The Australian dollar begins the second quarter of 2017 with a downfall. AUD/USD is struggling to hold onto the 0.76 level, just under support at 0.7610. The pair has been trading in the 0.7610 to 0.77 level for quite some time. The main driver to the downside is retail sales. The volume of sales dropped by [...]
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EURJPY has been bearish on the H4 chart. The pair is having upside correction on the H1 chart now. There is a possibility that the pair would try to make a new lower low later today. Let us find out the levels to watch for to ride on that potential sell move.
EURJPY Free Forex Trading Signals – 3rd April 2017
This is the H1 chart of EURJPY. The pair made a break at 119.100, which was an important level of support. The price has been going towards the North by obeying a Trend line. Most probably, the price would go up to 119.100. If it really does and be the level be the level of resistance by producing an H1 reversal candle, then we should wait for a breakout at the Trend line. Actually, I should call it the anti Trend line here. Once there is a breakout, the confirmation, then selling the pair would be the best option for EURJPY traders as far as H1, and H4 charts are concerned.
This trade setup is based on ABC trading pattern. Traders often have to find out their trading opportunities on ABC trading pattern. Especially Mondays seem to offer entries on ABC trading pattern. No doubt, this is one of the most reliable patterns to take entries on. However, we have to be spot on setting our Take profit. The price often moves towards the opposite abruptly after hitting the target.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURJPY Free Forex Trading Signals – 3rd April 2017
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AUDUSD Weekly Forex Forecast – 3rd to 7th April 2017
The AUDUSD technical pattern remains bullish but inside a very narrow ranging market. However, there is still a possibility for another marginal intraday low towards the big psychological number 0.7500 before to see any rally. But first, we need a break and a close below support level 0.7600. As long as we trade above 0.7600 AUDUSD should retest 0.7700 resistance level. The stochastic indicator is also in oversold territory which is constructive for the bullish case but for a real trend development, we need a break above 0.7740 swing high.
The Australian economic calendar looks heavy. Monday we have the Retail Sales and based on the market consensus we should expect a flat reading. Tuesday is quite a busy day that will bring the Trade balance figures followed by the RBA Interest Rates decision. The RBA is expected to keep rates unchanged. Later in the day, the RBA Governor Lowe is due to speak at the Reserve Bank Board Dinner, in Melbourne. Thursday RBA assistant governor Debelle has scheduled a speech and on Friday the NFP should be the main drivers.
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USDCAD Weekly Forex Forecast – 3rd to 7th April 2017
The USDCAD is making lower highs and lower lows suggesting we’re in a bearish price structure, however, we need a break and a close below 1.3280 support level for more weakness to be seen. On the upside, we have 1.3414 resistance level, but what is most critical is the downward trendline which should cap any rally. A break to the downside should expose the 1.3212 support level, but early in the week, we can expect a retest of the downward trendline because the stochastic indicator in oversold territory. Any extension below 1.3200 could produce a bounce as well.
The Canadian economic calendar Monday will bring the BOC Business Outlook survey and Friday the Unemployment figures. The Canadian unemployment rate dropped 0.2% to 6.6% after it added 15k new jobs in February. On Monday we also have a proxy event risk when the US ISM Manufacturing figures will be released and on Wednesday traders should keep an eye on the Canadian Trade Balance figures.
Previous USDCAD Weekly Forex Forecast
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GBPUSD Weekly Forex Forecast – 3rd to 7th April 2017
The GBPUSD has managed to post three consecutive weekly bullish candles which add strength to the bullish case. The more aggressive view is for a strong rally and a possible break of the 1.2700 February high. His view is also sustained by the weekly close above the big psychological number 1.2500 which should act now as support. We’re also trading above the 200 EMA but we could see some consolidation early in the week as the stochastic indicator is in overbought territory.
The UK economic calendar looks mild and the only notable risk event is on Monday when the Manufacturing PMI figures which can provide another boost to the GBPUSD exchange rate. The market consensus sees an increase of 55.1 in the manufacturing activity.
Wednesday we have the FOMC meeting minutes, which should provide us further insights into Fed’s monetary policy and should give traders more insights into how many more rate hikes Fed is prepared to embark on. Friday the NFP figures are the main risk event of the week and most analysts see further strength in the US labor market.
Previous GBPUSD Weekly Forex Forecast
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USDCHF Weekly Forex Forecast – 3rd to 7th April 2017
Technical Outlook: USDCHF has been steadily rising after prices formed support near 0.9894 – 0.9861. The bullish rally continues to the upside and price action is likely to push closer back to 1.015 – 1.0172 region where resistance is likely to be formed yet again. With the daily Stochastics moving up from the oversold levels, USDCHF will be a buy on the dips, targeting 1.0173. The bullish bias will be invalidated in the event price breaks down below the support level.
Fundamental Outlook: The first week of April will focus on a number of reports from Switzerland. Kicking off the week will be the retail sales which is expected to show a 0.8% decline on a year over year basis. This is a slight improvement from the month before, where retail sales fell 1.4%. Inflation from Switzerland is expected to show a 0.2% increase, which is slightly down from 0.5% registered inflation the month before. The Swiss franc is however expected to focus on the FOMC meeting minutes and the U.S. nonfarm payrolls report which will shape the direction for USDCHF this week.
Previous USDCHF Weekly Forex Forecast
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USDJPY Weekly Forex Forecast – 3rd to 7th April 2017
Technical Outlook: USDJPY is seen attempting to break out to the upside with the descending triangle showing signs of weakness. However, to validate this bullish bias we need to wait for USDJPY to break out above 111.650 support/resistance level. A successful breakout to the upside, followed by a retest of 111.650 as support level will validate the continuation to the upside with 115.00 resistance level coming into focus. Alternately, if USDJPY continues to push lower, then a break below the previous low at 110.00 will trigger further downside, towards 104.00 support.
Fundamental Outlook: A busy week for Japan, this week data will start with the quarterly Tankan manufacturing and non-manufacturing survey. Both the numbers are expected to show a modest improvement from the previous month. Japan’s inflation figures are however expected to show no changes with the BoJ’s gauge of core inflation is expected to show a 0.2% increase in consumer prices, same as the month before. Later in the week, other indicators will include the average cash earnings which could provide some insights into wage pressures if any.
Previous USDJPY Weekly Forex Forecast
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