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GBP/USD WEEKLY OVERVIEW

Pound inched down to a six days low of $1.2918 after Britain construction sector data on Tuesday. In fact the pound was trading less than half a cent away from nine months high on the assumption that Bank of England can raise the interest rates in near future. Statistics showed that pound dipped around 14% against the dollar and 13% against the euro since Brexit issue arose. Due to overall uncertainty in UK, pound suffered heavy losses simultaneously inflation is well above Bank of England’s 2% target.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.2481
1.2592
1.2810
1.2921
1.3139
1.33250
1.3468
GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.3005
1.3024
1.2894
1.3020
0.1143

 

EUR/USD WEEKLY OVERVIEW

Against the euro, the dollar weekend up to 0.2% at a day’s low of 1.1393. The dollar’s bounce falls after the US Federal Reserve policy meeting failed to give clear verdict about hike in interest rates in near future. However on Wednesday the euro dipped to 0.1% to $1.1338. Investors and markets were waiting for the outcome of European Central Bank’s policy meeting. After that fate of euro can be ascertained. Meanwhile on Friday euro rose 0.4% to $1.1397.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.0970
1.1070
1.1248
1.1348
1.1526
1.1626
1.1804
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.1421
1.1427
1.1313
1.1418
0.0242
USD/JPY WEEKLY OVERVIEW

On Wednesday the US dollar rose to its highest levels in nearly two months against the yen. The dollar inched up 0.3% higher to trade at 13.59 yen. Meanwhile US dollar hit a seven week high against the yen at 113.68 on Thursday. Later on Friday dollar slipped 0.1% to 113.16 yen after rising more than 1% this week. It is expected that dollar will move in 110-115 yen range till September 2017 subject to stronger dollar due to Federal Reserve precautionary monetary policies.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
109.48
110.29
111.33
112.14
113.18
113.99
115.03
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
112.12
113.84
112.11
112.99
-0.7749

 

GOLD WEEKLY OVERVIEW

Gold prices rose on Tuesday after North Korea fired an intercontinental ballistic missile into Japanese water. This created geopolitical tension in the region and appetite for safe heaven investment in times of economic and political uncertainty where investors prefer to sell riskier assets such as stocks and buy gold being safe heaven. On Tuesday, spot gold was at $1,223.37 an ounce. While gold futures inched up 0.3% to $1,222.60 an ounce. However gold steadies on Thursday and spot gold was at $1,225.60 an ounce on the other hand US gold futures for August delivery at $1225.20 an ounce.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1210.4
1223.4
1232.9
1245.9
1255..4
1268.4
1277.9
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1230.0
1259.0
1236.5
1242.3
-1
OIL WEEKLY OVERVIEW

Oil prices dipped down about 4% on Wednesday despite increase in oil export by OPEC countries i.e. 25.92 million barrel per day in the month of June 2017. Earlier OPEC countries announced cut in oil production up to March 2018. On Thursday, US crude fell 6.3 million barrels by touching total crude inventories to 502.9 million barrel, the lowest since January 2017. US crude touched a high of $46.53 a barrel whereas US futures were up 25 cents to $45.38 a barrel.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
39.94
41.29
43.66
45.01
47.38
48.73
51.10
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
42.70
46.35
42.63
46.04
-7.82
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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