[FOREX TIP] GBPCAD Price Action Analysis – 25th May 2017

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GBPCAD has been slightly bearish after having some good bullish moves on the Daily chart. However, yesterday BOC’s rate decision made the pair take a move towards the downside. As things stand with GBPCAD, the pair might have a bearish rally next. Let us have a look at the H4 chart of GBPCAD and find out what levels to keep our eyes on to take a short entry on the pair….

GBPCAD Price Action Analysis – 25th May 2017

As we see on the chart, the level of 1.74600 has worked a strong level of resistance and driven the pair down. Moreover, on its way of this bearish ride it broke a level of support, which was at 1.74420. This level has the potential to be the level of resistance. If it really does and produces an H4 reversal candle, then the pair would come down further by offering a short entry to the sellers. Let us have a look at the summary of the trade…

• Buy Limit Order: 1.74400
• Stop Loss Level: 1.75100
• Take Profit Target: 1.73250
• Validity: 24 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Traders at the beginning often want to trade during the newshour to grab some quick pips. They think as an opportunity missed if they do not take an entry during the news hour. However, newshour should be used as an opportunity creator. Like here, yesterday’s news hour broke the support level and there is an opportunity today. For extremely experienced traders it is a different ball game. However, for retail traders it is best to skip news trading to keep their investment

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We hope that you enjoy our Free Forex Trading Signal today: GBPCAD Price Action Analysis – 25th May 2017

 

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 29th May to 2nd June 2017

AUDUSD Weekly Forex Forecast – 29th May to 2nd June 2017

The AUDUSD remains almost unchanged from a week ago. Neither the bulls or the bears managed to take control which has kept Aussie in a narrow ranging market. The big psychological number 0.7500 remain the line in the sand and for the time being, it seems a big hurdle for the bulls to pass. The weekly close below 0.7500 also suggests that we at least can expect more range in the coming week. The current AUDUSD range is formed between 0.7500 resistance level and 0.7400 support level followed by 0.7330 swing low. The stochastic indicator also looks oversold so early in the week we can expect a small bounce before support level to be tested again.

On the Australian economic calendar, we can note some risk events as well. On Thursday we have the Australian Retail Sales figures which based on the market consensus should see an uptick to 0.3%. We also have the Chinese Caixin Manufacturing PMI figures as a proxy risk event. On Friday we also have the NFP figure which is the biggest risk event of the week. The US job growth has gained momentum again and based on the market consensus we should expect 185K new jobs added and while this is below 211k last reading it still remains a positive number.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 29th May to 2nd June 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 29th May to 2nd June 2017

USDCAD Weekly Forex Forecast – 29th May to 2nd June 2017

The USDCAD continued to drift lower and while we’re still trading below the big psychological number 1.3500 more downside should be expected. Only a daily break and close above 1.3500 will signal a resumption of the bigger trend. Short-term we can expect a retest of the 1.3300 support level before to see another attempt to break higher.

The stochastic is still in neutral territory which at least in theory this should favor more the short-term trend which is bearish. Another significant level trader needs to pay a close eye is last week low 1.3386. As long as we stay above this level you should also be aware of the possibility of more ranging activity. The Canadian economic calendar has some risk events scheduled. On Wednesday, we have the Canadian GDP, which has stalled in the last months. Thursday we also have the Canadian Manufacturing PMI figures while on Friday we have the Trade balance figures.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 29th May to 2nd June 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 29th May to 2nd June 2017

GBPUSD Weekly Forex Forecast – 29th May to 2nd June 2017

The GBPUSD has managed to put a significant sell-off last week, which still looks corrective in nature. We have a major support level the 1.2752 that for the time being is holding the downside. A new marginal high above 1.3000 is required for the cycle that started from the 1.2100 low to be completed. On the upside, we have the first intraday resistance level at 1.2890 while the major resistance still remains the big psychological number 1.3000. The stochastic indicator is already in oversold territory, so early in the week, we can expect a bounce or at least this should limit the downside.

