[FOREX TIP] AUDUSD Weekly Forex Forecast – 7th to 11th Aug 2017

AUDUSD Weekly Forex Forecast – 7th to 11th Aug 2017

The AUDUSD has found a strong resistance level at the big psychological number 0.8000. This is the third consecutive week AUDUSD reacts lower and isn’t able to break above it. Until we remain below 0.8000 the risk remains skewed to the downside and we could see a deeper retracement. For the time being AUDUSD seems also trapped in a consolidation zone between support level 0.7875 and 0.7990 and 0.8000 resistance level. Just below our support level, we have 0.7790 followed by 0.7712. AS long as we’re trading within these boundaries we should expect more range.

The Australian economic calendar is stripped of risk events that can move the market, but we have some proxy risk events like the Chinese Trade Balance figures scheduled to be released on Tuesday. Next day, on Wednesday we have the Chinese CPI inflation figures which can put some pressure on the AUDUSD exchange rate.

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AUDUSD Weekly Forex Forecast – 31st July to 4th Aug 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 7th to 11th Aug 2017

USDCAD Weekly Forex Forecast – 7th to 11th Aug 2017

The USDCAD has bounced after a very long bearish trend that reached some levels of exhaustion. It remains to be seen if the current retracement has more legs or not. The weekly close above the big round number 1.2500 can indicate that the bulls are now in control. The stochastic indicator might also suggest that we can see a retest of 1.2500 for one more time since we’re in overbought territory.

The first level of support comes at 1.2570 and only a break and a close below this level will open up the door for a retest of 1.2500. On the upside, the first level of resistance comes in at 1.2770 followed by 1.2850 but it’s unlikely that USDCAD will retrace that far as the bearish trend remains strong. The Canadian economic calendar is empty with no major risk events that can impact the USDCAD volatility. Look for the exchange rate to be driven mainly by technical levels.

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USDCAD Weekly Forex Forecast – 7th to 11th Aug 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 7th to 11th Aug 2017

GBPUSD Weekly Forex Forecast – 7th to 11th Aug 2017

The GBPUSD gave back some of the previous gains after it broke through successive support levels. On a weekly basis, we still weren’t able to close below the big psychological number 1.3000. However, the risk remains skewed to the downside as long as we still trade above the 200-EMA the bullish trend remains intact. The stochastic indicator is suggesting that we might see a pause in the current sell off since we’re in oversold territory. But for the downside to be confirmed we still need a break and a daily close below 1.3000 which will open up the door for a retest of 1.2900 support level. On the upside, the first important resistance level only comes in at 1.3114 followed by last week high 1.3266.

The UK economic calendar will bring some important fundamental data that can impact the market volatility. Tuesday we have the NIESR GDP estimate figures which picked up by 0.3%, which is in line with the 1.7% 2017 GDP forecast. The biggest risk event for the British Pound is Wednesday when we have the Inflation Report. Thursday we have the Trade Balance figures followed by the Manufacturing Production figures

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GBPUSD Weekly Forex Forecast – 7th to 11th Aug 2017

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[FOREX TIP] Weekly Forex News Events for EURUSD – 7th to 11th August 2017

Weekly Forex News Events for EURUSD – 3rd to 7th July 2017

EURUSD finished the last week with huge a rejection from the North. The pair came down on Friday because of NFP’s “Unemployment Data”. However, the weekly candle still seems to be bullish. The next week there are few high impact news events for the EURUSD. Let us have a look at the schedule of those…

Wednesday- 9th August 2017-14.30 GMT

• Crude oil inventories

This is an important news event for the Forex market. Especially the USD could highly get affected in this news event. Thus, EURUSD traders should carefully deal with this news event. It does not always shake the market though, but it does have the potential to do so.

Thursday- 10^th August 2017-12.30 GMT

• PPI m/m
• Unemployment claims

“Unemployment Claims” data always has something to do on the Intraday EURUSD chart. Normally it creates opportunity for the traders. However, traders should be careful with their intraday entries before this news event.

“PPI m/m” is going to be released at the same time as well. Thus, it would be best for the EURUSD traders to see off the impact of these two news events and then to take entries.

Friday-11^th August- 12.30 GMT

• CPI m/m
• Core CPI m/m

These two high impact news events are going to take place at the same time as usual. Moreover, it would be the 11^th hour of the week to finish off. Thus, the pair might get very volatile. EURUSD traders should have a strong plan to keep running their intraday trades during this news hour.

