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Saturday, October 7, 2017

[FOREX TIP] Weekly Forex News Events for EURUSD – 9th to 13th Oct 2017

EURUSD finished the last week with a strong bearish tone. NFP release pushed the price towards the upside, but the overall scenario suggests that the pair is still biased with the bear. The next week will be an interesting week as far as news events are concerned. Not too many news events are to take place in the next week. However, two massive news events to take place that are bound to shake the pair.

Let us have a look at the high impact news events’ schedule that are to create volatility on the pair.

Wednesday-11th October- GMT 18.00

  • FOMC meeting minutes

Big traders will be waiting for this one. Intraday traders must not let their trade floating just before this news event. Traders that know how to trade using big time frame, they will surely love this news event to take their entries of the month!

Thursday-12th October-GMT 12.30

  • PPI m/m
  • Unemployment claims

These two news release events are going to shake the pair. Needless to say that some excellent opportunities might come once the market gets settled down.

Thursday-12th October-GMT 14.30

  • ECB president Draghi speaks

This shakes all the EURO pairs. EURUSD gets shaken by this news event even more than other pairs. EURUSD traders should wait for the news event to get over to take their entries.

Thursday-12th October-GMT 15.00

  • Crude oil inventories

It does not always shake the market, but it could make the pair very volatile on its day.

Friday-13th October- GMT 12.30

  • CPI m/m
  • Core CPI m/m
  • Core Retail Sales m/m
  • Retail Sales m/m

They could make the pair very volatile since they are going to take place at the very end of the week.

 

The post Weekly Forex News Events for EURUSD – 9th to 13th Oct 2017 appeared first on Advanced Forex Strategies.



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[FOREX TIP] AUDUSD Weekly Forex Forecast – 9th to 13th Oct 2017

AUDUSD Weekly Forex Forecast – 9th to 13th Oct 2017

The AUDUSD broke to new lows but it has found support at 0.7730. Now, as long as we trade above last week low on a daily closing basis, we should expect to fill in last week’s price range. However, a break below 0.7730 can open the door for a retest of daily support level 0.7640. The stochastic indicator is in oversold territory, so a bounce can happen early in the week. On the upside the first level of interest is at 0.7800 resistance level. A break and a daily close above 0.7800 can open the door for a retest of 0.7875 resistance level.

The Australian economic calendar doesn’t have major risk events scheduled. The only notable risk event is the RBA Assistant Governor Debelle speech scheduled on Tuesday. The other major risk event is the IMF meeting that will gather together central banks governors and Finance ministers.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 9th to 13th Oct 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 9th to 13th Oct 2017

USDCAD Weekly Forex Forecast – 9th to 13th Oct 2017

The USDCAD rally continued to extend to the upside, but the long-term bearish trend still remains intact. The weekly close above 1.2500 big psychological numbers might be a sign of buyer presence, but this gets invalidated if we take in consideration the bearish trend so we should expect a break back inside last week range. However a break and a daily close above last week high 1.2600 might open the upside for a retest of 1.26660.

The stochastic indicator is showing a crossover and moving down from overbought territory, so this can set the stage for a retest of 1.2410. A break and a daily close below 1.2410 can open the door for a retest of support level 1.2250. The Canadian economic calendar doesn’t have much to offer us in terms of risk events so look more for a technical driven USDCAD.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 9th to 13th Oct 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 9th to 13th Oct 2017

 

GBPUSD Weekly Forex Forecast – 9th to 13th Oct 2017

The GBPUSD sell-off continued to extend lower, reaching extreme oversold conditions in several time frames already. This can be a sign that sooner rather than later a bounce can be seen. The inability to break and post a weekly close below the big psychological number 1.3000 can be indicative of sellers running out of power. However, a break below 1.3000 can open the door for a retest of support level1.2900.

