[FOREX TIP] Weekly Forex News Events for EURUSD – 15th to 19th May 2017

Weekly Forex News Events for EURUSD – 15th to 19th May 2017

EURUSD had a bearish week. However, the pair took bullish move on the H1, H4 charts to finish off the week. It would be better for the traders if the price makes a breakout of the last week’s range in the next week. There are not many high impact news events to take place this coming week. Let us have a look at the schedule of the high impact news events that might create volatility on the EURUSD next week.

Tuesday- 16^th March-18.30 GMT

• Building permits

Intra-day trades often get hit by the spikes that are produced by this news event.

Wednesday-17^th March-18.30 GMT

• Crude oil Inventories

An important news event, which should be dealt with care by the Intra-day traders.

Thursday-18^th March-18.30 GMT

• Unemployment Claims

This week’s forecast is 240 K. On 11.05.2017, the actual claim was 236 K; on 04.05.2017, the actual claim was 238 K. On both occasions, actual claim were less than the forecast. On the other hand, on 27.04.2017, the actual claim was 257 K, which was more than the forecast. On 20.04.2017, the actual claim was 244 K, which was almost equivalent to the forecast. Overall, in the last four weeks, “Unemployment Claims” data has been doing well for the USD. By looking at this week’s forecast number, we assume it would do well for the USD next week as well. Let us wait and see what comes out. However, one thing for sure as an intra-day trader, you would not want to trade just before this news event next week.

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 15th to 19th May 2017

AUDUSD Weekly Forex Forecast – 15th to 19th May 2017

The AUDUSD has been pressing to the downside for the most part of the last week. As long as Aussie trades below the 0.7500 big psychological number there is a risk for the downside movement to extend more to the downside. We also have an important intraday resistance level between the 0.7425-0.7450 zones where AUDUSD might find some sellers.

To the downside the first level of support obviously is the previous week low 0.7328. A break and a daily close below this level will expose daily support level 0.7280. The stochastic indicator is already in overbought territory, so early in the week we can expect to see another attempt to break lower or at least we’ll have some consolidation.

The Australian economic calendar has quite a lot to offer in terms of risk events. Tuesday, traders need to pay attention to the RBA Meeting’s Minutes as a possible catalyst for some volatility. Wednesday we have the Westpac Consumer Confidence Index while Thursday will bring the Unemployment figures which since the beginning of the year showed a weaker labor market.

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AUDUSD Weekly Forex Forecast – 15th to 19th May 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 15th to 19th May 2017

USDCAD Weekly Forex Forecast – 15th to 19th May 2017

The USDCAD bullish trend looks mature and there is no sign of reversal anytime soon. Only a break and a daily close below support level 1.3630 can open up the door for a much significant retracement. The big support level comes at 1.3500 psychological number. On the upside, we need a break of the current 1.3790 resistance level in order for the bullish trend to have enough traction to resume itself.

The stochastic indicator is in oversold territory on multiple time frames and this is another encouraging sign for the bullish case. However, until we don’t have a clear breakout on either side of the market more range should be expected.

The Canadian economic calendar looks mild and, other than the CPI inflation figures scheduled on Friday there are no other major risk events. However, the developments in the energy sector can hinder on the Canadian dollar exchange rates so traders should pay attention to the volatility in the Oil market.

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USDCAD Weekly Forex Forecast – 15th to 19th May 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 15th to 19th May 2017

GBPUSD Weekly Forex Forecast – 15th to 19th May 2017

The longer GBPUSD consolidates below the 1.3000 big psychological numbers the more violent the breakout will be. In the short term the GBPUSD has been moving inside a very clear ranging market. The main resistance level remains 1.3000, while to the downside we have support level 1.2770. Early in the week we can expect the support level to be tested as the stochastic indicator is already in oversold territory.

A daily break and close below 1.2770 can open up the door for a deeper retracement and a retest of the big round number 1.2500. To the upside, a break above 1.3000 will open up the door for a retest of the 1.3150 next important resistance levels.

