What is to be expected for the Week ahead from 4th Feb- 8th Feb?Economic Calendar:
EU PPI on Mon, RBA Interest Rate Decision and EU Retail Sales on Tue, AUS Employment Changes and Unemployment, BOE and ECB Interest Rate Decision, UK GDP Estimate on Thu, CAD Net change in Employment on Fri are the most important data that is expected this week.
Weekly Summary: USD was still mixed last week, it strengthened against JPY, GBP, SGD, and it weakened against EUR, CHF, CAD, NZD and was flat against AUD CHF and EUR was the strongest, gaining 187/180 pips and JPY was the weakest, losing 176 pips. CHF/JPY and EUR/JPY was the best crosses with a total move of 426/422 pips within a week.
EUR/USD has Hourly Target of 13670/13790/13880/13960 levels but we are seeing some weakness but not a Reverse and we believe that it may get a pullback towards 13400/13310 levels if the high 13710 holds otherwise we may see the Bulls attempting the next levels towards 13960 level as final.
GBP/USD has a Hourly target of 15620/15580-40-00 levels but we are not seeing any strength and so we believe we can see 15620/15580 at least provided 15675 gives way otherwise we may see a pullback higher towards 15745/ 15830-80 levels. USDJPY has a Hourly Price Target 9360/9425/9560 levels but we are seeing some weakness but not a Reversal so we may get a pullback lower if the High holds or near the 9360 level.
USD/CHF has a Hourly Target of 9000/8930/8845 levels and we are not expecting any strength provided 9120-65 level holds and we expect the Bears to reach 9000/8930 levels .AUD/USD has no Price Target as it Caught in a wide trading Range of 10290-35/10600 levels. USD/CAD has a Hourly Target of 9900/9875-15 levels and we believe that levels 9900-9875 is within reach but 9955 must be breached after which we expect the Bulls to gain control.
NZD/USD has a Hourly Target of 8555/8605-60 levels but it is Trading at Critical levels and Make or Break Scenario and we are Cautiously Bullish. USD/SGD has a Hourly Price Target 12465/12505-50 levels and we believe that a consolidation with a limited Downside and potential to reach our Price targets. Spot Gold has no Price Target on the Hourly but may test the Lows while the high 16835/16960 levels are protected . Spot Silver has no Price Target as it has caught in a Range of 3075/3248 levels .
AUD has been dormant for two weeks, we foresee that this cross may breakout after the RBA or we may get some surprises from AUS, if that happens then AUD may be in the limelight Otherwise we like to choose GBP again this Week and we may see a further fall down towards 15565 level once 15675 is cracked .
The Accuracy of the Long Term View may vary from the Weekly Projected Levels, so it is better to Pay attention to the Daily Report for more scrutinized view. Good Luck and Happy trading for the Week.