[FOREX TIP] AUDUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

AUDUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

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The AUDUSD bullish trend continues to remain intact but the bulls need to overtake the key resistance level 0.7346 in order to see the bullish momentum accelerate to the upside. A daily break and close above 0.7346 will open up the door for a retest of the resistance level 0.7443. On the downside, the first level of support comes at the 0.7200 level which also aligns itself with the 200 moving average. Only a daily break and close below 0.7200 can signal a shift in the trend direction.

We also have some high risk events scheduled on the Australian economic calendar. RBA interest rate decision is scheduled to be released on Tuesday. The market consensus is for the RBA to keep rates unchanged at 1.5%. Wednesday, the GDP figures for the third quarter are scheduled to be released and Thursday the Trade Balance figures are another risk event that can disrupt the market volatility.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 3rd to 7th Dec 2018

USDCAD Weekly Forex Forecast – 3rd to 7th Dec 2018

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The USDCAD continues to consolidate the previous gains and as long as we trade above the key 200 moving average we should expect the bullish case to remain intact. On the downside, the first level of support only comes at the key level 1.3220. For the bears to regain control they would need a daily close below 1.3220, which will open the door for a retest of the support level 1.3070. A change in the trend direction can only happen if we get a daily break and close below the big psychological number 1.3000. The stochastic indicator is in neutral territory and we don’t have any signs of extreme oversold or overbought readings.

On the upside, the first level of interest is the previous week high established at 1.3360, which is also close to our key resistance level 1.3380 from where the bears can try one more time to drive USDCAD lower. On the Canadian economic calendar there are heavy risk events that can disrupt the market volatility. On Wednesday, the BOC interest rate decision has the potential to give more clarity to the price action. Thursday, we have the OPEC meeting and Friday will bring the Unemployment rate which can further disrupt the market volatility.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

GBPUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

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The GBPUSD bears continue to remain in control as we continued to make lower lows followed by lower highs. The major swing low established at the 1.2664 level is the next big hurdle that the bears need to overcome. But, since the stochastic indicator is already in oversold territory we can expect a pause before the 1.2664 level to be challenged again. On the upside, the first resistance level we should keep an eye on is the 1.2800 level.

However, for a material change in the trend direction to happen we need a daily break and close above the key resistance level 1.2936, which will open the door for the big psychological number 1.3000 to be challenged again. The UK economic calendar will bring some risk events that can disrupt the market volatility. Monday we have the MARKIT Manufacturing PMI data followed by BOE’s Governor Carney speech on Tuesday. On Friday, we have the NFP report and according to the general consensus the US economy should add 205k new jobs versus 250k previous reading.

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