FXPRIMUS Weekly

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FXPRIMUS Weekly is your comprehensive technical and fundamental trading guide for the coming week! Access the latest news and in-depth technical indicator data, delivered by our market experts each and every week!

 

market movers

Events likely to influence the financial markets.

Last Week:

  • USD sold off in response to a more dovish tone from the Fed at the January FOMC.
  • Powell noted the need for patience with further rate hikes, citing downside risks.
  • Theresa May got parliamentary approval to pursue amendments to her Brexit plan.

The times mentioned above are in GMT+2 (MT4 Time).

  1. Monday, Feb 4 – USD PCE
  2. Tuesday, Feb 5 – AUD RBA Rate Decision, 0530
  3. Wednesday, Feb 06 – AUD RBA Gov Lowe Speaks, 0230
  4. Thursday, Feb 7 – GBP BOE Rate Decision, 1400
  5. Friday, Feb 8 – CAD Unemployment Rate, 1530

market sentiment gauge

See how other traders are positioned.

 

EURUSD

Long: 17%
Short: 83%
Change w/w: -3%
Signal: Bearish

 

AUDUSD

Long: 24%
Short: 76%
Change w/w: -14%
Signal: Bearish

 

GBPUSD

Long: 40%
Short: 60%
Change w/w: +17%
Signal: Bearish

 

USDJPY

Long: 33%
Short: 67%
Change w/w: -20%
Signal: Bearish

technical analysis

A look at our most popular trading instruments.

EURUSD
t

EURUSD remains within the 1.1217 – 1.1569 range and is currently putting in a lower high along the bearish trend line running from the late 2018 highs. Price action reflects a lack of conviction among traders with a break of 1.1569 still needed to confirm a bullish shift.

Support: 1.1217

Resistance: 1.1569

XAUUSD
t

Gold prices are currently stalling at the 1235.96 resistance level. If we pull back lower from here, bulls will be looking to use a retest of the 1298.29 level as support for a further run higher, targeting 1365.53.

Support: 1298.29

Resistance: 1235.96

AUDUSD
t

AUDUSD is currently challenging the bearish trend line from 2018 highs signaling a potential change in trend, in line with the bullish divergence seen on the RSI indicator over the last three legs of the bear trend. A break of 0.7390 is needed to confirm a bullish shift.

Support: 0.7021

Resistance: 0.7393

USDJPY
t

USDJPY turned lower after challenging structural resistance at the 109.77 – 110.13. This remains the level to break for any further upside momentum. To the downside, 107.73 is the next key support level ahead of the big lows down around 105.

Support: 105.02 - 104.62

Resistance: 109.77 – 110.13

GBPUSD
t

GBPUSD has now firmly broken out of the falling wedge pattern that has been framing price action over recent months. A break of 1.3304 will be needed to confirm a larger bullish reversal while bulls will be looking for any retest of the 1.30 level to hold as support.

Support: 1.3004

Resistance: 1.3304

USOIL
t

Oil continues to rise and is currently moving above the prior 54.49 resistance, bringing the next structural level of 58.03 into view. To the downside, any move into the 50. – 50.55 should find support.

Support: 50.30

Resistance: 58.03

 

interesting indices

Using technical indicators to give an in-depth look into indices.

Dow Jones

A more cautious tone from the Fed keeps investors assured that rate hikes are on pause for now, keeping equities supported. Price is now challenging the bearish trend line from 2018 highs.

RSI: 62.79 Bullish
Stochastic: 80.2054 Bullish
MACD: 287.34 Buy
EMA* (30): 24245.8 Buy
EMA* (100): 24644 Buy

* EMA => Exponential Moving Average

click to view charts
dow-jones

Nasdaq

Buoyant risk sentiment keeps price supported with the Nasdaq having broken through the bearish trend line from 2018 highs and en route to test structural resistance at the 71.03.5 level.

RSI: 63.12 Bullish
Stochastic: 78.37 Bullish
MACD: 80.59 Buy
EMA* (30): 6662.4 Buy
EMA* (100): 6834.1 Buy

* EMA => Exponential Moving Average

click to view charts
nasdaq

Any opinions, news, research, analyses, prices or other information contained here are provided as general market commentary and do not constitute investment advice. FXPRIMUS does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.