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Dukascopy Forex Overview: 24-05-2017 - Morning

Dukascopy Bank analytic desk report
Published: 24/05/2017 09:18
Dukascopy Forex Community TV
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08:00 GMT Forex, Oil, Gold, Indices nuonrg
09:00 GMT Current Week in Focus k2nd
11:00 GMT Market Analysis in 3 Different Time Frames thekrash
12:00 GMT Dukascopy Research Webinar CommunityTV
13:00 GMT Everyting You Wanted to Know About Markets Docdow

Technical Analysis
GBP/USD: another drop expected
"There is still scope for further upside in the near term. The long-term downtrend currently stands at approximately 1.35 and it is still possible that we could see that tested before the dollar begins to reassert itself."
- Charles Stanley (based on PoundSterlingLive)
The GBP/USD currency pair weakened on Tuesday, resulting in the consolidation trend’s preservation. Consequently, the British Pound should edge lower for another day, with the 1.29 major level likely to be the bottom, despite the 20-day SMA and the weekly S1 forming support around 1.2930.
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Fundamental Analysis
German investor morale improves more than expected in May
The mood of German investors improved markedly in May, official data showed on Tuesday. The Munich-based Ifo Institute for Economic Research reported that its Business Climate Index climbed to 114.6 points in the reported month, following April’s 113.0 and surpassing analysts’ expectations for an increase to 113.1.
Expert Commentary
"Even if the Euro zone economy is picking up steam, we certainly do not expect the ECB to start raising interest rates until 2019."
- Stephen Brown, European Economist at Capital Economics, on EU economy
At this point, we agree that the Euro zone’s economy is strengthening. We have recently revised our forecast for this year, though I think the key point here is that the ECB has not really seen any reasonable signs of an economic recovery.>>
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Press Review
Bloomberg
NBAD's Yasin Sees GCC Markets Going Sideways
NBAD Securities Managing Director Mohammed Ali Yasin discusses the deals signed between the U.S. and Saudi Arabia and talks about his investment strategies.
Market Research
22.05 Release
The past week was largely the period of risk-aversion, as the safe-haven Euro, Swiss Franc, and Yen were the only observed currencies to raise their indexes well into the appreciation area and post positive weekly changes.
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Trade Pattern Idea
GBP/CAD 4H Chart: Channel Down
The British Pound is trading against the Canadian Dollar in the medium-term descending channel, which began to form after the currency pair touched and rebound from the 38.2% Fibonacci retracement level at 1.7836. >>
Dukascopy Aggregate Technical Indicator
Dukascopy Aggregate Technical Indicator for 30M, 1H, 4H and 1D time frame charts for major pairs for the last 144 periods till 07:30 GMT.
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Disclaimer:
This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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