The UK economic calendar looks very mild. On Monday we have the UK Spring Bank Holiday so liquidity should dry away. Traders should be aware of sudden spikes due to the lack of liquidity. On Thursday the only notable risk event is the UK Markit Manufacturing PMI figures which based on the market consensus we should expect a slowdown in the manufacturing activity. The consensus is for a 56.6 figure down from 57.3.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 29th May to 2nd June 2017

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[FOREX TIP] USDCHF Weekly Forex Forecast – 29th May to 2nd June 2017

USDCHF Weekly Forex Forecast – 29th May to 2nd June 2017

Technical Outlook: USDCHF failed to make any pullbacks as price action fell sharply off 1.0100 level towards the 127.2% Fibonacci extension level. Further downside is expected to come on a move towards 0.9564. However considering the consolidation that is happening at the current 127.2% level, we can expect to see some upside in price. This could potentially trigger a move in USDCHF to testing the resistance level at 0.9861 – 0.9894 region. Alternately, failure to pullback could see the current price level being breached, in which case further downside to 0.9861 – 0.9894 can be expected.

Fundamental Outlook: A slow week from Switzerland, the pace of data picks up on Thursday with the quarterly GDP numbers and the retail sales figures. The Swiss franc is unlikely to be influenced much although data from the U.S. could be the main driver this coming week. The ISM will be reporting on the monthly manufacturing activity on Thursday followed by the monthly jobs report by the commerce department on Friday. Expectations are high with the May jobs reported expected to show 200k+ jobs for May that could potentially seal the deal for a June rate hike.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 29th May to 2nd June 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 29th May to 2nd June 2017

USDJPY Weekly Forex Forecast – 29th May to 2nd June 2017

Technical Outlook: USDJPY failed to breakout any lower from the bearish flag pattern which currently stands invalidated. However, in the process, price action has formed a potential ascending triangle pattern with the resistance formed at 111.93 region. A breakout above this level will signal a move towards 112.97 which marks the 161.8% Fibonacci extension level. This level also coincides as a resistance level that previously served as support. The bullish bias is invalidated in the event that USDJPY breaks down below 111.90. In this case, USDJPY could be seen slipping towards the lower support at 110.15.

Fundamental Outlook: A rather busy week from Japan as data turns to the inflation figures and latest monthly manufacturing activity. Japan’s household spending numbers are coming up on Monday followed by the unemployment rate which was recorded at 2.8% last month. The data is followed by the retail sales numbers as well. Combined, the health of consumer spending is likely to shed light on whether there has been any increase in consumer price index. On Tuesday, the Bank of Japan will be releasing its core CPI figures as well. The new trading month that starts on Thursday will see the manufacturing activity numbers for the month of May which slipped to 52.0 in April, down from 52.7 the month before.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 29th May to 2nd June 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 22nd to 26th May 2017

EURUSD Weekly Forex Forecast – 29th May to 2nd June 2017

Technical Outlook: EURUSD rallied above 1.1200 last week but price action failed to hold on to the gains above this level for long. As a result, EURUSD closed below 1.1200 on Friday. We expect to see further downside only below 1.1150 which will potentially put the euro on track to testing the 1.0950 support level. The week ahead will be crucial as the data could shape the U.S. Federal Reserve’s rate hike expectations. Watch for price action near 1.1200. A failure to breakout above this price level will signal a move to the downside..

Fundamental Outlook: The week ahead from the eurozone will see traders shifting focus to the flash inflation estimates figures which stands out in an otherwise relatively quiet trading week. The flash inflation figures for the month of May will shed light on whether consumer prices stabilized following a sharp increase the month before. Most of the previous gains in consumer prices came as a result of price increase around the Easter holiday which is expected to see consumer prices pullback in May as a result. Besides the eurozone’s inflation data, other regional economic releases includes the German and Spanish inflation figures. Starting Thursday, the new trading month will be marked with the latest manufacturing PMI numbers from the region.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 29th May to 2nd June 2017

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