The US dollar extended its recovery in the new quarter, at least against the majors. Is this trend real? US inflation data and the FOMC meeting minutes stand out in the second week of April. Here are the highlights for the upcoming week. The US gained only 103K jobs in March, fewer than expected. However, [...]
The post Forex Weekly Outlook Apr. 9-13 – Can the dollar continue higher? appeared first on Forex Crunch.
AUDUSD Weekly Forex Forecast – 9th to 13th April 2018
The Aussie didn’t manage to post any gains despite the broad based dollar weakness. This makes the AUD/USD more vulnerable on the downside and a break below 0.7640 previous week low can be seen. However, for the bears to really take control of the trend we need a daily close below 0.7640, otherwise this can be proven a false breakout that can potentially form a new swing low.
On the upside the last week high 0.7726 can be a good level of resistance. However, the bulls have a chance to dominate this market only if they manage to bring the AUDUSD above key resistance level 0.7800. The stochastic indicator is neutral territory, so not much insight can be taken out of it. There are no major risk events on the Australian economic calendar other than the speech of RBA Governor Lowe which is due to speak at the Australia-Israel Chamber of Commerce, in Perth.
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USDCAD Weekly Forex Forecast – 9th to 13th April 2018
The USDCAD technical pattern suggests that the Canadian dollar might be poised for more strength in the near future after the USD/CAD successfully managed to break below key support level 1.2800. However, a daily break and close above 1.2800 can easily negate the bullish case and put the bulls in the money again. In this case we can’t rule out the possibility of a retest of intraday resistance level 1.2940.
On the downside, we can note important support at 1.2688 followed by 1.2570 but with the stochastic indicator in oversold territory we’ll have to wait for the reset until more downside can be seen. There are no major risk events scheduled on the Canadian economic calendar but we can mention some minor risk events on Monday when the BOE business outlook survey is released an on Tuesday we have the Building Permits.
Previous USDCAD Weekly Forex Forecast
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GBPUSD Weekly Forex Forecast – 9th to 13th April 2018
The GBPUSD managed to defend the big psychological level 1.4000 and posted a strong weekly close above it. Last week late rally was motivated by the weaker than expected NFP report, which can provide further fuel for the bullish trend. As long as we stay above the big round number 1.4000, we should expect the GBPUSD to challenge our next level of resistance at 1.4244. A daily break and close above 1.4244 can open the door for a retest of the current yearly high 1.4315 level.
The stochastic indicator is rapidly moving into overbought territory, so early in the week we need to be nimble while we wait for the stochastic indicator to rest. If the 1.4000 level manage to hold the downside during the retest than the bulls can have the momentum on their side again. However a daily break and close below 1.4000 can open the door for a deeper retracement into support level 1.3900. The UK economic calendar has some notable risk events that can disrupt the market volatility. Tuesday will bring the NIESR GDP estimate for the first 3 months of the year while on Wednesday the Manufacturing Production and Trade Balance figures will drive the currency exchange rates. Before the week finishes, the BOE’s Carney is also due to speak at the Canada Growth Summit, in Toronto on Thursday.
Previous GBPUSD Weekly Forex Forecast
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