[FOREX TIP] AUDUSD Weekly Forex Forecast – 15th to 19th Oct 2018

AUDUSD Weekly Forex Forecast – 15th to 19th Oct 2018

The AUDUSD bulls have managed to defend the big round number 0.7000 and the weekly close above the key psychological number should keep the pressure on the upside. On the downside, the intraday support level 0.7100 followed by last week low 0.7040 are the levels to watch for a reaction higher. On the upside, a break above the 200 EMA should signal a change in the momentum, but we would also need a break above the key resistance level 0.7200.

The stochastic indicator is moving away from overbought territory, so we need a full reset before more bullish momentum can be seen. There are some risks events scheduled on the Australian economic calendar that can disrupt the market volatility. Tuesday we have the RBA Meeting’s Minutes but the main risk event is on Thursday when we have the Unemployment rate.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 15th to 19th Oct 2018

USDCAD Weekly Forex Forecast – 15th to 19th Oct 2018

The USDCAD has managed to gain control above the key psychological number 1.3000 posting a weekly close above it. We need to break above 1.3081 intraday swings high in order to suggest that the bulls are really in control. A daily break and close above 1.3081 will put again in the spotlight the key resistance level 1.3230 from where we can expect a pause. The stochastic indicator doesn’t show any extreme overbought or oversold readings which indicate that the probabilities are in favor of more ranging activity.

On the downside, we really need a very strong daily break and close below 1.3000 to suggest a shift in the market sentiment. This will also open the door for a possible retest of the 1.2890 support level. We have few notable risk events scheduled on the Canadian economic calendar. First, we have the BOC business survey scheduled on Monday, but Friday is the main risk event in the form of the CPI inflation figures.

 

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 15th to 19th Oct 2018

GBPUSD Weekly Forex Forecast – 15th to 19th Oct 2018

The GBPUSD has managed to successfully defend the big psychological number 1.3000 and we posted another strong weekly close above it. As long as we trade above the big round number the bullish momentum should prevail. On the upside, we should expect the bulls to try challenge again the resistance level 1.3280. If we post a daily close above 1.3280 this will open up the door for a retest of resistance level 1.3440. The stochastic indicator is showing an oversold reading, which indicates that the bulls can step into the market anytime soon.

On an intraday basis, we can mention the support level 1.3044. Until then there is no support level. Only a break below 1.3000 will signal a shift in the market sentiment and can potentially open the door for a retest of support level 1.2955. The UK economic calendar is full of risk events that can disrupt the market volatility. On Tuesday, the UK unemployment rate is scheduled to be released along with the Average Hourly Earnings. Wednesday will bring the CPI inflation figures, which is the highlight risk event of the week. Inflation is expected to tick lower to 1.8% versus 2.1% previous reading. On Thursday, traders should keep an eye on the Retail sales. On Wednesday and Thursday we also have the EU Brexit summit that can be the catalyst for some swings in volatility. 

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[FOREX TIP] USDCHF Weekly Forex Forecast – 15th to 19th Oct 2018

USDCHF Weekly Forex Forecast – 15th to 19th Oct 2018

Fundamentals Outlook
The markets move into the third week of October with economic data continuing to lay the picture for the third quarter economic performance. The data from the Eurozone will cover mostly the business and economic sentiment. But this will shed light on how the economy is shaping up. Overall economic data is relatively quiet especially from Switzerland and Japan. The national CPI report from Japan will be coming out over the week. The Eurozone will report its inflation figures for the month of September

Meanwhile, the FOMC will be releasing its meeting minutes. No surprises are expected as the central bank is expected to push with one more rate hike in December. Economic data from the U.S. will include the retail sales report which is forecast to rise sharply on a month over month basis. Other data over the week includes forward looking indicators and housing market reports. The flows will of course be determined by the general market sentiment. The U.S. dollar continues to remain on the forefront. Investors will be looking to the data on the back of last week’s sell off.

Chart set up: Despite the weakness in the U.S. dollar, the Swiss franc failed to capitalize on the weakness. Price action in USDCHF remained fairly flat over the week. Price action seems to be comfortable trading within the range of 0.9967 and 0.9803.