The UK economic calendar looks busy with lots of scheduled risk events. On Tuesday the CPI inflation figures will drive the Pound volatility higher. The annualized inflation rate is expected to push higher to 2.6%, up from 2.4%, while we should expect a flat monthly reading. Wednesday will bring the unemployment figures while Thursday we have the UK Retail Sales.

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GBPUSD Weekly Forex Forecast – 15th to 19th May 2017

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[FOREX TIP] USDCHF Weekly Forex Forecast – 15th to 19th May 2017

USDCHF Weekly Forex Forecast – 15th to 19th May 2017

Technical Outlook: USDCHF is continuing to make lower highs and the support level at 0.9894 – 0.9861 has been repeatedly tested. A break down below this support level will no doubt trigger further declines on the descending triangle pattern that is being formed. Alternately, a break out from the falling trend line could trigger some bullish upside in prices. Given the current structure of USDCHF, it is ideal to purchase USDCHF near the support level and booking profits at regular intervals on the upside bounce. A daily close below 0.9861 will however signal a bearish outlook and will invalidate the upside bias.

Fundamental Outlook: A quiet week from Switzerland, this week shows only the release of the producer prices index which is expected to see no change in April. This follows last week’s inflation figures that were released, which rose 0.2% on a monthly basis as expected. It is also a quiet week from the U.S. where data is expected from the NY Fed’s Empire State manufacturing index and the Philly Fed manufacturing index, both of which are forward looking indicators.

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USDCHF Weekly Forex Forecast – 15th to 19th May 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 15th to 19th May 2017

USDJPY Weekly Forex Forecast – 15th to 19th May 2017

Technical Outlook: USDJPY has failed to capitalize on the gains above 114.00 and eventually reversed to close lower on Friday, following up from Thursday’s declines as well. Price action is now close to testing the initial support at 113.025 which could offer some support in the near term. Watch the Stochastics on the 4-hour chart which is currently showing a hidden bullish divergence with a lower low while price is making a higher low. A reversal at 113.025 will signal a continuation to the upside. However, in the event of a break down below 113.025, expect further declines in USDJPY that could push the currency pair lower towards 111.65.

Fundamental Outlook: Data from Japan this week will see the first quarter gross domestic product (GDP) numbers coming out. Expectations point to a 0.4% quarterly increase in the GDP while the annualized GDP growth rate is expected to rise 1.8%, up from 1.2% previously. Besides the GDP numbers, industrial production figures is expected to show a continued expansion for April as well. Machinery tools orders are expected to rise 2.5% on the month which is expected to push the yearly rate to 1.2%.

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USDJPY Weekly Forex Forecast – 15th to 19th May 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 15th to 19th May 2017

EURUSD Weekly Forex Forecast – 15th to 19th May 2017

Technical Outlook: EURUSD broke out from the rising wedge pattern as noted last week and fell to 1.0850 where a minor support level developed. This led to prices bouncing back on Friday and the EURUSD is now within reach of testing the break out level at 1.0950. This reversal is ideal to renew short positions in EURUSD as price action is likely to push back lower again, targeting 1.0735. However, following the reversal at 1.0950, watch for price to break 1.0850 support, failing which we could expect to see a bullish trend emerge. The bearish bias will be invalidated on a close above 1.0950 on a daily basis and above the previous high at 1.1018.

Fundamental Outlook: With the political headwinds receding and the broader economic outlook starting to brighten, the common currency will be back to focusing on the fundamentals. This week, data is expected to confirm a rebound in both the headline and core consumer prices that could see further pressure being put on ECB officials to cut the QE program. The Central bank came under pressure last week as ECB president, Mario Draghi was questioned by lawmakers from Netherlands. Besides the inflation figures, the German ZEW economic sentiment is also expected to rise higher for the month of May, which could be positive for the euro.

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EURUSD Weekly Forex Forecast – 15th to 19th May 2017

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