EURUSD WEEKLY FORECAST:::MARKET PRICE STILL BULLISH AHEAD OF USD DATA RELEASE

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EUR/USD had an exciting week, dropping to new lows only to rally to high ground. Is it set to continue gaining or is it still looking for a direction? German business data, Eurogroup meetings, German inflation and employment data as well as the Eurozone’s unemployment rate. Here is an outlook on the major events and an updated technical analysis for EUR/USD.
Talk about deflation is still prevalent in the old continent, with the IMF warning about it again. Nevertheless, the euro seemed to focus on positive news. The euro zone’s manufacturing and services sectors surprised to the upside. Germany continued to advance, remaining well above the 50 mark. While France remained below these levels, it still beat expectations. This helped the euro advance. In the US, a disappointing housing figure was enough to give the pair another push higher. However, it closed well below the highs. Let’s start:
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GPUSD WEEKLY OUTLOOK:::MARKET PRICE LOOKING AHEAD FOR BULLISH PROFIT POSTING COME THIS WEEK

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GBP/USD posted modest gains last week. The pair climbed close to the 1.67 line last week, but was unable to consolidate at these levels and closed the week at 1.6477. This week’s highlight is Preliminary GDP. Here is an outlook for the main events moving the pound, and an updated technical analysis for GBP/USD.
US Unemployment Claims enjoyed another good week, beating the estimate. The pound shot up in mid-week as the British Unemployment Rate dropped to 7.1%, fuelling speculation about an interest rate hike.
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USDCAD WEEKLY FORECAST::::MARKET PRICE EXPECT TO CONTINUE RECORDING HIGHER HIGHS

The Canadian dollar is having a miserable January, as the currency headed downwards for the third straight week. USD/CAD gained over one cent on the week, closing at 1.1086. This week’s only event is GDP. Here is an outlook on the major events and an updated technical analysis for USD/CAD.
In the US, Unemployment Claims had another good week, beating the estimate. In Canada, CPI readings were below the zero level, pointing to deflation, which is indicative of an underperforming economy. The loonie took a hit after the Bank of Canada maintained rates and stated that it is concerned with weak inflation.
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USDJPY WEEKLY FORCAST:::MARKET PRICE UNDECIDEDLY LOOKING BULLISH

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The Japanese yen showed some strength late in the week, and gained over two cents last week. The pair closed at the 102 line. The upcoming week has just eight releases. Here is an outlook on the major market-movers and an updated technical analysis for USD/JPY.
Japanese events were uneventful, as the BOJ held course with its monetary scheme. The yen posted strong gains late in the week, taking advantage of a disappointing US Existing Home Sales, which dropped for the fourth straight month.

NZDUSD WEEKLY FORECAST:::WAVE III LEG EXTENDING ITS BEARISH TARGET SOUTH-EAST OF CHART

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The New Zealand dollar enjoyed some early gains but found it hard to hold on to them. The key event in the upcoming week is the rate decision. Will the RBNZ raise its tone regarding a rate hike? Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.
Inflation in New Zealand exceeded expectations in the fourth quarter, with a rise of 0.1%. As this is usually a low inflation season, the figures raise expectations for a rate hike in New Zealand, sooner than later. We will know soon. The Business NZ Manufacturing Index continued showing strength in the economy by scoring 56.4 points, reflecting solid growth.
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