Economic Release : A slew of Economic Indicators are out from most countries , Ger Consumer Price Index on Tue, Swiss GDP ,Ger Unemployment Change and US GDP on Thu and US Non Farm Payroll and Unemployment rate on Fri are the most important data's for this Week.
USD strength is expected to continue this week but may slow the pace as a holiday shortened Week, coming to the last trading Week of the Month we believe that EURUSD closed well below the Open and near the Lows , we believe the Bears may towards 12400/12350-00/12100/12060 levels before a significant reversal but the 12645-70/12750 levels must be protected at all times. We still believe that we may see one last push towards 12380-00 levels before some correction. GBPUSD closed well below the Open and near the Lows, we still believe that the Bears may dominate again this Week and may test 15600/15460-00/15380/15235 levels before a reversal and they must protect 15730-80/15850 levels at all times. USDJPY closed above the open but mildly away from the high, we believe that we may experience a range trading until the breakout and the downside may be limited to 7820/7740 levels and 7600/7550 are critical levels and 8035-55/8105-25 levels must be protected at all times .
USDCHF closed well above the open and near the high but at the critical resistance level, we still remain bullish Cautiously but 9515/9470-25 levels must be protected at all times and must crack 9615 level convincingly for further push towards 9780/9850/10000 levels. AUDUSD closed below the open but mildly away from the lows , we expect a range trading with one more push lower and the upside limited to 9815-90 levels and the Bears may push towards 9660/9590/9480/9385 levels before a significant reversal. USDCAD closed above the open and near the high, we believe the Bulls may have some strength to test 10365/10405-65/10525/10660 levels before reversal and 10250/10175-50 are the levels needed to be protected at all times.
Spot Gold closed below the open but pulled away from the lows , 15895/15990/16125/16280 are the critical levels for the Bears. The Bears failed to test 15250 level so we believe that the Bulls may attempt one more time towards 15990/16280 levels before the direction is clear. NZDUSD closed mildly below the Open and we still believe the Bears may push towards 7355/7235/7150/7065 levels one more time before a significant reversal and 7605-80 must be protected at all times. USDSGD closed above the open and near the high, we believe that Bulls may push towards the 12975/13150/13205 levels and 12725-00/12640 levels must be protected at all times.
It is very difficult to chose the Best crosses for this week as most of the crosses are trading at critical levels also shortened trading Week with Non Farm Payroll to be out this Week . We expect to be a quiet and choppy trading till the end of the Week . However, we like to pick EURUSD,GBPUSD, USDCHF, AUDUSD, NZDUSD , USDCAD and USDSGD if the price targets are met. We believe that the USD Bulls are due for some correction and we may see that happening towards the end of the Week. We are Flat and we are waiting for better entry levels and be nimble this Week.
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 .