Weekly Technical Forecast: Equities, Crude, Currencies Signal Tentative Reversal
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Crude remains above the technically significant $50/bbl while traders are watching a bullish chart pattern and a potential larger supply disruption in Venezuela than previously feared that could support price.
Sterling-pairs have had a mixed week with GBPUSD breaking through support before starting to reclaim some of its weekly losses.
A seven-day rally for the Dollar was an impressive stretch through this past week, but it hasn’t put the currency in a position to trigger breakouts or establish trends. What levels and pairs should we watch in the week ahead?
The Euro traded lower last week off resistance, next week could bring a thorough test and bounce off support; a break below would be reason to finally gear up for a momentum move.
Key fundamental developments in the week ahead will drive price direction but technical levels look likely to control depth and determination.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.