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[FOREX TIP] AUDUSD Weekly Forex Forecast – 7th to 11th May 2018

AUDUSD Weekly Forex Forecast – 7th to 11th May 2018

Despite breaking below the big psychological number 0.7500 the AUDUSD still managed to post a weekly close above it. Now previous week low 0.7470 remains key if the bulls want to have any chance. However, as long as we trade above the big round number 0.7500 on a daily closing basis, we can see at least some more ranging activity before we build up enough energy for the next big swing wave.

The stochastic indicator is near overbought territory, but we still have more room to the upside before we really get an extreme stochastic reading. Last week high 0.7580 remains the first level of resistance which can be easily broken and only a daily close above it can give us hope for a deeper retracement. The Australian economic calendar only has some moderate risk events that can be the catalysts for some volatility. Tuesday we have the Retail Sales followed by the Budget report which can give further clarity for the price.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 7th to 11th May 2018

The post AUDUSD Weekly Forex Forecast – 7th to 11th May 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 7th to 11th May 2018

USDCAD Weekly Forex Forecast – 7th to 11th May 2018

The USDCAD seems trapped in a very narrow trading range between 1.2920 resistance level and support level 1.2815. We can expect first a false breakout one way or the other before some real trend development to be seen in the other direction of the breakout. However the most probable trading scenario for the time being is a further range to be seen. A break below support level 1.2815 will open up the door for a retest of the next important support 1.2745.

On the other side a break and a daily close above resistance level 1.2920 will put on the spot the big psychological number 1.3000 which can be challenged again. The stochastic indicator is in neutral territory and there are no extreme reading conditions in the market, which supports the idea of more consolidation until the market either gets oversold or overbought. The Canadian economic calendar only has one major risk event that can disrupt the market volatility. Friday the Canadian unemployment figures are scheduled to be released and a flat reading is expected by the market.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 7th to 11th May 2018

The post USDCAD Weekly Forex Forecast – 7th to 11th May 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 7th to 11th May 2018

GBPUSD Weekly Forex Forecast – 7th to 11th May 2018

The GBPUSD bulls have managed to successfully defend the big psychological number and we posted a weekly close above the big psychological number 1.3500. The weekly close above 1.3500 doesn’t discount the possibility of another short lived dip below 1.3500 before the bulls can have another chance to take control of this market. The stochastic indicator is in an oversold condition for quite some time, and sooner rather than later it needs to reset which can provide the momentum to finally break to the upside.

The first level of interest on the upside is the former swing low 1.3712. But, on an intraday level, we can expect to encounter some kind of resistance at 1.3652. The upcoming week will also bring one of the most anticipated rate decisions coming from the BOE. The market consensus still sees another interest rate hike from 0.5% up to 0.75%. The probability that the BOE will raise rates has indeed dropped from 90% to 20% and now some Wall Street economists even predict a slash in the 2018 growth outlook which has fueled the GBP/USD bearish momentum. Nevertheless, a surprise hike will have a very strong bullish impact under this circumstance.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 7th to 11th May 2018

The post GBPUSD Weekly Forex Forecast – 7th to 11th May 2018 appeared first on Advanced Forex Strategies.

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