What Was the Strongest and Weakest Currency This Week?

Gold Silver Reports (GSR) – If you took the % changes of the major currencies (USD, EUR, GBP, JPY, CHF, CAD, AUD and NZD) vs each other, and added up those values, you could rank the strongest and the weakest. Note the changes are not weighted (like the DXY index is weighted), but just a raw sum of the changes.                   

The CAD was the biggest gainer this week, while the GBP was the weakest.    

For the USD, it was mixed with gains vs. the GBP (+0.69%), EUR (+0.57%) , NZD (0.52%) and JPY (+0.17%).   

The USD moved lower vs. the CAD (-0.62%), CHF (-0.16%) and AUD (-0.07%).       

The GBP’s slide this week came despite the BOE tightening by 0.25%. The press conference from BOE Carney suggested that a hike a year was about right. He also was concerned about the risks for the pair (housing, Brexit, trade war). So in reality, the hikes could be unwound too.        

The biggest % moving pair for the week was the GBPCAD. It fell -1.26% on the week.     

Looking at the hourly chart for that pair (see the chart above), the pair trended lower from the Tuesday high. That high did move above the 100 hour MA (blue line in the chart below) but failed 3 hours later. On Wednesday and again on Thursday (on a spike after the BOE decision), the pair tested the 100 hour MA, stalled and moved lower. Wednesday’s high also stalled against the closing level from last Friday.        

Today, the low for the week was reached at 1.6857. The pair closed last Friday at around 1.7110. We currently trade at 1.6890 and trading quietly as the week comes to an end.      

Looking at the daily chart below, last week the pair broke below a neckline of a head and shoulder formation. The high this week tested the underside of the broken neckline and moved lower. The pair is approaching the 61.8% of the move up from the 2017 low at 1.68208. The low from 2018 came in January at around 1.6762. – Neal Bhai Reports (NBR)

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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