Weekly Analysis: The pair ended the week higher than it started it, mostly because the US Dollar was weakened by U.S. President-Elect Trump’s speech delivered last Wednesday. Throughout the week, price action was choppy and showed sharp reversals.
Weekly FX Analysis
Weekly Analysis: The week that just ended was governed by sharp reversals and overall choppy but volatile movement. The pair breached support and then jumped higher to touch the 50 days Exponential Moving Average, where it reversed again.
Weekly Analysis: As expected, the last week of 2016 was governed by low liquidity and irregular price action. The quick climb is mostly attributed to these factors, not necessarily to fundamental or technical reasons. This type of behavior will likely extend to the week that just started.
Weekly Analysis: Last week the pair’s movement was affected by end of year volatility and we expect this to continue throughout the week that just started. So far support is holding and rejecting price higher but price lacks the necessary steam to blow through resistance.
Weekly Analysis: The Fed hiked the interest rate last week and hinted towards three more increases over the course the next year. The US Dollar strengthened considerably as a result and the pair broke 2015’s lowest price, located at 1.0462.
Weekly Analysis: For the entire last week the pair showed choppy movement, with sudden changes of direction. The week ended higher than it started but the downtrend is still intact.
Weekly Analysis: During last week the pair reached the support at 1.0525, with the most active day being Wednesday when the FOMC Minutes hinted that a rate hike may come relatively soon. Support is still holding but control belongs to the bears.
For the entire last week the US Dollar dominated and the pair dropped below 1.0600. Since the U.S. Presidential Election result was known, the pair didn’t have any bullish days and the sellers remained in total control.
Weekly Analysis: Election week is over and United States has a new President. The US Dollar received the news well, strengthening against most of its counterparts and as a result we saw the pair drop through several support levels.