[FOREX TIP] USDJPY Weekly Forex Forecast – 16th to 20th April 2018

USDJPY Weekly Forex Forecast – 16th to 20th April 2018

Technical Outlook: The USDJPY currency pair was seen posting some gains last week but price action eased back by Friday’s close. With the support level around 107.01 – 106.85 being tested firmly, we expect to see another decline back to this level. However, there is scope for a strong rebound off this level is the support zone holds the declines. We expect USDJPY to remain supported above this level. In the event that the currency pair fails to establish the support, then USDJPY could be seen declining to the lower end of the support at 105.78.

Fundamental Outlook: Data from Japan this week will start off with the consumer confidence report due on Monday. Later in the week, the preliminary machine tool orders will be coming out followed by the core machinery orders report on Tuesday. It is a relatively light week as far as the Japanese yen is concerned. However, the yen could be seen reflecting the ongoing uncertainty especially in regards to trade pacts between the U.S. and China. The market sentiment is likely to remain cautious and this could reflect in the Japanese yen that could continue to strengthen as the market’s risk appetite wanes.

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USDJPY Weekly Forex Forecast – 16th to 20th April 2018

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[FOREX TIP] EURUSD Weekly Forex Forecast – 16th to 20th April 2018

EURUSD Weekly Forex Forecast – 16th to 20th April 2018

Technical Outlook: The EURUSD was seen rising to fresh weekly highs near 1.2385 last week. However, price action quickly gave up the gains to settle back near the lower end of the support at 1.2323. In the process, the EURUSD is forming a potential bearish flag pattern near the support. A breakdown below 1.2323 could potentially signal a bearish continuation to the downside. EURUSD is likely to extend the gains down to 1.2250 as a result. This decline also marks a retest of the support level that is yet to be tested. In the near term, the alternate view would be for the EURUSD to invalidate the bearish flag pattern and maintain a sideways range within 1.2385 and 1.2323.

Fundamental Outlook: The economic calendar from the Eurozone this week is quiet with not many market moving events lined up. The week starts off with the German wholesale price index data followed by the German ZEW economic sentiment for April. In the month of March, the economic sentiment in Germany dipped following the rise to a record high in the sentiment earlier. The decline came as German businesses were uncertain about the trade tariffs being imposed by the U.S. Besides this, the final inflation figures for March will be coming out this week. Headline inflation is expected to be confirmed at 1.4% while the core CPI is expected to rise 1.1% on the month.

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EURUSD Weekly Forex Forecast – 16th to 20th April 2018

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 16th to 20th April 2018

AUDUSD Weekly Forex Forecast – 16th to 20th April 2018

The Aussie has managed to bounce off of important support level 0.7645 and as long as we stay above it we can conclude that the bulls have a chance to bid AUDUSD higher. However, a daily break and close below 0.7645 will open up the door for a retest of the big psychological number 0.7500. On the upside last week high 0.7810 can act as resistance and can provide the seller with another opportunity to try bring AUDUSD down and take out the 0.7645 level.

The stochastic indicator is in neutral territory, so no extreme conditions are seen currently in AUDUSD exchange rate. On the upside a break above last week high 0.7810 can open up the door for a retest of 0.7890 next important resistance levels. The Australian economic calendar will bring the RBA Meeting’s Minutes on Tuesday, followed by Chinese GDP figures. On Thursday the Unemployment rate is set to drive the AUDUSD exchange rate as the market is expected a 5.4% reading versus 5.6% previous reading

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AUDUSD Weekly Forex Forecast – 16th to 20th April 2018

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[FOREX TIP] USDCAD Weekly Forex Forecast – 16th to 20th April 2018

USDCAD Weekly Forex Forecast – 16th to 20th April 2018

The USDCAD is holding above the big psychological number 1.2500 and as long as we’re trading above this figure we can see an actual reversal. However, there is still a danger that current intraday support level 1.2570 can be broken to challenge the big figure 1.2500. On the upside, the first area of interest comes at intraday resistance level 1.2625 but more importantly we have the resistance level 1.2688.

The stochastic indicator is rapidly approaching the overbought territory which can support the idea of one more low to be in the cards. The Canadian economic calendar has big risk events scheduled for the upcoming week. On Wednesday the BOC is prepared to announce its interest rate decision and then later during the day the BOC Governor Poloz is expected to hold a press conference. Friday we have the CPI inflation figures which is forecasted to come steady at 1.5%. Another piece of risk event is the IMF meeting.

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USDCAD Weekly Forex Forecast – 16th to 20th April 2018

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 16th to 20th April 2018

GBPUSD Weekly Forex Forecast – 16th to 20th April 2018

The GBPUSD bullish trend made new progresses, but we’re still trading below the current year high 1.4345. The weekly closing price is what really makes the difference when we’re trading in a range. And the GBPUSD, broadly speaking, is trading in a wide range between resistance level 1.4345 and support level 1.3770. On an intraday basis, we’re currently trading at the support level .14236. On a macro level the more important support levels stand at 1.4086 followed by the big psychological number 1.4500 and as long as we trade above this major level, we can expect the GBPUSD to challenge again the 1.4345 swing high.

The stochastic indicator is moving away from overbought territory, so we need to wait for the stochastic MA to reset before the bulls can have a go. There are major risk events that are scheduled on the UK economic calendar. On Tuesday, the UK Unemployment rate is expected to inch lower to 4.1% versus 4.3%, which can be positive news for the British Pound. Wednesday the CPI inflation figures are forecasted to inch lower to 2.6 while to Core CPI is expected to come flat at 2.7%. Thursday the Retail Sales are the last piece of risk event coming from the UK economic calendar.

 

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GBPUSD Weekly Forex Forecast – 16th to 20th April 2018

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[FOREX TIP] USDCHF Weekly Forex Forecast – 16th to 20th April 2018

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USDCHF Weekly Forex Forecast – 16th to 20th April 2018

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[FOREX NEWS] EURCAD, GBPCAD and GBPUSD Elliott Wave Opportunities

EURCAD is trading slowly lower and something similar we can see on GBPCAD. Currently, we are tracking a correction in wave 4, which is trading within two corrective channel lines and approaching some interesting support levels. We are watching these two pairs very carefully and if we get a sharp bounce with five waves, then [...]

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