[FOREX TIP] XAUUSD Price Action Analysis – 7th June 2017

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XAUUSD Price Action Analysis – 7th June 2017

XAUUSD or GOLD has been bullish for the last 4 weeks. The price has kept going towards the North and made new higher highs. In fact, the price has been trapped on an uptrending channel on the Daily chart and still there is a lot of space for the price to go upwards. To go with it, H4 chart suggests that an opportunity might be round the corner to go long on Gold. Let us have a look at the H4-Gold chart…

XAUUSD Price Action Analysis – 7th June 2017

The chart clearly suggests that, the price has been uptrending. However, 1296.10 has been acting as a resistance here. 1288.30 is a level near to that resistance, which has a huge potential to be a level of support. If 1288.30 holds the price and produces an H4 reversal candle, then going long on Gold should get us some green pips with an excellent risk and reward ratio. Let us have a look at the summary of the trade…

• Buy Stop Order: 1296.00
• Stop Loss Level: 1288.00
• Take Profit Target: 1316.00
• 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
• Validity: 72 hours (3 trading days)

The reversal candle we should aim for here is an Engulfing H4 candle. Engulfing candle is the best reversal candle, which attracts traders more over other reversal candles. Traders have less confusion before taking entry, thus price moves towards the desired direction with good speed. A Pinbar as a reversal candle is the second best. With a Pin bar, we have to wait for an H1 candle to make the breakout. This makes traders wait a bit longer than the Engulfing reversal candle.

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 12th to 16th June 2017

AUDUSD Weekly Forex Forecast – 12th to 16th June 2017

The AUDUSD technical pattern remains bullish in the short-term. The next major resistance level and area of interest is the 0.7600 level from where we can see a correction of the current bullish run. On the downside we have first the big psychological number 0.7500 acting as support. Only a break and a daily close below 0.7500 will confirm the Aussie is already in correction mode.

With the stochastic indicator already in oversold territory we can expect one more marginal high and a retest of 0.7600 before the downside to resume. The Australian economic calendar will bring the Unemployment figures on Thursday. Based on the general consensus the Unemployment rate is expected to remain flat at 5.7% while the number of employed people is expected to rise by 10k down from 37.4k previous reading which should be negative for the AUDUSD exchange rate.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 12th to 16th June 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 12th to 16th June 2017

USDCAD Weekly Forex Forecast – 12th to 16th June 2017

The USDCAD technical pattern has been trapped in a very tight ranging market for three consecutive weeks. The big psychological number 1.3500 remains the upper border of current range followed by 1.3545 intraday resistance while to the downside we have the 1.3386 acting as the lower border followed by 1.3338 support level. The stochastic indicator is in oversold territory already so early in the week we can expect the current range to persist. Only a daily break and close on either side of the market will confirm a new trend development.

The Canadian economic calendar is empty, but on Wednesday we have the Fed interest rate decision followed by Fed Chairman Yellen press conference. The market consensus is for the Fed to hike rates which should be positive for the greenback.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 12th to 16th June 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 12th to 16th June 2017

GBPUSD Weekly Forex Forecast – 12th to 16th June 2017

The UK parliament elections have shocked the market, which triggered a new round of GBPUSD selling pressure. The UK PM May has lost the majority in in the UK parliament which is going to make the Brexit talks more difficult and this market theme is going to keep GBPUSD under pressure in the coming week.

The technical GBPUSD pattern has broken to a 7-week low after breaking below 1.2752 key support level which now is expected to act as resistance. On the downside we don’t have much support level until the big psychological number 1.2500. We can not as intraday support level last week low of 1.2633 where a break and a daily lose below will open up the door for a retest of 1.2500. The stochastic indicator is already in oversold conditions so early in the week we can expect more consolidation before the downside to resume.

The UK economic calendar looks heavy with plenty scheduled risk events. We start the new week first with the Inflation Report Hearings. On Thursday the CPI inflation figures should be the main catalyst for higher volatility. The market consensus is for a flat reading on inflation. Wednesday we have the Unemployment figures while Thursday is the main risk event as the BOE is expected to announce its interest rate decision. The market consensus is for BOE to keep monetary policy unchanged.

Previous GBPUSD Weekly Forex Forecast

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

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[FOREX TIP] Weekly Forex News Events for EURUSD – 12th to 16th June 2017

Weekly Forex News Events for EURUSD – 12th to 16th June 2017

EURUSD had a bearish week. UK election might have held the market a little. We did not see usual liquidity in the market throughout the week. On the contrary, the Forex market might get huge liquidity in the next week. Here are some news events that might create volatility on EURUSD. Let us have a look at those news events.

