[FOREX TIP] EURUSD Weekly Forex Forecast – 6th to 10th Mar 2017

EURUSD Weekly Forex Forecast – 6th to 10th Mar 2017

Technical Outlook: EURUSD broke out from 1.0567 resistance level on Friday and prices broke out from the falling trend line since early February. Expect to see a minor retracement/pull back towards 1.0567 following which further gains can be expected. The next main resistance sits at 1.0673, followed by a move towards 1.0750. The outlook for EURUSD remains bullish in the near term. The bullish bias will be invalidated only on a close back inside the falling trend line and below 1.05200 support level.

Fundamental Outlook: It will be a busy week from the Eurozone with Thursday’s ECB meeting take the limelight. No changes are expected from the central bank but given that flash inflation estimates have shown that the headline CPI has increased 2% in February, it could potentially mean that the ECB governing council will have some dissenters. The revised quarterly GDP estimates are also expected this week, but no changes are forecast at 0.4%. Remainder of the data over the week will include German industrial production numbers and factory orders, alongside French trade balance and industrial production figures.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 6th to 10th Mar 2017

The post EURUSD Weekly Forex Forecast – 6th to 10th Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] AUDUSD Weekly Forex Forecast – 6th to 10th Mar 2017

AUDUSD Weekly Forex Forecast – 6th to 10th Mar 2017

The AUDUSD has finally broken to the downside, away from a very nasty trading range. We have not just broken through multiple levels of supports but we’re also trading below the 200-day EMA which is bearish for the AUD/USD exchange rate. We can expect any rally to find resistance at 0.7610 levels while the first major support level comes at the big psychological number 0.7500. A break below 0.7500 will open the door for a retest of the intraday support level 0.7450.

The Australian economic calendar looks full with scheduled big risk events. Early in the week, on Monday, we have the retail sales figures which based on the market consensus we should see a tick up in sales from -0.1% to 0.4%. Tuesday we have the RBA interest rate decision and based on the market consensus RBA will hold rates steady but lately, their rhetoric has been quite dovish. On Wednesday, the Chinese Trade balance figures will dictate the AUDUSD price action. Last but not least, on Thursday we have the Chinese inflation figures which can disrupt the AUDUSD volatility.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish

 

The post AUDUSD Weekly Forex Forecast – 6th to 10th Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] USDCAD Weekly Forex Forecast – 6th to 10th Mar 2017

USDCAD Weekly Forex Forecast – 6th to 10th Mar 2017

The USDCAD technical pattern has turned strongly bullish. The break above 1.3350 swing high has put the focus on the big psychological number 1.3500. The stochastic indicator is showing a bullish momentum built-up which supports the bullish case. However, we can expect first a retest of the 1.3350 support level before a retest of the big round number 1.3500 from where we can expect a reaction lower.

The most significant risk event in the week ahead is the Trade Balance figures. Based on the market consensus Canada is about to post the third consecutive monthly trade surplus which can be positive for the Canadian dollar. The Canadian unemployment rate is also expected to be released on the last day of the trading week. The market consensus is for a flat reading of 6.8% unemployment rate.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish

The post USDCAD Weekly Forex Forecast – 6th to 10th Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies