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GBP/USD WEEKLY OVERVIEW

As clouds of uncertainty still showing their edge on all over Europe due to Brexit issue as well as general election fever in France and Holland, two major members of European Union, pound fell to an eight week low against dollar and other leading currencies on Tuesday. Pound traded as low as $1.2110. However, after widespread news that Scottish independence referendum will be held around the end of next year, pound stabilized firmly as investors feel relief as vote would not be held this year. It is expected that Pound will remain under pressure till Brexit issue is not settled. On the other hand US dollar grew stronger against all leading currencies on Tuesday 14/03/2017 as US Central Federal Reserve announced hike in interest rates by 25 basis points to a range of 0.75% to 1% in interest rate. Consequently, Pond recovered half a percent against the US Dollar on Wednesday as high as $ 1.2258 whereas on Thursday Pound jumped by a full cent to $ 1.2361.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.1710
1.1999
1.2180
1.2289
1.2469
1.2578
1.2868
GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.21670
1.23977
1.21083
1.23606
1.59%
EUR/USD WEEKLY OVERVIEW

Euro rose to five week high against the dollar and was at $ 1.0737. The dollar index earlier fell two week low of 101.01 and later 101.71. On Wednesday Euro fell 0.4% to $ 1.0609 on uncertainty during Dutch Poll. Euro is at one month high against the USD after last meeting of European Central Bank Officials for hike in interest rate. Euro USD is currently at $ 1.06732 after hitting high of $ 1.0714. The Euro rose one month high on Wednesday following the release of Dutch Polls results in which Dutch Prime Minister Mark Rutte’s won most of the seats in parliament. On the other hand US Dollar suffered heavy losses on Wednesday after hike in US interest as a result US$ dropped down to a five week low against euro.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.0341
1.0524
1.0631
1.0706
1.0813
1.0888
1.1071
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.06845
1.07815
1.05992
1.07374
0.49%
USD/JPY WEEKLY OVERVIEW

On Tuesday, the dollar was against the yen at 114.77 yen well below last week 11.51 yen. The US currency also dip to a two week low against the yen. The USD/JPY rose back above 115 touching 115.19 on Tuesday.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
109.1600
111.4500
112.2930
113.7400
114.5830
116.0300
118.3200
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
114.761
115.187
112.897
113.136
1.41%

 

GOLD WEEKLY OVERVIEW

Gold prices observed firmness on Monday.

Due to Dutch parliamentary election results, spot gold rose to 0.3% to dollar 1208.61 per ounce. Further gold rose more than 1.5% to a one week high on Wednesday. US gold futures settled down 0.2% at $ 1200.70.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1147.1367
1183.5767
1206.4233
1220.0167
1242.8633
1256.4567
1292.8967
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1204.67
1233.61
1197.17
1229.27
2.04%
OIL WEEKLY OVERVIEW

Oil Prices touched 3 month low on Monday. Prices have fallen by more than 8%. Brent Crude Futures fell $ 51.31 a barrel. Brent settled down 43 cents or 0.8% at $ 50.92 a barrel. As prices took a dip on Thursday Brent Crude ended 7 cents low at 51.74 a barrel.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
46.7933
49.1933
50.5567
51.5933
52.9567
53.9933
56.3933
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
51.00
52.63
50.23
51.92
1.80%
ISMAR Financial – MUJEEB UR REHMAN KHAN – Director, Corporate Affairs

DISCLAIMER: This report has been prepared by ISMAR financial. The information and opinions contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or correctness. This document is only for Reading information.

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