[FOREX TIP] Weekly Forex News Events for EURUSD – 16th to 20th Oct 2017

EURUSD had a bullish week. In the next week, there are not too many high impact news events to take place. Thus, traders who love to trade based on the technical analysis would love the week. However, there are two trading days, when traders have to be watchful with their trading plans. Let us have a look at the schedule of these high impact news events.

Wednesday-18^th October-08.10 GMT

• ECB President Draghi speaks

EURUSD pair always reacts strongly whenever Draghi speaks. Timing of his speech is different than the usual timing of his speech. However, intraday traders must be careful with their opened position before this event.

Wednesday-18^th October-12.30 GMT

• Building permits

This is a high impact news event, which creates huge volatility on the intraday charts. EUROUSD traders should have a strong plan with their intraday floating trades before this news event.

Wednesday-18^th October-14.30 GMT

• Crude oil inventories

This news event does not always create that much of volatility, but can be extremely volatile on its day. Some great trading opportunities can be found once the market is settled down after the news event.

Thursday-19^th October-12.30 GMT

• Unemployment claims

This would be the news event next week, where EURUSD traders will keep their eyes on very eagerly. No doubt, it sweeps away intraday stop losses during the event hour. Yes, it also creates great trading opportunities once the market is settled after the event. Thus, EURUSD traders should be sensible to deal with this news event.

 

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 16th to 20th Oct 2017

 

AUDUSD Weekly Forex Forecast – 16th to 20th Oct 2017

The AUDUSD bounce lacks momentum and it can quickly fade away. There is no clear bias and thus we can expect more price range unless some real momentum can be seen. On the upside, we have the resistance level 0.7875 and any break above, it can quickly fade away. However, a daily close above 0.7875 can open the door for a possible retest of 0.8000 big psychological numbers. On the downside o.7800 remains our first intraday support. A break and a daily close below will open the door for a retest of the last week low 0.7730. The stochastic indicator is already in oversold territory and we might see first a reaction lower.

The Australian economic calendar will bring some big risk events. First, we have the RBA’s Meeting Minutes scheduled on Tuesday and on Thursday we have the Unemployment rate. We can also point as a proxy risk event the Chinese GDP figures scheduled for Thursday as well.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 16th to 20th Oct 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 16th to 20th Oct 2017

 

USDCAD Weekly Forex Forecast – 16th to 20th Oct 2017

The USDCAD has a nice reaction to the downside, but now we’re heading right into support level 1.2400 which can produce a reaction higher. A break and a daily close below 1.2400 but more importantly a close below the 200 EMA will open up the door for more downside and a possible retest of support level 1.2250.

On the upside last week high 1.2600 remains key and as long as we stay below, we should expect more range and possibly the last week price range to get filled in. The stochastic indicator is in oversold territory and it supports the idea of a bounce. There is no major news events scheduled on the Canadian economic calendar with the exception of the CPI inflation figures and the Retail figures scheduled on Friday. Expect the USD/CAD to be more technically driven.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 16th to 20th Oct 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 16th to 20th Oct 2017

GBPUSD Weekly Forex Forecast – 16th to 20th Oct 2017

The GBPUSD has managed to reverse and recoup some of the previous losses. The support above the big psychological number 1.3000 has seen buyers step in and as long as we remain above this pivot level, there is a higher chance of more upside to be seen. Short-term the first level of resistance comes in at 1.3340 while a break and a daily close above will expose a run towards the next big resistance level 1.3500. The stochastic indicator is in overbought territory but the sharp move from oversold condition is not an indication of an overbought market quite contrary we can expect more buyers showing up. On an intraday basis the 1.3150 should hold any downside pressure if the bulls are really in control.