The stochastic indicator is already in oversold conditions and showing a crossover. On the upside the first level of resistance only comes at 1.3150 followed by daily resistance 1.3350. There is few risk events scheduled on the UK economic calendar. On Tuesday we have the Manufacturing Production figures which are expected to come flat. Secondly, the Trade Balance figures will be published the same day. On Wednesday, we have the FOMC minutes which will give investors one last look into Fed’s interest rate policy and how likely is the Fed to hike rates in December.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 9th to 13th Oct 2017

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[FOREX TIP] USDCHF Weekly Forex Forecast – 9th to 13th Oct 2017

USDCHF Weekly Forex Forecast – 9th to 13th Oct 2017

Technical Outlook: The USDCHF was seen closing with doji pattern on Friday. This potentially suggests a declinee in the near term. However, watch the support level at 0.9741 which could hold the declines in the short term. A break down below this support could however suggest USDCHF to move into a range with the lower support seen at 0.9563 and the resistance forming at 0.9741. Overall, although USDCHF appears to be ranging, we expect the eventual rally towards 0.9861 which is pending a retest of resistance level..

Fundamental Outlook: Data from Switzerland this week is only limited to the unemployment rate the PPI data, both of which are unlikely to move the markets much. Focus will therefore turn to the economic data from the U.S. which will be the primary driver in USDCHF. The FOMC meeting minutes will be the main event to watch for this week followed by the retail sales and consumer prices data. Retail sales could slow following the natural disasters in September, however inflation could be seen rising in the short term for the same reasons.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 9th to 13th Oct 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 9th to 13th Oct 2017

 

USDJPY Weekly Forex Forecast – 9th to 13th Oct 2017

Technical Outlook: The USDJPY was seen consolidating near the resistance level of 112.90 for the most past last week. However, with Friday’s downside in price, we expect that USDJPY could post a correction in the near term. Support at 110.91 – 110.66 remains in focus as a decline to this support level will mark a meaningful correction. There is scope for further decline in prices however, on a break down below this support level. The next support is seen at 109.40 which could be tested in the short term. To the upside, with the reversal seen at the resistance level of 112.90, further gains can be seen coming only on a successful retest of 112.90 as support.

Fundamental Outlook: Economic data from Japan will see the current account figures coming out on Monday, followed by the bank lending figures and the producer prices index data. Last week, the Bank of Japan released the Tankan manufacturing surveys which showed that large manufacturers were upbeat on the economy. This is expected to eventually reflect in a possible increase in inflation which the central bank is seen struggling to achieve. The PPI data coming out this week could also help the central bank in indicating whether prices at factory gate will show any signs of increase or not.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 9th to 13th Oct 2017

The post USDJPY Weekly Forex Forecast – 9th to 13th Oct 2017 appeared first on Advanced Forex Strategies.



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[FOREX TIP] EURUSD Weekly Forex Forecast – 9th to 13th Oct 2017

 

EURUSD Weekly Forex Forecast – 9th to 13th Oct 2017

Technical Outlook: The EURUSD fell to the support level of 1.1691 identified previously. The rebound off this support level was met with a sharp reversal suggesting the upside bias in price. However, we expect to see a higher low being formed in price in order to confirm the upside bias. The resistance level at 1.1765 will be the immediate focus. A breakout above this level is expected in order to push EURUSD towards 1.1880 where the next major resistance level exists. To the downside, as long as price action is limited above the 1.1691 support, we do not expect further declines in the EURUSD.

Fundamental Outlook: The economic calendar from the Eurozone is relatively quiet next week. Focus will be on the second-tier data and some leading indicators. The week starts off with German industrial production figures followed by the Sentix investor confidence for the Eurozone. The Sentix investor confidence has been stuck near record highs over the past few months and this trend is unlikely to change in the near term. Following the French and Italian industrial production figures, focus will be on the final inflation figures from France and Germany.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 9th to 13th Oct 2017

The post EURUSD Weekly Forex Forecast – 9th to 13th Oct 2017 appeared first on Advanced Forex Strategies.



