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Weekly Technical Analysis Report week 04/05/2015

EUR/JPY – Will the Pair Retrace Once Again to the Downside?

The pair has been escalating since the 14th of April, 2015. Based on last Friday’s data, the pair climbed as high as 135.29, a major resistance level. The downtrend scenario has greater chances of prevailing this week.

In the event that the downside pressures overcome upside ones the pair could decline as low as 129.67, provided that there is a sufficient break below the 132.69 and 130.65 levels.

The stochastic oscillator confirms the bearish trend by indicating that the price is now oscillating at overbought levels, a bit lower than 80.4124.

Alternatively, a break above 135.29 could force the pair toward the 136.68 level and possibly even higher.



EUR/USD – Will the Pair Drop this Week?

EUR/USD was able to retrace once again to the upside since the 13th of April, 2015. Based on last week’s data, the pair has a greater possibility to retrace downwards from 1.1286.

In the event that the bearish pressures overcome bullish ones the pair could drop as low as 1.0819, provided that there is a sufficient break below the 1.1108 and 1.0908 levels respectively.

The stochastic oscillator confirms the bearish scenario by indicating that the price has for some time now stabilized below 80.4124, generating a strong resistance at this level.

In contrast, a break above 1.1340 could be a strong indication that the pair can resume rising toward 1.1441 and even higher.

Major Weekly Events

Date

Time (GMT)

Event

Currency

Tuesday, May 05, 2015

04:30

Australia - RBA Rate Statement

AUD

 

04:30

Australia - RBA Interest Rate Decision

AUD

 

14:00

United States - ISM Non-Manufacturing PMI (Apr)

USD

 

22:45

New Zealand - Unemployment Rate (Q1)

NZD

Thursday, May 7, 2015

24h

Great Britain - Parliamentary Election

GBP

 

01:30

Australia - Unemployment Rate s.a. (Mar)

AUD

 

01:30

Australia - Employment Change s.a. (Mar)

AUD

Friday, May 8, 2015

01:30

Australia - RBA Monetary Policy Statement

AUD

 

12:30

United States - Unemployment Rate (Apr)

USD

 

12:30

United States - Nonfarm Payrolls (Apr)

USD

 

12:30

Canada - Net Change in Employment (Apr)

CAD

 

12:30

Canada - Unemployment Rate (Apr)

CAD

 

Please note: The content in this weekly market analysis should not be taken as investment advice. It comprises our personal view.



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