Last week for the USD we saw reversal patterns that did not break-out until friday New-York openning and 30minutes later as CAD data was released.
Friday we expiranced a fairly volatile market as the USD attracted buyers.
It is interesting to know that Oil bullish week was influenced only by speculation.The OPEC and non-OPEC countries have not yet made a decision to freeze output
or to lower supply, however this did not stop buyers instead more buyers poured as non-proved articles were wrote.
It would be interesting to see what will happen after OPEC and non-OPEC countries informal metting.Especially now that price is reaching the 50.00 area.
After friday data we found out that the Japanesse will be buying Oil from Canada at the low price.Now think of what this could do to the CADJPY.
Exporting countries often like to purposely decrease their currency,however CAD is correlated to Oil.
The decision is left to the coming informal meeting between OPEC and non-OPEC countries.
Dovish news releases from other major currencies did not see the dollar gain much power,this could be a sign of less bulls in the dollar or just investors playing it safe till the potencial rates hike
GBP when up by by more than 400 against AUD before retracing on friday.It did not increase so well against all other major currencies but there was bullishness in the currency.
It is forecasted for USDJPY to drop below 95.00 area,however such information has not yet dispalyed itself on the charts.A break and test below 98.50 area would trigger more bears including myself to short USDJPY.
We going into August 3rd week which is said to give direction as to where the markets will be headed next,probably direction till year end.
Since post Brexit fear roaded in as investors feared selling pound below Brexit support levels.Seeing how quick the British economy recovered from Brexit the central banks are expected to be forecasting on where pound was before Brexit.This week news was very important as
its the first data since after Brexit.These are the first set of figures post Brexit.GBP started Tuesday with a 0.1% gain on CPI,and all other news came out positive for GBP which resulted in a bullish week until friday dollar gains.
The coming week is the last week until rates meetings comences.It is the week where charts can give us market direction for the rest of the year