Home / This Week / Market / Forex

Forex

GBP/USD WEEKLY OVERVIEW

Movement of pound remained under the clouds of Brexit negotiation in Belgian Capital Brussels on Monday. Although these negotiations have entered into nerve shattering phase as all EU leaders are demanding solutions of the problem in shape of a plan that can minimize economic and social disruption across Europe. On the other hand British government has given green signal to meet its financial obligations towards European Union. Meanwhile, British inflation data on Tuesday showed unexpected sluggish trend in UK. Eventually pound rose above $1.31 to 10 months high this week as the dollar fell across the board.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.2634
1.2827
1.2915
1.3020
1.3108
1.3213
1.3406
GBP/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.30935
1.31249
1.29321
1.30031
0.6404
EUR/USD WEEKLY OVERVIEW

On Monday the euro was against the dollar at $1.1465 and later touched $1.1583 against the dollar its strongest since May 2016. This euro’s 0.7% increase is its biggest one day percentage gain in three weeks. On Tuesday, the dollar hit its lowest against the euro later on Wednesday. Dollar recovered some losses against euro after touching a more than one year low. On Thursday dollar fell to its lowest in nearly two years against euro whereas euro jumped up as high as $1.1655 against dollar after policy statement of European Central Bank Chief Mario Draghi.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1.1100
1.1342
1.1492
1.1584
1.1734
1.1826
1.2068
EUR/USD
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1.14713
1.16760
1.14340
1.16425
-1.4944
USD/JPY WEEKLY OVERVIEW

In the beginning of market dollar recovered from nearly two-week low against the yen of 112.24 yen to 0.3% higher against 112.83 yen. On Tuesday dollar was trading at 112.485 against the yen. On Wednesday the dollar was down 0.3% against the yen after touching 111.63 yen, its weakest against the yen since June 27. It is reported that Bank of Japan is planning to adopt a plan to lift inflation to 2% on about two years so that Japan could be out of prolonged deflation.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
109.2383
110.6263
111.1697
112.0143
112.5577
113.4023
114.7903
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
112.439
112.859
111.471
111.713
0.6446

 

GOLD WEEKLY OVERVIEW

On Monday gold jumped up when dollar fell to multi-months lows after the outcome of weak US economic data and retail sales decline, providing no justification for US Federal Reserve for another rate hike by the end of this year. Spot gold was up 0.6% at $1235.57 per ounce whereas US gold futures for August delivery rose 0.6% to 1234.70 per ounce. Gold prices recovered on Thursday. Spot gold was up 0.1% at $1241.10 an ounce whereas gold futures for August delivery were 0.1% lower at $1240.10 an ounce.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
1200.8933
1221.0333
1234.0667
1241.1733
1254.2067
1261.3133
1281.4533
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
1228.71
1248.28
1228.14
1247.10
-1.4946
OIL WEEKLY OVERVIEW

Oil prices climbed up to 2% to a six week high on Wednesday as US crude stocks fell 4.7 million barrels during the week in fact due to this oil industry took a sigh of relief as inventories declined by over 10 million barrels for crude. On the other hand continued rise in US crude oil will be helpful for creating pressure on OPEC countries to take counter measures to balance the oil market globally otherwise there would be a big blow which will shatter the market as well as oil industry. Eventually on Thursday oil settled down. Brent future settled at $49.30 a barrel, down 40 cents. US oil stock comprises 490 million barrels while US oil production reaches to 9.4 million barrels per day. Meanwhile OPEC and non OPEC countries including Russia agreed to cut production 1.8 million barrel per day and that deal will be extended upto March 2018.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME
S3
S2
S1
MAGNET POINT
R1
R2
R3
WEEKLY
43.4967
45.2167
46.1633
46.9367
47.8833
48.6567
50.3767
USD/JPY
OPEN
HIGH
LOW
CLOSE
CHANGE
WEEKLY
46.83
47.71
45.99
47.11
-0.5919
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.

Check Also

Market Indicators

Market Indicators

PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency Activity Friday 8-Sep Friday 15-Sep Friday 22-Sep Thursday 28-Sep …

Leave a Reply