September 24, 2018

IC Markets, Weekly technical outlook and review - September 24th to 28th

Another week has flown by and what a week it has been.

This article is originally referred from IC Markets News.

The biggest story was perhaps the US announced 10% tariffs on $200 billion worth of Chinese goods.

It is worth noting, however, both the US and China have dialed down the scale of import tariffs ahead of the proposed implementation on September 24.

The US dollar concluded another week in negative territory, down 0.77%.

Another big story came out of the UK on Friday.

Although the week was bursting with optimism on the Brexit front, along with significant UK CPI and retail sales data beats, GBP buyers lost their flavour amid trade on Friday and forced the British pound approximately 1.50 percent lower vs. its US counterpart!

The day began with EU negotiators informing UK PM May her Chequers Brexit plan would not work, sparking a round of aggressive GBP selling.

This was followed by comments from the PM admitting the UK and EU are at an impasse, which added fuel to the fire. Sterling ended the week pretty much unchanged.

In contrast to sterling, the Australian dollar managed to hold the bulk of its gains vs. the greenback last week, up 1.87%.

A combination of a weak US dollar, along with the US and China reducing intensity, appears to have aided the commodity currency’s recent advance.

In terms of the technical, EUR/USD traders might want to note the current weekly resistance area in play at 1.1717-1.1862.

AUD/USD traders also may want to pencil in the 2016 yearly opening level at 0.7282 this week, as these barriers tend to hold price.

By the same token, the USD/JPY ended the week touching gloves with the 2018 yearly opening level at 112.65, so do make sure to keep this number also marked in your watch lists going forward.

For a more in-depth technical view, check out IC Markets’s official website!

Original Source: IC Markets News

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