[FOREX TIP] Weekly Forex News Events for EURUSD – 6th to 10th Feb 2017

Weekly Forex News Events for EURUSD – 6th to 10th Feb 2017

EURUSD had a bullish week. There were a number of news events last week, but the pair did not react to them as it normally does. Especially, Friday’s Non Farm employment change could have been a vital issue to drive the pair much further down. That did not happen. One of the reasons could be the trend with the EURUSD favored the buyers over the sellers.

Let us now have a look at the next week’s news events.

Wednesday- 8^th February – 15.30 GMT

• Crude oil inventories

One of the news events, which has to be taken care by the Intra-day traders. This news event has the tendency to create long spike and swipe off intraday traders’ stop losses.

Thursday- 9^th February- 13.30 GMT

• Unemployment claims

This week’s forecast is 246K. This forecast number is the lowest among last 4 week’s forecast number. Overall, US unemployment data has been good for the last 4 weeks. On 26 January, the actual claim was 259K, whereas forecast was 247K. However, on 19 January forecast was 252K, actual claim was 234K, and on 2 February forecast was 251K, actual claim was 246K. According to the number of claims in the last 4 weeks, 246K is going to be an interesting number. If the actual claim comes out higher than the forecast, then we might see huge volatility in EURUSD.

Friday-10^th February-15.00 GMT

• Prelim Uom consumer sentiment

This is another news event, which has a tendency to create spike. Since this news event takes place at the 11^th hour of a trading week, sometimes this news event can be a big factor for the following week. However, with this news event what most important is traders should take care their running intraday trades. Otherwise, volatility caused from this news event, only take out their stop losses.

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[FOREX TIP] USDCHF Weekly Forex Forecast – 6th to 10th Feb 2017

USDCHF Weekly Forex Forecast – 6th to 10th Feb 2017

Technical Outlook: USDCHF continued to extend the declines down to 0.9934 as the daily chart’s Stochastics points to a hidden bullish divergence with price making a higher low and the Stochastics printing a lower low. The current consolidation near the support level at 0.9934 could however mean there is scope for USDCHF to bounce back to the upside. The broke support near 1.0060 could be an ideal price level for a retest as resistance allowing for further declines to come.

Fundamental Outlook: Switzerland’s unemployment figures will be released on Thursday and economists are not expecting to see any major changes with the unemployment rate expected to remain steady at 3.3%. Data from the U.S. will be one of the drivers in USDCHF. It is also a quiet week from the U.S. which will see only import prices and the weekly unemployment claims data stand out next week.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 6th to 10th Feb 2017 – Bullish

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[FOREX TIP] USDJPY Weekly Forex Forecast – 6th to 10th Feb 2017

USDJPY Weekly Forex Forecast – 6th to 10th Feb 2017

Technical Outlook: USDJPY turned bearish last week falling to 112.60 by Friday’s close. The declines come on a hidden bearish divergence seen on the weekly chart, just below the 119.00 handle. However, the current levels near 112.00 – 112.50 is a level of support that could hold out. The upside bounce will be limited however with the price level at 114.00 likely to act as resistance. Thus, this level is ideal to take short positions in USDJPY, targeting 112.50 – 112.00. A break down below 112.00 – 112.50 could signal further declines towards 107.00. Alternately, if USDJPY continues to the upside, a break above 114.00 could see price rally towards the open gap near 115.10.

Fundamental Outlook: After the Bank of Japan left interest rates and its asset purchases unchanged last week, focus turns to Monday’s cash earnings. The data is expected to show an increase of 0.4% on the monthly basis. Lack of wage pressures has been a major concern as the BoJ struggles to stoke inflation. A weaker print could mean that inflation is unlikely to push higher any time soon. The remainder of the week will see other details from Japan including machinery orders and the economy watchers sentiment which is expected to rise to 51.9, extending the gains from 51.4 previously.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 6th to 10th Feb 2017 – Bearish

 

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

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

Technical Outlook: EURUSD closed below 1.0700 last week which signals the downside correction towards 1.0600 initially. The price action shows a bearish breakout from the rising wedge/triangle pattern with the final sessions on Friday showing a modest retest to the breakout level of the rising wedge pattern. As long as 1.0700 turns to resistance, EURUSD could remain biased to the downside as price will slide towards 1.0600 to establish support. The bearish divergence to the Stochastics, the median line breakout and the weekly doji close (after five weeks of straight gains) point to the downside in EURUSD this week.

