[FOREX TIP] AUDUSD Weekly Forex Forecast – 5th to 9th June 2017

AUDUSD Weekly Forex Forecast – 5th to 9th June 2017

The AUDUSD remains in a clear bearish trend, but it has already started to make a higher low which can only be confirmed by a daily break and close above the big psychological number 0.7500. A daily close above 0.7500 can signal a market reversal and possibly a retest of 0.7555 next important support level. The stochastic indicator is still not in overbought territory, so this favors the bullish case for now. A daily break and close below last week low 0.7370 can switch the momentum back to the downside, but, we need a break below 0.7328 to consider a much severe sell-off.

The Australian economic calendar has many scheduled risk events. First, we have on Tuesday the RBA interest rate decision followed by the RBA monetary policy statement. The general consensus is that the RBA will keep rates at record low levels for an extended period of time. Wednesday we have to shift our focus to the Australian GDP figures which based on the market consensus we can expect subdued growth during the first quarter of 2017 down from 2.4% to 1.7%. Thursday we have the Australian Trade balance another risk event that can produce some volatility for the Aussie exchange rate.

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AUDUSD Weekly Forex Forecast – 5th to 9th June 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 5th to 9th June 2017

USDCAD Weekly Forex Forecast – 5th to 9th June 2017

The USDCAD has failed to maintain a close above the big psychological number 1.3500. This definitely shows bullish weakness, but we can still expect to see another attempt to break higher. Only a daily close above 1.3500 will signal a reversal and possibly a retest of 1.3650 next resistance area.

The stochastic indicator still has room to move in oversold conditions so, early in the week, we can expect a retest of last week low 1.3427. A break and a daily close below last week low can open up the door for more bearish pressure and we can see a retest of 1.3338 support level. The Canadian economic calendar looks empty and the only notable risk event is the Unemployment figures scheduled on Friday.

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USDCAD Weekly Forex Forecast – 5th to 9th June 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 5th to 9th June 2017

GBPUSD Weekly Forex Forecast – 5th to 9th June 2017

The GBPUSD bullish trend is holding firm ahead of the UK general election. The GBPUSD bullish trend is still firm and solid, however, as long as we still trade below the big psychological number 1.3000 there is still a risk that we can have a deep correction. The stochastic indicator is not quite in oversold conditions so early in the week we can expect a push to test the 1.3000 resistance level. On the downside, we have the last week low 1.2769 followed by the 1.2752 as a support level. A daily break and close above 1.3000 can initiate a resumption of the bullish trend, however, a daily close below 1.2752 support level can signal a deeper correction.

The highlight risk event of the week is without a doubt the UK general elections. The General Election’s latest polls show the Conservative party still leading but the gap between the Conservatives and the Labour party has continued to narrow. The Conservatives lead in the polls with 43.2%, followed closely by the Labour party with 36.9%. The faith of Brexit negotiation will be decided by the UK general elections so generally, we should expect higher volatility. The UK economic calendar looks empty this week. The major (and that’s with a capital M) risk event is in the 8th June snap election.

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GBPUSD Weekly Forex Forecast – 5th to 9th June 2017

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