The world’s second-largest economy enjoyed solid economic growth at an annualized level of 6.9%, better than 6.8% expected. In addition, industrial output increased by 7.6%, much better than 6.5% expected. Australia exports metals to China, metals which are used in industry and in housing. In theory, the good news should help the Australian dollar. AUD/USD [...]
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Weekly Forex News Events for EURUSD – 3rd to 7th July 2017
EURUSD had a bullish week. The last Friday’s news on the USD made the pair move towards the North. At the end, the pair ended the week with a bullish tone. Next week there are not too many high impact news events. Thus, the pair would run more technically than fundamentally. However, these are the news events below that we need to keep our eyes on if we are to trade on EURUSD.
This is the first high impact news event, which might make the pair volatile in the next week. It often produces long spikes on the intraday charts.
This high impact news event has the potential to make the pair very volatile as well. It does not always end up producing extreme volatility, but EURUSD traders should be careful with this news event. Without any doubt, intraday charts will surely be volatile for this news event.
This is one high impact news event for EURUSD traders. The pair normally gets volatile during “ECB press conference” even on the bigger time frames. Thus, it produces excellent trading opportunities as well if the traders know how to deal with it accordingly.
This is another big news event, which has been scheduled at the same time with ECB press conference. Thus, the traders should be very patient at this time and manage their trade with caution.
The post Weekly Forex News Events for EURUSD – 17th to 21st July 2017 appeared first on Advanced Forex Strategies.
AUDUSD Weekly Forex Forecast – 17th to 21st July 2017
The AUDUSD broke above 0.7748 previous yearly high level opening up for a possible retest of the big psychological number 0.8000 and later on possibly a retest of 0.8200 significant resistance. On the downside we can only expect all pull back to be very short both in price and in time. The first level of support is at June high 0.7712 followed by 0.7635 intraday support level. The stochastic indicator might be already in overbought territory but the price structure suggests this is an impulsive up swing. The line of least resistance remains to the upside for Aussie.
The Australian economic calendar looks heavy in terms of risk events. On Monday we start off the new trading week with a proxy risk event. China, which is an important trade partner of Australia will release the GDP figures. Based on the market consensus we should see a pick up in the economic growth of 1.7% versus 1.3% forecasted for the second quarter. Tuesday the RBA Meeting Minutes will be the main catalyst for Aussie while Thursday we have the Unemployment figures which can set the tone for the AUDUSD exchange rate.
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USDCAD Weekly Forex Forecast – 17th to 21st July 2017
The USDCAD has broken to new yearly lows reaching a 14-months low after the BOC decided to raise the benchmark interest rate from a historic low level of 0.5% by a quarter of a point. The sell-off has already reached extreme oversold conditions in multiple time frames and sooner rather than later we’re going to have a retracement. The stochastic indicator is already in oversold conditions on the 4h chart suggesting that a pull back in the coming week is very likely.
The USDCAD technical pattern suggests support at last week low 1.2648 but we also have intraday support at 1.2600. A daily close below these level can suggest that the downside is not yet over and we might see the bearish trend extending to 1.2500 near the 2016 low. On the upside the first level of resistance only comes in at 1.2850. The Canadian economic calendar is striped out from any major risk event that can cause a jump in the market volatility.
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GBPUSD Weekly Forex Forecast – 17th to 21st July 2017
The GBPUSD technical pattern has turned into a strong bullish trend after we broke above the big psychological number 1.3000. The weekly close above 1.3000 has open up the door for a retest of the 1.3300 the next significant resistance level. On the downside the 1.3047 followed by 1.3000 remains key support levels. The stochastic indicator is already in overbought territory and this might indicate further consolidation until we get a rest of the stochastic. A break above last week high 1.3124 will give us a signal that we’re in a strong bullish trend and more upside should be expected.
The UK economic calendar has plenty of risk events on the docket. On Tuesday we have the CPI inflation figures that can be the catalyst for some market volatility. On Wednesday we have the Inflation Report Hearings which is market as a high risk event. Last but not least on Thursday we have the UK Retail Sales figures which as per the general consensus are expected to come better than the previous -1.2% reading.
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