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[FOREX TIP] USDCHF Weekly Forex Forecast – 7th to 11th Aug 2017

USDCHF Weekly Forex Forecast – 7th to 11th Aug 2017

Technical Outlook: USDCHF has finally managed to bounce off the lows near 0.9564. Price action hit 0.9730 on Friday before posting a modest pullback. We can expect to see a near term inverse head and shoulders pattern that could be forming. Watch for USDCHF to dip back to 0.9612 where the left shoulder was formed or back to the support at 0.9564. This inverse head and shoulders pattern could suggest a strong upside momentum in prices. Resistance is seen at 0.9861 – 0.9894 following which further upside could be seen towards 1.0000..

Fundamental Outlook: Inflation and unemployment will be the main themes from Switzerland this week. Inflation had slipped 0.1% previously on the month and an uptick in inflation could possibly boost the prospects for the economy. The unemployment rate was seen at 3.2% and no major surprises are expected. With broadly neutral data, the Swiss franc is likely to remain trading subdued. Data from the U.S. is also limited which keeps the price action rather tamed.

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USDCHF Weekly Forex Forecast – 7th to 11th Aug 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 7th to 11th Aug 2017

USDJPY Weekly Forex Forecast – 7th to 11th Aug 2017

Technical Outlook: The USDJPY fell strongly below the 110.80 support level. However, price action has failed to test the next lower support at 109.70. The current reversal we see has met with 110.80 serving as resistance. Therefore a bearish close from here on could suggest a near term decline in USDJPY. To the downside, watch for USDJPY to test 109.70 to establish support. USDJPY could remain range bound in the near term within the resistance and support levels mentioned. Further direction could be set only on a breakout from this range. For the moment, the gains are capped by both the resistance and the falling trend line.

Fundamental Outlook: A quiet week from Japan, the main highlights include the leading indicators data due on Monday as well as the current account data. The Japanese yen has remained rather volatile especially on comments from some of the BoJ officials. Therefore, the lack of data is likely to keep the JPY at risk to any further comments over the week. The machinery orders and preliminary machine tool orders are expected as well over the week. On Friday, the U.S. inflation data will be released which will be the key data point for the USDJPY.

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USDJPY Weekly Forex Forecast – 7th to 11th Aug 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 7th to 11th Aug 2017

EURUSD Weekly Forex Forecast – 7th to 11th Aug 2017

Technical Outlook: EURUSD continued to post strong gains as the currency pair broke toward 1.1900 briefly last week. However, a strongly better than expected nonfarm payrolls for the month of July sent the U.S. dollar stronger. EURUSD closed bearish as a result. Price action briefly dipped to 1.1728 as a result before the common currency posted a pull back. As a result, we expect EURUSD to remain range bound above 1.1728 before further declines can be expected. Watch for a break down below 1.1728 support in which case, EURUSD could see testing 1.1565 support lower. For the moment, the upside momentum has likely been exhausted and further gains can be seen coming only on a close above the previous highs..

Fundamental Outlook: Data from the Eurozone will mostly see second tier data coming out. The week starts off with the German industrial production numbers as well as the Eurozone Sentix investor confidence data. Later in the week, on Friday, the final inflation figures for Germany and France will be released. This will likely give an early insight into how the overall Eurozone inflation has picked up. Flash estimates already showed last week that headline inflation in the Eurozone increased 1.3% while the core inflation rate also ticked higher to 1.2%. The bullish case for the euro remains well intact based on the positive uptick in inflation.

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EURUSD Weekly Forex Forecast – 7th to 11th Aug 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 31st July to 4th Aug 2017

 

EURUSD Weekly Forex Forecast – 31st July to 4th Aug 2017

Technical Outlook: The EURUSD continues to post higher highs and higher lows suggesting that the uptrend is intact. A clear confirmation of a change is required in the EURUSD only then will the downside bias confirm the view. Currently, on the 4-hour chart, EURUSD is seen testing the previous highs that was formed. However, note that the Stochastics oscillator is currently posting a lower high. This divergence could suggest a near term decline. Technical support is seen at 1.1565 which could be tested as a result. Therefore, look to sell EURUSD on a daily close below 1.1728 which could see the much needed correction. Below 1.1565, further declines could send EURUSD lower towards 1.1489.

Fundamental Outlook: The week ahead will see economic data reflect on Germany’s retail sales. More importantly, the flash estimates for the month of July will be the main event to look forward to. After a brief decline in inflation, consumer prices in the eurozone showed an uptick in June. Traders will be focusing on whether the trend can be maintained and if inflation can continue to rise in July as well. A better than expected headline inflation reading will no doubt signal that the ECB will be coming under pressure to announce its tapering plans. On Tuesday, the quarterly GDP numbers from the eurozone is expected. This is for the period ending June. Second quarter GDP is expected to rise 0.6%, the same pace as the previous quarter.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 31st July to 4th Aug 2017

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