 days, to decide further action against Iran. That action could imply sanctions against Iran resulting reduction in supply of Oil about One (1) Million barrel per day.
| TECHNICAL STUDY USING LUTFI MAGNET THEORY (OIL) | |||||||
|---|---|---|---|---|---|---|---|
| TIME | S3 | S2 | S1 | MAGNET POINT | R1 | R2 | R3 |
| Weekly | 48.52 | 50.06 | 50.60 | 51.60 | 52.14 | 53.14 | 54.68 |
| Oil | Open | High | Low | Close | Change |
| Weekly | 51.61 | 52.61 | 51.07 | 51.13 | 0.93 |