Over 800 people needed medical assistance after the Spanish police used force to prevent Catalans from voting in an independence referendum. The poll, deemed illegal by Spain’s constitutional court, resulted with 90% support for breaking away, but turnout was low, around 42%. The European Union said that the conflict was internal and markets had largely [...]
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AUDUSD Weekly Forex Forecast – 2nd to 6th Oct 2017
The AUDUSD has found support around August’s low 0.7800 support level. We are already being able to see longer wicks to the downside which might indicate buyer presence. However, only a break and a daily close above the 0.7875 resistance level can confirm that we’re ready to resume the bullish trend.
The stochastic indicator is already pointing and the fact that we don’t have much resistance on the upside until the big psychological number 0.8000 it can help the bulls in this case. For the bearish case only a break and a close below 0.7800 can be a positive sign. The Australian economic calendar will bring the RBA interest rate decision on Thursday which is more likely to set the tone and the direction for the AUDUSD price. The market consensus is for a no change in the interest rate policy in which case it will all come down to the language used.
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USDCAD Weekly Forex Forecast – 2nd to 6th Oct 2017
The USDCAD rally is still corrective as the bearish trend has more legs to go down. The inability to close above the big psychological number 1.2500 speaks volumes in terms of how strong the bulls really are. From here on we should expect any move above 1.2500 to quickly fade away. However, a daily close above 1.2500 can open the door for more upside all the way to 1.2620 resistance level.
On the downside, the first level of support comes at 1.2410 while a break and a daily close below it can open the door for a retest of intraday support level 1.2250. The stochastic indicator is already in overbought territory, so we can expect early in the week the move to the downside to begin. The Canadian economic calendar looks busy in terms of risk events. On Monday we have the Markit Manufacturing PMI figures followed by The Business Outlook Survey released by BOC. Last but not least, on Friday we have the Canadian unemployment figures which can be the catalyst for some volatility.
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GBPUSD Weekly Forex Forecast – 2nd to 6th Oct 2017
The GBPUSD continued to retrace but found support at 1.3350. The current sell off looks corrective in nature and the daily bullish trend remains intact so as long as we trade above 1.3350 we should expect a resumption of the trend. However, a break below will open the door for a retest of next important support level 1.3220. The stochastic indicator is moving away from oversold condition and this is supportive for the bullish case. On the upside, the first level of interest is the resistance level 1.3450. A break above will expose the big psychological number 1.3500 which is the level that the bulls need to conquer to suggest they are really in control of this market.
We can note on the UK economic calendar few risk events that can disrupt the GBPUSD volatility. Monday, we have the Markit Manufacturing PMI, which is expected to slightly be weaker at 56.4 versus 56.9 previous reading. On Wednesday, traders should pay attention to the Markit Services PMI, which is expected to come flat at 53.2. Last but not least, Fed Chairman Yellen is also scheduled to speak at a community banking conference hosted by the Federal Reserve Bank of St. Louis.
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EURUSD started the last week with huge gap for German election. It seems that the gap had played a vital role in the market as well. It is time for the EURUSD traders to get their plan ready about next week’s high impact news events. Let us have a look at high impact news events are to take place in the week ahead that might create huge volatility on the pair.
It often ends up producing spikes on the intraday charts. Thus, EURUSD traders should be careful with their intraday floating positions before this news event takes place.
EURUSD intraday traders could use the volatility in their favour, which is caused by this news event.
It often ends up producing spikes on the intraday charts. Intraday traders should come out with their floating positions before this news event.
This could make the pair very volatile. Thus, better be careful as far as intraday trading is concerned.
This is a news event, which comes with many opportunities. EURUSD traders should keep their eyes on the impact of this news event and take entries once the news event is finished.
If you are a EURUSD trader, take a note on your notebook that this day is going to be extremely volatile. Big time frame traders will surely keep their eyes on these news events to take their entries of the month.
The post Weekly Forex News Events for EURUSD – 2nd to 6th Oct 2017 appeared first on Advanced Forex Strategies.
Catalans are voting in a referendum for independence that has been deemed illegal and unconstitutional by Spain. The Spanish police has sent reinforcements, tripling its presence. They have sealed some polling places and also confiscated ballot boxes. Unfortunately, also violence has erupted. This includes clashes between police and protesters and also firing of rubber bullets. The [...]
The post Spain uses force to prevent Catalans from voting – 38 wounded appeared first on Forex Crunch.
EUR/USD fell to the lowest levels in a month but managed to recover. What’s next? Here is their view, courtesy of eFXnews: On August 31, Bank of America Merrill Lynch FX Strategy Research Research opened a short EUR/USD spot trade from 1.1891 on that ground fundamentals, quant and technicals argued for a decline. “EUR/USD has traded around [...]
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