[FOREX TIP] USDCAD Weekly Forex Forecast – 12th to 16th June 2017

USDCAD Weekly Forex Forecast – 12th to 16th June 2017

The USDCAD technical pattern has been trapped in a very tight ranging market for three consecutive weeks. The big psychological number 1.3500 remains the upper border of current range followed by 1.3545 intraday resistance while to the downside we have the 1.3386 acting as the lower border followed by 1.3338 support level. The stochastic indicator is in oversold territory already so early in the week we can expect the current range to persist. Only a daily break and close on either side of the market will confirm a new trend development.

The Canadian economic calendar is empty, but on Wednesday we have the Fed interest rate decision followed by Fed Chairman Yellen press conference. The market consensus is for the Fed to hike rates which should be positive for the greenback.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 12th to 16th June 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 12th to 16th June 2017

GBPUSD Weekly Forex Forecast – 12th to 16th June 2017

The UK parliament elections have shocked the market, which triggered a new round of GBPUSD selling pressure. The UK PM May has lost the majority in in the UK parliament which is going to make the Brexit talks more difficult and this market theme is going to keep GBPUSD under pressure in the coming week.

The technical GBPUSD pattern has broken to a 7-week low after breaking below 1.2752 key support level which now is expected to act as resistance. On the downside we don’t have much support level until the big psychological number 1.2500. We can not as intraday support level last week low of 1.2633 where a break and a daily lose below will open up the door for a retest of 1.2500. The stochastic indicator is already in oversold conditions so early in the week we can expect more consolidation before the downside to resume.

The UK economic calendar looks heavy with plenty scheduled risk events. We start the new week first with the Inflation Report Hearings. On Thursday the CPI inflation figures should be the main catalyst for higher volatility. The market consensus is for a flat reading on inflation. Wednesday we have the Unemployment figures while Thursday is the main risk event as the BOE is expected to announce its interest rate decision. The market consensus is for BOE to keep monetary policy unchanged.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 5th to 9th June 2017

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[FOREX TIP] Weekly Forex News Events for EURUSD – 12th to 16th June 2017

Weekly Forex News Events for EURUSD – 12th to 16th June 2017

EURUSD had a bearish week. UK election might have held the market a little. We did not see usual liquidity in the market throughout the week. On the contrary, the Forex market might get huge liquidity in the next week. Here are some news events that might create volatility on EURUSD. Let us have a look at those news events.

Wednesday-14^th June-12.30 GMT

• CPI m/m
• Core CPI m/m
• Core retail sales m/m
• Retail sales m/m

All these data is about to be released at the same time, thus the pair often gets volatile and ends up producing spikes.

Wednesday-14^th June-14.30 GMT

• Crude oil inventories

This is another news event, which produces long spikes on the Intra-day charts.

Wednesday-14^th June-18.00 GMT

• FOMC economic projections
• FOMC statement
• Federal funds rate

First FOMC of the month, so traders must deal with this very carefully. It is to be used as an opportunity, so entries should be taken after the news affect.

Wednesday-14^th June-18.30 GMT

• FOMC press conference

FOMC Press conference sometimes could create extreme volatility.

Thursday- 15^th June-12.30 GMT

• Unemployment claims

A big news event, which could create extreme volatility on EURUSD. Traders have to be very careful with their intra-day position before this news event.

Friday-16^th June-12.30 GMT

• Building permits

This will be the last high impact news event of the week. Most of the traders to close their trading positions to finish the week off. Thus, volatility might get to an extreme level during this news event.

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