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[FOREX TIP] Top 5 Most Predictable Currency Pairs for Q4 2017

Top 5 Most Predictable Currency Pairs for Q4 2017

The third quarter of the year saw the euro posting strong gains with the U.S. dollar extending the declines. The declines came amid investors scaling back their bullish bets on the U.S. dollar as inflation weakened. Furthermore, investors had no incentive to hold on to the greenback as the Trump administration is yet to implement the tax reforms that it promised during the campaign trail.

Looking ahead, the fourth quarter of the year could see some volatility increase as the ECB and the Fed will be announcing further tightening of monetary policy. Most of the central banks have come out hawkish in the third quarter especially with the Bank of Canada coming out with a back-to-back interest rate hikes. Here are the top 5 most predictable Forex Pairs for the 4th quarter of 2017.

#1. Gold

The monthly price action in gold shows a bearish close near the resistance level of 1323 – 1309. This potentially suggests some downside pressure in the markets. Considering that gold prices were volatile in the last quarter due to the geo-political tensions, we can expect to see some short term declines in prices.

Gold: Watch support at 1215 being tested

Following the bearish close, we expect that gold prices could be pushing lower in the near term. Support at 1215 remains a key level of interest. Although gold prices briefly tested this level few months ago, we expect to see a more firm retest of this support level. This view is supported by the fact that gold prices could fall amid tightening of monetary policy among most of the central banks. Therefore, watch for a decline in gold prices into the fourth quarter.

#2. EURGBP

The EURGBP is another currency pair to watch. Following a strong rally in the previous months, in September, the euro was seen posting strong declines against the British pound. This comes amid weaker economic growth in the UK. However, what is working for the GBP is the fact that the Bank of England has signaled that interest rates could rise in the coming months.

EURGBP: Correction could stall near 0.8700

The strong bearish candlestick in EURGBP on a monthly basis suggests a strong correction. Price action is consolidating within the ascending wedge pattern which could suggest a downside breakout in the near term. We see the technical support at 0.8700 which could be tested in the near term. Failure to post a reversal here could see EURGBP posting stronger declines with the potential to slip to 0.8400.

#3. EURJPY

The EURJPY continues its strong rally which is now into the sixth consecutive month. The Japanese yen has weakened despite the periods when the yen was bid up amid geopolitical uncertainties.

EURJPY: Further bullish continuation, but watch for a dip to 128.92

With EURJPY clearing the resistance zone at 128.92 – 126.78, we expect to see further continuation to the upside. However, any dips are likely to stall near this resistance level which could now turn to support. The upside target for EURJPY is 138.93 which could be tested on a successful rebound off the potential support level that could be formed.

#4. EURUSD

The EURUSD is showing initial signs of giving up some of the gains. However, a lot will depend on the price action near 1.1852. Failure to hold on to the support level here could potentially suggest some downside momentum.

EURUSD is at risk of a correction to 1.1300

With the ECB meeting due later in October, EURUSD could be seen falling as investors are most likely to book profits ahead of an event that is widely priced in. This increases the downside risks for EURUSD which could be seen falling to as much as 1.1300 where a test of support is pending.

#5. WTI Crude Oil

Crude oil prices were seen posting a modest recovery in September. Price action since December 2014 has consolidated into a symmetrical triangle pattern. This comes following a strong decline in prices previously.

WTI: Symmetrical triangle pattern is forming

Oil prices could be seen breaking out in either direction. To the upside, the unfilled gap at $75.00 is the most likely target. However, for this to occur, the markets need to be convinced. The OPEC meeting due later this year could be the main catalyst. Alternately, to the downside a breakdown below 41.62 support could send oil prices posting fresh lows as a bearish pennant pattern will signal strong declines to come.

 

Hopefully you found this list to be useful. If we have enough comments, we will continue with this list every quarter. 2017 will be awesome for all of us and we wish you a wonderful year ahead with us.

The post Top 5 Most Predictable Currency Pairs for Q4 2017 appeared first on Advanced Forex Strategies.



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CryptoCurrency: Ethereum News October 07, 2017 at 07:10PM #ETH



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