[FOREX TIP] AUDUSD Weekly Forex Forecast – 11th to 15th Sept 2017

AUDUSD Weekly Forex Forecast – 11th to 15th Sept 2017

The AUDUSD broke to new yearly high levels reaching 0.8125 which now remains an important resistance level. Only a break and a daily close above this level will open up the door for the current bullish run to overextend all the way to 0.8200 levels. The stochastic indicator is already coming off of overbought territory which can indicate that early in the week we can see a pullback. On the downside, the first level of support only comes at 0.8050 but the big psychological number 0.8000 remains the key level for the AUD/USD exchange rate.

As long as we trade above this level, we should expect the bulls to remain in control. A break below 0.8000 will be an important shift in sentiment and we can see AUDUSD extending down to 0.7878. The Australian economic calendar will bring only some minor risk events. Thursday the Unemployment rate and the employment numbers are scheduled to be released. Also, the same day we have the Chinese Retail Sales

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AUDUSD Weekly Forex Forecast – 11th to 15th Sept 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 11th to 15th Sept 2017

 

USDCAD Weekly Forex Forecast – 11th to 15th Sept 2017

The USDCAD sell off has not disappointed as the bearish trend continued to extend further lower. However the sell-off was overextended and we found support in the vicinity of the big psychological number 1.2000 which remains the logical next hurdle for the bears. Last week low 1.2061 remains the key support level for the future price action.

The stochastic indicator is already in oversold territory and we suspect that a reset is needed before further downside movement to be seen. On the upside the next important level is 1.2180 intraday resistance followed by 1.2300. We need to remain below 1.2300 on a daily closing basis in order for the bearish trend to remain intact. The Canadian economic calendar won’t bring any risk event so we can expect that the main driver behind the USDCAD exchange rate to be the interest rate speculation.

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USDCAD Weekly Forex Forecast – 11th to 15th Sept 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 11th to 15th Sept 2017

GBPUSD Weekly Forex Forecast – 11th to 15th Sept 2017

The GBPUSD broke above the key psychological number 1.3000 and continued to trade higher in a strong fashion way with bullish momentum behind the price. This rally has opened the door for a possible break above August’s high 1.3267 which is also the yearly high price. However, as long as we trade below 1.3267 swings high we can see first a retracement towards support level 1.3150 followed by 1.3100. A break below this important support level will also invalidate the bullish case.

The stochastic indicator is in overbought territory, so early in the week we can expect at least a pause in the bullish run before to decide on the next leg. A break and a daily close above 1.3267 will open the door for a retest of the 1.3340 an important daily pivot point. The UK economic calendar is heavy in terms of risk events that can be the catalyst for higher volatility. On Tuesday we have the CPI inflation figures and based on the market expectation we should see an uptick in inflation. Wednesday we have the Unemployment rate expected at 4.4% and the Employment figures. Thursday is the highlight risk event as the BOE is scheduled to announce its interest rate decision. Traders need to pay attention to how many dissidents are in favor of a rate hike as this can be the signal traders need to speculate on future rates hikes.

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