Fundamental Outlook: The markets will be looking to a busy week from Wednesday as fresh economic reports are released for January. The manufacturing and services PMI figures will be coming out in the early part of the week and could give further insights into the economic performance from the Eurozone in the first month of the year. The Eurozone GDP figures will be released this week alongside flash inflation estimates for January. GDP is expected to rise 1.7% on an annualized basis in the region, but focus will be on inflation estimates which could see further increase in consumer prices. The Eurozone’s economic forecasts will also be coming out this week.

Previous EURUSD Weekly Forex Forecast

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

 

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

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

The USDCAD has broken below the 1.3030 last swing low, making lower lows which is a bearish structure. We got a very weak close above the big psychological number 1.3000 which is still below 1.3030. Early in the week we can expect a small bounce or further tight consolidation as the stochastic indicator is in oversold conditions and needs time to reset. However, a daily break and close below 1.3000 will see the USDCAD momentum accelerating to the downside.

We don’t have risk events that can affect the USDCAD volatility next week, which normally means that the prevailing trend has higher changes to continue in the upcoming week. The only notable economic data is the Canadian Unemployment rate, which based on the market expectation and forecast should come unchanged at 6.9%.

Previous USDCAD Weekly Forex Forecast

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

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

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

The AUDUSD technical pattern is in a bullish sequence since the beginning of the year, however the rally has run too fast in a very short period of time. Several technical indicators suggest the AUDUSD is in overbought territory in multiple time frames. What gives us confidence that we’re about to reverse the prevailing trend are the fundamentals.

The RBA is scheduled on Tuesday to announce its interest rate decision and while the market consensus is for no change in the monetary policy the soft landing in the housing market can push the RBA to signal rate cuts. On Thursday the RBA Governor Lowe is due to speak at the A50 Australian Economic Forum Dinner, in Sydney and traders need to pay close attention to his remarks at this event is highlighted as having a high impact on the market.

On the technical side, we can expect a false break above 0.7695 last week’s high and only a daily close above this figure can invalidate the bearish case. To the downside we have 0.7600 as intraday support, but more importantly, we have 0.7525 followed by the big psychological number 0.7500. Only a daily close below this figure can indicate that the AUD/USD can be in the process of a much deeper retracement.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 6th to 10th Feb 2017 – Bearish

 

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 6th Feb to 10th Feb 2017

GBPUSD Weekly Forex Forecast – 6th Feb to 10th Feb 2017

Last Friday’s sell off and break below the big psychological number 1.2500 has put the focus back on the downside for the GBPUSD. The GBPUSD unwillingness to protect the gains made in the first days of the last week and the weekly close near the lows is indicative of strong bearish momentum. The break above 1.2673 swing high was also accompanied by a failure from the stochastic indicator to produce a new high, thus we can spot a bearish divergence which is a reversal signal.

To the downside we have the intraday support level 1.2418 while a break and a close below this level will expose the 1.2300 round number. To the upside any break above 1.2500 should quickly fade away and only a strong daily close above the big psychological number 1.2500 should suggest more upside for GBPUSD.

The UK economic calendar doesn’t reveal any major news event, but we have “proxy” risk events like the EU Extraordinary Economic Summit scheduled on Friday as the EU leaders meet to discuss and solve the current EU problems. The Brexit legal challenges will also be an important catalyst for driving higher the GBPUSD volatility.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 6th Feb to 10th Feb 2017 – Bearish

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