[FOREX TIP] AUDUSD Weekly Forex Forecast – 14th to 18th Aug 2017

AUDUSD Weekly Forex Forecast – 14th to 18th Aug 2017

The AUDUSD didn’t manage to stay below 0.7875 which is the line between a bullish and bearish trend. The brief breakout didn’t alter the current run up in price and as long as we trade above on a daily closing basis, we should expect AUDUSD to have another attempt to retest the current year high at 0.8065. Obviously the first major resistance level is the big psychological number 0.8000. The stochastic indicator is not yet in overbought territory, so a rally early in the week can’t be ruled out. There is nothing much to be added as short-term, we’re trading in a consolidation that has scope to continue in the coming week.

The Australian economic calendar looks busy. First, we have on Monday the RBA Assistant Governor Kent speech followed by the RBA Meeting’s Minutes. Last but not least on Thursday the Unemployment rate will be the main risk event

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AUDUSD Weekly Forex Forecast – 14th to 18th Aug 2017

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

USDCAD Weekly Forex Forecast – 14th to 18th Aug 2017

The USDCAD has taken a big retracement after a very persistent bearish trend. The price structure still looks corrective in nature, so obviously it’s wise to expect a resumption of the downtrend. Last week high at 1.2750 should act now as the first level of resistance but a break above can send USDCAD into a bigger retracement and see 1.2850. The stochastic indicator is pointing down so naturally this favors the bears. We still need a daily break and close below 1.2655 and then later a break below 1.2570 to really signal that the pullback is over. The big psychological number 1.2500 is another level of interest that can act as support.

The Canadian economic calendar has only one major risk even on Friday when the CPI inflation figures are scheduled to be released. However, from the other side of the momentary policy spectrum, we have the FOMC minutes coming this Wednesday, which should define what the next dollar move should be.

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USDCAD Weekly Forex Forecast – 14th to 18th Aug 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 14th to 18th Aug 2017

GBPUSD Weekly Forex Forecast – 14th to 18th Aug 2017

The GBPUSD has manage to break below the big psychological number 1.3000 for a brief period of time. However, neither the bulls nor the bear managed to take control of the trend. Even though we have a marginal weekly close above 1.3000 that’s still not enough for the bull case. There is still a risk to take another deep towards at least 1.2900 first level of support. Only a daily close below 1.2900 will truly warn of a bigger pullback possibly towards 1.2720. On the upside the first level of resistance comes at 1.3114. A break and a daily close above will open up the door for a retest of 1.3300 next important resistance levels. The stochastic indicator is in oversold territory, so the bullish case has bigger chances of success.

The UK economic calendar will bring some big news events that can drive the market volatility higher. On Tuesday we have the CPI inflation figure, which right now is the main market driver as is one of the factors that gauge the interest rate forecasts. Wednesday, we have the UK Unemployment rate is at 4.5% a level not seen since 1970. Last but not least, on Thursday we have the UK retail sales which, you need to keep an eye on.

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GBPUSD Weekly Forex Forecast – 14th to 18th Aug 2017

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[FOREX TIP] USDCHF Weekly Forex Forecast – 14th to 18th Aug 2017

USDCHF Weekly Forex Forecast – 14th to 18th Aug 2017

Technical Outlook: USDCHF rallied towards 0.9730 before pulling back. However, the higher low formed suggests a potential inverse head and shoulders pattern forming on the daily chart. Watch for a reversal at the current levels of 0.9619. This would mark the right shoulder pattern being formed. To the upside, a breakout from the neckline resistance at 0.9730 will suggest further gains towards 0.9894. In the event that USDCHF dips below 0.9564, this would potentially invalidate this evolving inverse head and shoulders pattern.

Fundamental Outlook: Data from Switzerland will see the monthly producer prices index data coming out on Tuesday. Besides this, the week is fairly quiet. However, the CHF will be driven by both the safe haven trade as well as the U.S. data. The FOMC meeting minutes will be an important economic event this coming week. Besides the FOMC meeting minutes, the U.S. retail sales figures will also be coming out. This will be followed up by the industrial production data and preliminary data on manufacturing such as the Empire State Manufacturing Index.

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USDCHF Weekly Forex Forecast – 14th to 18th Aug 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 14th to 18th Aug 2017

USDJPY Weekly Forex Forecast – 14th to 18th Aug 2017

Technical Outlook: The sentiment in the USDJPY deteriorated, largely on account of the investor risk appetite fading on the back of the North Korea tensions. The breakdown of the support at 109.70 gave way to further declines in the USDJPY. Price action was seen slipping back to retest the lows from 13 June near 109.07. However, we could anticipate a base forming out at this level. Mind the falling trend line which could be breached. Look for USDJPY to clear the near term resistance at 109.70 following which we could expect further gains after the trendline is broken. Resistance at 110.80 will be the immediate target for USDJPY.

Fundamental Outlook: It is a rather quiet week from Japan. Most of the economic data will be coming out on Tuesday and Wednesday. The revised industrial production numbers will be coming up first followed by the trade balance data. Most importantly however, the ongoing political situation between North Korea and the United States will likely remain a key factor. Due to the fact that the Japanese yen is seen as a save haven currency, any developments on this aspect over the coming week could keep the USDJPY fairly volatile.
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USDJPY Weekly Forex Forecast – 14th to 18th Aug 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 14th to 18th Aug 2017

EURUSD Weekly Forex Forecast – 14th to 18th Aug 2017

Technical Outlook: The EURUSD dipped to 1.1728 last week to establish support. Price action rallied back to retest the 1.1825 level before closing the 4-hour session at 1.1824. Resistance level is seen at this level which briefly played out as a support level two weeks ago. With resistance being formed here, EURUSD is likely to remain range bound within the resistance level of 1.1825 and the support at 1.1728. A breakout from this range will establish further direction in the near term. To the downside, the next support comes in at 1.1565, while to the upside, we can expect further gains to continue above 1.1825. Given the sharp gains in prices, EURUSD is likely biased to the downside.

Fundamental Outlook: Data from the Eurozone for the week ahead will see some key flash economic indicators being released. After a rather quiet start to the week, Germany’s preliminary GDP data for the second quarter will be coming out on Tuesday. The German GDP data will of course set the tone for the Eurozone’s GDP numbers that are due to come out later in the week. Besides the flash GDP estimates for the Eurozone, the inflation figures will also be released on Thursday. Following a modest increase of 1.3% in July, another consecutive monthly increase in inflation could potentially increase the odds for the ECB to announce tightening monetary policy in September.

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EURUSD Weekly Forex Forecast – 14th to 18th Aug 2017

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CryptoCurrency News: Open Questions for Coinbase: Will Users Benefit from Its $100 Million Raise?

After securing $100 million in funding, CoinDesk looks at the key challenges facing the best capitalized US bitcoin and cryptocurrency startup.

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CryptoCurrency: Ethereum News August 12, 2017 at 07:00PM #ETH

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