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

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

Technical Outlook: USDJPY has broken the falling trend line last week and prices were seen testing 114.00 support/resistance level. There is scope for prices to slide lower in the near term following the higher high in the Stochastics and the lower high in prices. This could mean a potential decline back to the 113.00 – 112.50 support zone. But the downside should be limited in the near term as USDJPY could be seen forming a base here. Watch for a breakout above 114.00 after support is tested at 112.50 – 113.00 for a bullish continuation towards 118.00.

Fundamental Outlook: A busy week from Japan, data will be focusing on the BoJ’s core CPI data due on Tuesday followed by Wednesday’s final quarterly GDP figures which is expected to show a 0.4% increase.. The USDJPY is however likely to focus on data from the U.S. which will include Wednesday’s ADP private payrolls data followed by Friday’s nonfarm payrolls which could be a strong report as wages are expected to rise 0.3% and the U.S. unemployment rate is expected to fall to 4.7%.

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

 

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

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

Technical Outlook: EURUSD broke out from 1.0567 resistance level on Friday and prices broke out from the falling trend line since early February. Expect to see a minor retracement/pull back towards 1.0567 following which further gains can be expected. The next main resistance sits at 1.0673, followed by a move towards 1.0750. The outlook for EURUSD remains bullish in the near term. The bullish bias will be invalidated only on a close back inside the falling trend line and below 1.05200 support level.

Fundamental Outlook: It will be a busy week from the Eurozone with Thursday’s ECB meeting take the limelight. No changes are expected from the central bank but given that flash inflation estimates have shown that the headline CPI has increased 2% in February, it could potentially mean that the ECB governing council will have some dissenters. The revised quarterly GDP estimates are also expected this week, but no changes are forecast at 0.4%. Remainder of the data over the week will include German industrial production numbers and factory orders, alongside French trade balance and industrial production figures.

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

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

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

The AUDUSD has finally broken to the downside, away from a very nasty trading range. We have not just broken through multiple levels of supports but we’re also trading below the 200-day EMA which is bearish for the AUD/USD exchange rate. We can expect any rally to find resistance at 0.7610 levels while the first major support level comes at the big psychological number 0.7500. A break below 0.7500 will open the door for a retest of the intraday support level 0.7450.

The Australian economic calendar looks full with scheduled big risk events. Early in the week, on Monday, we have the retail sales figures which based on the market consensus we should see a tick up in sales from -0.1% to 0.4%. Tuesday we have the RBA interest rate decision and based on the market consensus RBA will hold rates steady but lately, their rhetoric has been quite dovish. On Wednesday, the Chinese Trade balance figures will dictate the AUDUSD price action. Last but not least, on Thursday we have the Chinese inflation figures which can disrupt the AUDUSD volatility.

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AUDUSD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish

 

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

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

The USDCAD technical pattern has turned strongly bullish. The break above 1.3350 swing high has put the focus on the big psychological number 1.3500. The stochastic indicator is showing a bullish momentum built-up which supports the bullish case. However, we can expect first a retest of the 1.3350 support level before a retest of the big round number 1.3500 from where we can expect a reaction lower.

The most significant risk event in the week ahead is the Trade Balance figures. Based on the market consensus Canada is about to post the third consecutive monthly trade surplus which can be positive for the Canadian dollar. The Canadian unemployment rate is also expected to be released on the last day of the trading week. The market consensus is for a flat reading of 6.8% unemployment rate.

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

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

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

The GBPUSD has successfully broken down through multiple support levels, putting the focus on the bear side. In the bigger picture, we’re still inside a very wide range between support level 1.2000 and resistance level 1.2771. The old support level 1.2300 has turned now into a new resistance level from where we can expect a reaction lower. The stochastic indicator is also in oversold territory and should reset which encourage us to believe the GBPUSD will rally early in the week before resuming down again.

The first level of resistance comes at 1.2300 followed by 1.2400 while to the downside we have the first major support level at 1.2100 followed by the big psychological number 1.2000. The UK economic calendar looks busy with scheduled high-risk events. Wednesday we have the Annual Budget release, which will outline the UK‘s budged for the year ahead as well as other financial objectives. Friday we have the UK Manufacturing Production figures which based on the general consensus, are expected to inch lower from 2.1% to -0.6%. We also have the NFP figures which carry a higher risk as it can give traders clues whether or not the Fed will hike rates at the March meeting. The usual Brexit talks remain a focal catalyst for the GBP/USD volatility in the week ahead.

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GBPUSD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish

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

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

EURUSD finished the last week with bearish tone. Next week there are number of news events that might create volatility on the pair. Let us now have a look at those news events and their possible impact on EURUSD.

Monday-27^th February-13.30 GMT

• Core durable goods orders m/m

This news event usually produces huge spikes on the Intra-day time frames.

Tuesday-28^th February-13.30 GMT

• Prelim GDP q/q

This one can produce volatility and often sweeps away stop losses if they are set on Intra-day time frames.

Tuesday-28^th February-15.00 GMT

• CB Consumer confidence

This news event does not produce huge spikes, but can make the pair be volatile enough.

Wednesday-1^st March-15.00 GMT

• ISM Manufacturing PMI

This news event often produces huge volatility on EURUSD.

Wednesday-1^st March-15.30 GMT

• Crude oil inventories

This news event is directly related to oil. Thus, it is related to XAUUSD. This often leads EURUSD to get volatile.

Thursday-2^nd March-13.30 GMT

• Unemployment claims

This is going to be the most volatile news event in the next week. Thus, traders should be careful with their opened positions that are taken on the Intra-day time frames. This week’s forecast is 245K. Last week’s claim was 244K. Both numbers are adjacent. Thus, if the original claim is less than the forecast, then we might see a huge volatility, which might set a trend for couple of days.

Friday-3^rd March-15.00 GMT

• ISM Manufacturing PMI

This news event is going to be the last high impact news event in the next week. However, timing of the news event does not have that much of impact. Nevertheless, if you are an intraday traders, then you might as well want to come out with your entries before this news event.

 

 

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