Forex Weekly Overview

EUR/USD Forex Weekly Overview (May 29 – June 2)
The EUR/USD medium-term trend remains bullish after last week we successfully managed to post a new higher high. Although in the beginning of the week, we saw an attempt to break lower the buyers have stepped in at support level 1.1108. The retracements, were very shallow and quickly bought out. The first attempt to break to new highs failed at 1.1250 resistance zone but later in the week due to the NFP worse than expected numbers the buyers stepped one more time bringing EUR/USD above 1.1270 resistance level.

Forex Weekly Overview


GBP/USD Forex Weekly Overview (May 29 – June 2)
The GBP/USD has been trapped inside a very narrow range between 1.2774 support level and 1.2920 resistance levels. Last week didn’t provide us with any notable risk event to drive up the GBP/USD volatility. The market seems too cautioned ahead of the UK general elections. Neither the bulls nor the bears are committed to taking a strong stance ahead of such a big risk event that is the UK parliamentary elections.

Forex Weekly Overview


USD/CHF Forex Weekly Overview (May 29 – June 2)
The USD/CHF has resumed its downward trend after breaking below key intraday support level 0.9690. The high of the week was 0.9807 which has quickly faded away as the sellers stepped in once more time to drive USD/CHF to new lows 0.9620. The broad-based dollar weakness continued to be a major theme over the last week and until we can see a major catalyst to shift the sentiment we should expect the bearish trend to remain intact. There weren’t any major economic news events last week, so this move seems pure technical driven.

Forex Weekly Overview


USD/CAD Forex Weekly Overview (May 29 – June 2)
The USD/CAD has been trapped in a very narrow range almost a flat line. The high of the week was 1.3541 which was made at the same time while the RSI was posting a bearish divergence signal. As we should expect we’re now trading back below the big psychological number 1.3500. Early in the week, we made the low at 1.3422 which has kept the downside intact for the whole week.

The most notable risk event in the Canadian economic calendar was the GDP figures which showed the Canadian economy growing at the fastest pace among G7 countries, but this wasn’t enough for the Canadian dollar to get a bid as both sellers and buyers were struggling to gain control over the USD/CAD exchange rate.

Gold Weekly Overview (May 29 – June 2)
Gold price action remains in a strong bullish sequence. Last week we had an attempt to break lower but we couldn’t break below the bullish trendline that connects the lows starting from May low and we found support at $1258. Gold safe haven status was proven again as on Friday we saw a bid in Gold due to the NFP figures missing market expectation and only posting a modest 138k new job added. Gold has managed to break above $1274 posting a high of $1280 a level not seen since the middle of April.

Forex Weekly Overview
See also:
Weekly Forex technical forecast November 19 - 23.
Weekly Forex technical forecast November 19 - 23.
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Technical analysis