[FOREX TIP] AUDUSD Weekly Forex Forecast – 19th to 23rd Nov 2018

AUDUSD Weekly Forex Forecast – 19th to 23rd Nov 2018

The AUDUSD bulls have continued to remain in control but we’re facing resistance at the 0.7346 level from where we can expect to see a reaction lower. Only a daily break and close above this resistance level can open the door for the rally to continue and possible to challenge the next key resistance level that stands at 0.7443. The stochastic indicator is showing an overbought reading, which means that we need to be patient and wait for a retest before the next leg up to be seen. On the downside, the first level of support comes at the intraday level 0.7260 followed by the key support level 0.7200.

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We only have some minor risk events scheduled on the Australian economic calendar so we should expect a more technical driven market in the week ahead. On Tuesday, the RBA Meeting Minutes is scheduled to be released and then the RBA Governor Lowe is due to deliver a speech titled “Trust and Prosperity” at the Committee for Economic Development of Australia dinner, in Melbourne.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 19th to 23rd Nov 2018

USDCAD Weekly Forex Forecast – 19th to 23rd Nov 2018

The USDCAD has given back some of the previous gains but as long as we trade above the key psychological number 1.3000 the bullish trend should remain intact. However, the bulls need to challenge again the resistance level 1.3225. But, only a daily break and close above last week high 1.3264 can signal more strength ahead. Until then we should expect more ranging activity between last week high and the previous support level 1.3085. The stochastic indicator is already showing an extreme oversold reading, which suggests that a bounce is in the cards.

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Only a break below the big round number 1.3000 can signal a shift in the trend direction but we also need to break the key 200 moving average. The Canadian economic calendar has scheduled some risk events that can disrupt the market volatility. On Tuesday, the BOC policy member Wilkins is due to speak at the Max Bell School of Public Policy, in Montreal. But the big risk event is the CPI inflation figures scheduled to be released on Friday.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 19th to 23rd Nov 2018

GBPUSD Weekly Forex Forecast – 19th to 23rd Nov 2018

The GBPUSD took a strong dive to the downside breaking through multiple key supports levels. The weekly break and close below the big psychological number 1.3000 has shifted the sentiment to the downside. On the downside, the previous week low 1.2723 is the first level the bulls need to defend but the major swing low established in August at 1.2661 remains the line in the sand. The stochastic indicator is in neutral territory and it doesn’t show any extreme readings that might suggest a reversal. On the upside, the first level of resistance only comes at the intraday level 1.2937 where the bulls can be challenged again.

Only a daily break and close above the big round number 1.3000 can signal a change in the trend direction. However, as long as we trade inside the range established between the swing low 1.2661 and 1.3200 we should expect more consolidation. The UK economic calendar doesn’t give us any major risk event that can disrupt the volatility. The only risk event that poses a threat for the Pound is the Inflation report Hearings scheduled on Thursday.

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