[FOREX TIP] AUDUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

The Aussie like all the other commodity currencies has been weakening against the greenback. Since the stochastic indicator is already moving away from the oversold conditions we can expect at least a retest of the former support level 0.7730 which should now act as resistance. However, a break and a daily close above this level will open the door for more strength towards 0.7800.

On the downside, only a break and a daily close below 0.7624 will add more fuel to the sell-off but, until then we can expect more ranging activity as we already move to fast in a very short period of time. The Australian economic calendar is packed with only modest risk events. First, we have the Trade Balance figures scheduled on Thursday but we also have the Retail sales on Friday. On top of that we can also note some proxy-risk events from China, which have the potential to stir some volatility.

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AUDUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

USDCAD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

The USDCAD had an impressive rally but is an unsustained rally as the big picture trend is still bearish. Last week high 1.2916 is expected now to hold any upside move and any rally above it should quickly fade away. The stochastic indicator is in deep overbought conditions so it’s wise to expect a sell-off early in the week. On the downside we have the intraday support level 1.2800 but, more importantly we have the more significant 1.2663 level.

In terms of risk events the Canadian economic calendar will bring the monthly GDP figures on Tuesday. The Unemployment rate and the labor statistic figures are on the docket on the last day of the week. On Friday we also have the NFP report which is obviously a big risk event that can generate lots of volatility. The NFP figures are expected to see a big jump to 300k new jobs added while the unemployment rate is expected to come flat at 4.2%.

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USDCAD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

GBPUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

The GBPUSD doesn’t have any clear direction as for the last four weeks has been moving in a very wide range between support level 1.3100 and resistance level 1.3350. As long as we’re trading within the limits of this price range we should expect more ranging activity. The price structure might suggest that the bears can have an attempt to test the big psychological number 1.3000. A break and a close below the round number 1.3000 can shift the balance more in favor of the bearish case and open the door for a retest of at least the 1.2900 figure. However since the stochastic indicator is already in oversold territory we can expect early in the week a retest of 1.3150 now becoming a new resistance.

The UK economic calendar will bring one of the most awaited BOE interest rate decision. We don’t have a consensus but the BOE can really hike the interest rates for the first time since the 2007 financial crisis. We also have the Fed interest rate decision, but the Fed is expected to hold rates steady at 1.25% and only hike one more time during the December meeting.

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GBPUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017

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