[FOREX TIP] AUDUSD Weekly Forex Forecast – 17th to 21st April 2017

AUDUSD Weekly Forex Forecast – 17th to 21st April 2017

The AUDUSD is trading at an important juncture point near the 200 EMA. The first level of resistance stands at 0.7610 from where we can expect a reaction lower. The stochastic indicator is already in overbought territory and can be indicative that the bears might step in sooner rather than later. To the downside, there is not much support until the 0.7500 big psychological number. We can expect a bounce at the first attempt to break below before another attempt to be seen. A break below 0.7500 will put the focus on 0.7475 last week low.

We have plenty of major risk events for the Australian Dollar. Monday, the Chinese GDP figures should be a proxy risk event for AUD/USD. The market consensus is for the Chinese economy to grow 6.8%. Tuesday we have the RBA Meeting Minutes which should give us more insights into how RBA’s monetary policy direction.

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AUDUSD Weekly Forex Forecast – 17th to 21st April 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 17th to 21st April 2017

USDCAD Weekly Forex Forecast – 17th to 21st April 2017

The USDCAD technical pattern is trapped in a messy trading range.The first level of support comes in at 1.3280 while a break below will expose the 1.3212. To the upside, we have the first level of resistance at 1.3340 intraday resistance level followed by 1.3417 and 1.3450. The stochastic indicator is already in oversold territory but we still have room for a retest of 1.3400 and fill in the last week price range before more downside to be seen.

There are not many risk events that can distort the USDCAD volatility. Wednesday traders should keep an eye on the US Crude Oil inventories and on Friday we have the Canadian CPI inflation figures. The market consensus see inflation picking up from 0.2% last reading up to 0.4%. This view is supported by the recent rally in the energy sector.

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USDCAD Weekly Forex Forecast – 17th to 21st April 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 17th to 21st April 2017

GBPUSD Weekly Forex Forecast – 17th to 21st April 2017

The GBPUSD has managed to reclaim the 1.2500 big psychological number and what is more important we posted a weekly close above. We still need to see more proof that the bulls are in control and we’re indeed in the process of a reversal. A break and a close above 1.2575 last week’s high can confirm the bullish case. The stochastic indicator has also crossed and turned back up. Monday we have the Easter holiday and liquidity should be thin and market activity should chase so no big movements are to be expected. A break below 1.2500 will put again the focus on the 200 EMA which has held the downside quite well so far. The first level of support is also nearby at 1.2400 level.

We also have a soft UK economic calendar with the only major risk event being the UK Retail Sales on Friday. The market consensus is for a downtick in retail sales down from 1.4% to -0.3%. Thursday the BOE Governor Carney is due to speak at the Institute of International Finance Policy Summit, in Washington DC. The US Treasury Secretary Mnuchin is also scheduled to speak at the same event.

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GBPUSD Weekly Forex Forecast – 17th to 21st April 2017

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[FOREX TIP] Weekly Forex News Events for EURUSD – 17th to 21st April 2017

Weekly Forex News Events for EURUSD – 17th to 21st April 2017

EURUSD’s last week’s candle is an “Inverted hammer”. An “Inverted hammer” on a downtrend is considered as a reversal signal. We will wait to see what happens technically during the week. Meanwhile, let us have a look at the schedule of high impact news events in the next week.

Tuesday – 18^th April 2017- 12.30 GMT

• Building permits

A news event, which has to be taken care by EURUSD Intraday traders. The pair has the tendency to produce long spike around this news event. Then, continue its journey towards the trend. Thus, Intraday traders might as well not take any entry just before this news event, but wait until this news event gets over to take their entries on EURUSD.

Wednesday-19^th April- 14.30 GMT

• Crude oil Inventories

This news event produces long spike as well. However, this one sometimes establishes a trend as well. Thus, Intraday traders might as well consider this news event as an opportunity. Nevertheless, they should be careful with their already opened Intraday position just before this news event.

Thursday-20^th April- 12.30 GMT

• Philly Fed manufacturing index
• Unemployment claims

Two big news events that are scheduled to take place at the same time. The pair is going to get volatile around these two news events. This week’s forecast for Unemployment claims is 241K. Last two weeks’ claims were 234 K.

Friday-20^th April-17.15 GMT

• Treasury Sec Mnuchin speaks

The pair might get volatile around this news event as well. Traders had better be careful with their opened positions.

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