FOREX WEEKLY FORECAST
- FTSE could make a new shoulder before it sees more upsides.
- US Dollar climbs against its pairs.
- ADP Nonfarm Employment in Canada raises.
The FTSE could make a new shoulder before it sees more upsides.
The FTSE 100 is turning bearish losing 0.09%, in the same way as principal indices. The 7,326 level is relevant resistance to be controlled. Nearest supports are 7,164 pts and 7,030 pts.
The German DAX is also moving bearish after reaching its highest level for eight weeks, falling 0.25%. The 12,622 level has been rejected for the second time and is now the key level to watch. Supports levels to be controlled are 12,125 pts and 11,892 pts.
US Dollar climbs against its pairs.
In the same way, as it has been our central vision for the Dollar Index, once released the Philly Fed Manufacturing Index, the greenback is rising. The common currency is breaking down following the scenario proposed in our previous updates. Our vision is that the price could fall to the 1.215 level.
After making a fake breakout, the Pound has started a bearish move losing 1.43, and now is testing support at the 1.42 psychological level.
ADP Nonfarm Employment rises in Canada.
The nonfarm employment change, released by Automatic Data Processing (ADP), increased by 42.8K from February to March. While there were losses in finance, information, and education, they were outpaced by significant growth in the construction industry, said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. The EUR-CAD cross is raising as a corrective move of the principal bearish cycle. As long as the cross reaches 1.58, new sellers can be expected to add to short positions with their target at 1.54.