Wednesday-14^th June-12.30 GMT

• CPI m/m
• Core CPI m/m
• Core retail sales m/m
• Retail sales m/m

All these data is about to be released at the same time, thus the pair often gets volatile and ends up producing spikes.

Wednesday-14^th June-14.30 GMT

• Crude oil inventories

This is another news event, which produces long spikes on the Intra-day charts.

Wednesday-14^th June-18.00 GMT

• FOMC economic projections
• FOMC statement
• Federal funds rate

First FOMC of the month, so traders must deal with this very carefully. It is to be used as an opportunity, so entries should be taken after the news affect.

Wednesday-14^th June-18.30 GMT

• FOMC press conference

FOMC Press conference sometimes could create extreme volatility.

Thursday- 15^th June-12.30 GMT

• Unemployment claims

A big news event, which could create extreme volatility on EURUSD. Traders have to be very careful with their intra-day position before this news event.

Friday-16^th June-12.30 GMT

• Building permits

This will be the last high impact news event of the week. Most of the traders to close their trading positions to finish the week off. Thus, volatility might get to an extreme level during this news event.

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[FOREX TIP] USDCHF Weekly Forex Forecast – 12th to 16th June 2017

USDCHF Weekly Forex Forecast – 12th to 16th June 2017

Technical Outlook: USDCHF has formed a temporary bottom testing a 7-month low at 0.9657. The reversal comes just a few pips away from the main target of the descending triangle pattern at 0.9564. In the near term, if the reversal sustains, then USDCHF could be seen testing the breached descending triangle support of 0.9861 – 0.9894. Resistance could be formed here, following which a new decline in USDCHF could be formed. To confirm the upside, price action will need to post a higher low and move past 0.9730.

Fundamental Outlook: A busy week to the Swiss franc as the quarterly monetary policy from the Swiss National Bank (SNB) is due this week. The 3-month LIBOR rate is expected to remain steady at -0.75%. The SNB is unlikely to announce any major changes and is likely to maintain that the exchange rate of the Swiss franc is overvalued. This could bring some volatility to the Swiss franc in the near term. Besides the SNB’s meeting, the central bank will also be releasing a financial stability report as well as on the macroeconomic side of things, the PPI data will be coming out.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 12th to 16th June 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 12th to 16th June 2017

USDJPY Weekly Forex Forecast – 12th to 16th June 2017

Technical Outlook: USDJPY posted a recovery rally, but it isn’t clear if this rally will be sustainable for now. Price action broke past 110.14 – 110.04 resistance level before slipping back slightly above this level. A break down below 110.14 – 110.04 will signal either a consolidation above the previous swing low point of 109.113 or a continuation above the recent swing high at 110.80 will signal further upside in price. The main technical resistance comes in at 111.69 – 111.57 which could be tested in the near term. With the current positioning of the Stochastics, we can expect a higher low to form, followed by a possible move to the upside.

Fundamental Outlook: The Japanese yen heads into a big week with the FOMC and the BoJ monetary policy decisions. The central bank meetings will keep the USDJPY volatile in the near term. While the Fed is widely expected to hike interest rates at this meeting, the BoJ is expected to hold back. The recent downward revision to the first quarter GDP will of course weigh on the officials’ decision making process. Still, no changes are interest rates are expected, which currently stands at -0.10% or the central bank’s massive QQE program.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 12th to 16th June 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 12th to 16th June 2017

EURUSD Weekly Forex Forecast – 12th to 16th June 2017

Technical Outlook: The inverse head and shoulders pattern which signals continuation in an uptrend was invalidated last week. Despite price breaking out above the neckline resistance at 1.1248 – 1.1250, EURUSD slipped back to close below 1.1200. This suggests a near term decline to the downside. From the 4-hour chart it is evident that EURUSD is likely to test the next lower support at 1.1126, which was briefly tested two weeks ago. As long as EURUSD remains above 1.1126, there is possibility of some upside in prices. Alternately, a break down below 1.1126 support could signal a dip towards 1.0950. EURUSD outlook is currently mixed right now but the technical levels should offer more clarity. Long positions can be expected on a breakout above the neckline resistance once again.

Fundamental Outlook: After a rather busy week, economic data from the Eurozone takes a backseat. Data will however see some important releases like the final inflation figures for the month of May. The data is expected to be released on Friday. German inflation figures are also coming up this week including the monthly forward looking ZEW economic expectations from Germany. With the FOMC meeting due next wek, focus will shift to the policy changes from the Fed.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 12th to 16th June 2017

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