Key support/resistance levels:
Support: 0.9803; Resistance: 0.9967

Commentary:
The USDCHF could continue trading within the established corridor in the near term. We continue to anticipate that the USDCHF could potentially rise to test the resistance level at 0.9967. However, in the event that the currency pair weakens, we expect a possible decline on a break down below the support at 0.9803. In the near term, expect the flat price action to continue. For the week ahead, USDCHF is expected to be flat.

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[FOREX TIP] USDJPY Weekly Forex Forecast – 15th to 19th Oct 2018

USDJPY Weekly Forex Forecast – 15th to 19th Oct 2018

Fundamentals Outlook
The markets move into the third week of October with economic data continuing to lay the picture for the third quarter economic performance. The data from the Eurozone will cover mostly the business and economic sentiment. But this will shed light on how the economy is shaping up. Overall economic data is relatively quiet especially from Switzerland and Japan. The national CPI report from Japan will be coming out over the week. The Eurozone will report its inflation figures for the month of September

Meanwhile, the FOMC will be releasing its meeting minutes. No surprises are expected as the central bank is expected to push with one more rate hike in December. Economic data from the U.S. will include the retail sales report which is forecast to rise sharply on a month over month basis. Other data over the week includes forward looking indicators and housing market reports. The flows will of course be determined by the general market sentiment. The U.S. dollar continues to remain on the forefront. Investors will be looking to the data on the back of last week’s sell off.

Chart set up: The USDJPY currency pair posted strong declines last week. This came as price action failed to hold near the newly established support level. The break below the support level at 113.58 quickly sent price action surging lower.

Key support/resistance levels:
Support: 111.75; Resistance: 112.74

Commentary:
Price action in the USDJPY currency pair saw a strong correction. The declines came right after the currency pair failed to hold out near the potential support level at 113.58. This sent the currency pair plunging past the next support level at 112.74. By Friday, the USDJPY closed just above the next main support at 111.75. In the short term, any short term rebound will be tested at the resistance level of 112.74. This could potentially keep any corrections in check. In the event that the USDJPY breaks out above 112.74, we expect the next main resistance at 113.58 to come into the picture.

For the week ahead, the USDJPY currency pair is expected to be slightly bullish.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 15th to 19th Oct 2018

EURUSD Weekly Forex Forecast – 15th to 19th Oct 2018

Fundamentals Outlook
The markets move into the third week of October with economic data continuing to lay the picture for the third quarter economic performance. The data from the Eurozone will cover mostly the business and economic sentiment. But this will shed light on how the economy is shaping up. Overall economic data is relatively quiet especially from Switzerland and Japan. The national CPI report from Japan will be coming out over the week. The Eurozone will report its inflation figures for the month of September

Meanwhile, the FOMC will be releasing its meeting minutes. No surprises are expected as the central bank is expected to push with one more rate hike in December. Economic data from the U.S. will include the retail sales report which is forecast to rise sharply on a month over month basis. Other data over the week includes forward looking indicators and housing market reports. The flows will of course be determined by the general market sentiment. The U.S. dollar continues to remain on the forefront. Investors will be looking to the data on the back of last week’s sell off.

Chart set up: The EURUSD managed to form a temporary base within the support and resistance level of 1.1418 and 1.1545. Price action managed to break past the resistance level to the upside with Friday seeing a retest of this support level. In the near term, this could potentially signal a short term shift in the trend.

Key support/resistance levels:
Support: 1.1545; Resistance: 1.1715

Commentary:
The euro currency got a boost on the back of a weaker U.S. dollar last week. After initially falling to the lows around 1.1450, the common currency managed to catch a break. The close above the resistance level now indicates an upside in price. With the resistance level being tested for support, we can expect to see further gains. As long as the support level holds, the EURUSD could be seen attempting to test the next main resistance level of 1.1715. For the week ahead, the EURUSD is expected to be bullish.

Previous EURUSD Weekly Forex Forecast

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