The UK economic calendar has some notable risk events that can be the catalyst for some volatility. On Tuesday the inflation CPI figures will do the rounds. The annualized inflation rate is at 2.9% well above BOE’s target. Wednesday, traders should keep an eye on the Unemployment rate and the Inflation report hearings. Last but not least, we can note the UK Retail Sales scheduled on Thursday as well.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 16th to 20th Oct 2017

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[FOREX TIP] USDCHF Weekly Forex Forecast – 16th to 20th Oct 2017

USDCHF Weekly Forex Forecast – 16th to 20th Oct 2017

Technical Outlook: The USDCHF remains trading rather choppy although price action has managed to post some gains. A brief rally close to 0.9830 last week failed to hold up which eventually saw the U.S. dollar pulling back strongly as a result. Still, with USDCHF above the support at 0.9563 the bias is supportive of a bullish rally. The resistance at 0.9861 suggests that USDCHF could be attempting another rally to test the resistance level near 0.9861 area. But following this a breakout from above this resistance is needed in order to post further gains.

Fundamental Outlook: The Swiss franc will see a slow week leaving most of the action to the U.S. In comparison, the U.S. has a somewhat busy week ahead. Starting off with some forward looking indicators such as the Empire state manufacturing index. Focus also turns to the housing market with the building permits and housing starts data on the cards this week. On late Friday, the Fed chair Janet Yellen is scheduled to speak. However, it is unlikely that given the timing of the speech which is late Friday/early Saturday, Ms. Yellen might not speak much about monetary policy.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 16th to 20th Oct 2017

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[FOREX TIP] USDJPY Weekly Forex Forecast – 16th to 20th Oct 2017

Technical Outlook: The USDJPY continues to decline at a steady pace following price action failing to breakout above the 112.90 level of resistance that has been established. The downside in USDJPY could see price eventually falling to 110.91 level of support. With the unfilled gap seen close to this level the bias to the downside is strong. However, on the 4-hour chart, the Stochastics oscillator is currently expecting to make a bullish crossover which suggests a near term upside in price. Overall, USDJPY remains range bound within 112.90 and 110.91.

Fundamental Outlook: A slow week from Japan will see no major economic releases that could move the markets. The industrial production figures and trade balance data are the main events coming up this week. Investors will be focusing on the weekend Japanese elections. The snap elections were called by the Japan’s Prime Minister, Shinzo Abe and elections are due to be held on October 22. Abe signaled that he would resign if his LDP party did not win with a majority, raising the stakes. Watch the Japanese yen for any potential reactions as the election draws closer.

Previous USDJPY Weekly Forex Forecast

USDJPY Weekly Forex Forecast – 16th to 20th Oct 2017

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[FOREX TIP] EURUSD Weekly Forex Forecast – 16th to 20th Oct 2017

EURUSD Weekly Forex Forecast – 16th to 20th Oct 2017

Technical Outlook: The EURUSD was seen posting gains last week as price action broke out from the descending wedge pattern. The rally towards 1.1880 level marks the upside target from this breakout. By Friday’s close, EURUSD attempted another rally but failed short off testing the 1.1880 level once again. This suggests some downside in EURUSD as price action is now likely to push lower to the support level that can be established at 1.1765. A break down below this support could extend further declines in EURUSD. Traders should also note that last week’s rally to 1.1880 marks the formation of the right shoulder in the EURUSD with the neckline support seen at 1.1691. This potentially suggests the head and shoulders pattern in the making and could signal a decline if EURUSD breaks down below 1.1691.

Fundamental Outlook: Economic data from the Eurozone remains light this coming week. The week starts off with the German wholesale price index followed by the ZEW economic sentiment report as well. The Eurozone’s statistics office, Eurostat will release the final inflation figures for the month of September. No changes are expected following the flash estimates and the data is expected to show inflation in the Eurozone staying stable. The German Bundesbank will be releasing the monthly report this week as well. With the lack of economic data to go by, investors are likely to fall back on the political developments in Spain. Last week the Catalonian parliament stopped short of declaring independence. This was seen as a positive for many in the region and dialogue is expected to continue. For the moment, the risks are low but any speculation or rumours could make the euro volatile.

Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast – 16th to 20th Oct 2017

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