[FOREX TIP] AUDUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

AUDUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

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The AUDUSD bullish trend continues to remain intact but the bulls need to overtake the key resistance level 0.7346 in order to see the bullish momentum accelerate to the upside. A daily break and close above 0.7346 will open up the door for a retest of the resistance level 0.7443. On the downside, the first level of support comes at the 0.7200 level which also aligns itself with the 200 moving average. Only a daily break and close below 0.7200 can signal a shift in the trend direction.

We also have some high risk events scheduled on the Australian economic calendar. RBA interest rate decision is scheduled to be released on Tuesday. The market consensus is for the RBA to keep rates unchanged at 1.5%. Wednesday, the GDP figures for the third quarter are scheduled to be released and Thursday the Trade Balance figures are another risk event that can disrupt the market volatility.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 3rd to 7th Dec 2018

USDCAD Weekly Forex Forecast – 3rd to 7th Dec 2018

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The USDCAD continues to consolidate the previous gains and as long as we trade above the key 200 moving average we should expect the bullish case to remain intact. On the downside, the first level of support only comes at the key level 1.3220. For the bears to regain control they would need a daily close below 1.3220, which will open the door for a retest of the support level 1.3070. A change in the trend direction can only happen if we get a daily break and close below the big psychological number 1.3000. The stochastic indicator is in neutral territory and we don’t have any signs of extreme oversold or overbought readings.

On the upside, the first level of interest is the previous week high established at 1.3360, which is also close to our key resistance level 1.3380 from where the bears can try one more time to drive USDCAD lower. On the Canadian economic calendar there are heavy risk events that can disrupt the market volatility. On Wednesday, the BOC interest rate decision has the potential to give more clarity to the price action. Thursday, we have the OPEC meeting and Friday will bring the Unemployment rate which can further disrupt the market volatility.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

GBPUSD Weekly Forex Forecast – 3rd to 7th Dec 2018

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The GBPUSD bears continue to remain in control as we continued to make lower lows followed by lower highs. The major swing low established at the 1.2664 level is the next big hurdle that the bears need to overcome. But, since the stochastic indicator is already in oversold territory we can expect a pause before the 1.2664 level to be challenged again. On the upside, the first resistance level we should keep an eye on is the 1.2800 level.

However, for a material change in the trend direction to happen we need a daily break and close above the key resistance level 1.2936, which will open the door for the big psychological number 1.3000 to be challenged again. The UK economic calendar will bring some risk events that can disrupt the market volatility. Monday we have the MARKIT Manufacturing PMI data followed by BOE’s Governor Carney speech on Tuesday. On Friday, we have the NFP report and according to the general consensus the US economy should add 205k new jobs versus 250k previous reading.

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[FOREX TIP] EURGBP Price Action Analysis – 29th Nov 2018

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EURGBP has been down trending on the H4 chart by obeying a Trendline. The price is approaching the level of resistance, so it may be the time for the H4 chart trader to keep an eye on the pair to get an H4 Bearish Engulfing Candle to go short on the pair. Let us have a look at the H4 EURGBP chart.

EURGBP Price Action Analysis – 29th Nov 2018

As the chart suggests that the price has been down trending by obeying a Trendline. Moreover, the price is approaching the level of 0.88780 which is a very significant level of horizontal resistance. The price had reacted to that level heavily earlier. If the price goes back to the level and the level produces an H4 Bearish Engulfing Candle, then selling the pair would get us some green pips. Summary of the trade…

• Sell Limit Order: 0.88780
• Stop loss:  0.89500
• Take profit: 0.87900
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

The level we are aiming at producing the H4 Bearish Engulfing Candle that would be a Dynamic Resistance Level. It is called Dynamic Resistance Level because a horizontal resistance line and trendline resistance line both meet at that point. Dynamic Resistance Point or Dynamic Support Point both have a huge impact in the Forex market. If they end up producing an Engulfing candle to the direction of the trend, very rarely an entry would go wrong. This means two equations we have to remember here

1. Dynamic Support/Resistance Point
2. Bullish/Bearish Engulfing Candle

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[FOREX TIP] GBPCAD Price Action Analysis – 28th Nov 2018

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GBPCAD has been within a range on the H4 chart. The H4 chart shows that the price produced two double tops and two double bottoms so far within that range. The price again near to the support level and it seems that it might end up producing a double bottom by making a breakout at the neckline. Let us have a look at the H4 GBPCAD chart.

GBPCAD Price Action Analysis – 28th Nov 2018

The level of 1.69110 is the level of support and 1.69880 is the level of resistance that hold the whole equation here. If the level of support produces an H4 bullish engulfing candle and makes a breakout at the level of 1.69880, then the price would head towards the level of 1.71120 without having that many pauses. Let us have a look at the summary of the trade…

• Buy Stop Order: 1.69880
• Stop Loss: 1.69110
• Take Profit:  1.71120
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

There is an interesting point that we have to notice. The breakout could take place at the support level as well. If that happens, then the price has to go towards the support level; produces an H4 bearish engulfing candle and makes a breakout at the level of 1.69110. The equation would work entirely in a different way then. This is the beauty of the Forex market. Things get change within a blink of an eye. At the moment, considering the chart and the price action, our job is to eye for an H4 bullish engulfing candle and a breakout at the resistance level to take a long entry.

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