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[FOREX TIP] AUDUSD Weekly Forex Forecast – 14th to 18th May 2018

AUDUSD Weekly Forex Forecast – 14th to 18th May 2018

The Aussie managed to post again a weekly close above the big psychological number 0.7500 but we can’t rule out the possibility of another retest of the 0.7470 support level before the bulls show up again. Last week high 0.7567 remains intraday resistance level and only a daily close above it can open the door for a retest of the 0.7645 level. The stochastic indicator is in overbought territory and it suggests that we should correct some of the previous week’s rally. More or less we should expect some ranging activity in the coming week.

The Australian economic calendar will is full of risk events that can disrupt the volatility. The Monetary Policy Meeting Minutes is released on Tuesday. The RBA Assist Gov Debelle Speaks is due to deliver a speech titled “Interest Rate Benchmark Reform” at the International Swaps and Derivatives Association Forum in Hong Kong. The Unemployment rate released on Thursday is the main risk events for the Aussie.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 14th to 18th May 2018

The post AUDUSD Weekly Forex Forecast – 14th to 18th May 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 14th to 18th May 2018

USDCAD Weekly Forex Forecast – 14th to 18th May 2018

The USDCAD was unable to break above the big round number 1.3000 and sold off quite substantially establishing a swing high in the process. We’re currently stalling at support level 1.2745 and as long as we trade above this level, we should expect last week sell off to be corrected. A break and a daily close below 1.2745 will open up the door for more bearish momentum and retest the next important support level 1.2625.

The stochastic indicator is moving up from oversold territory which means that we can see a retest of resistance level 1.2815. More importantly the 1.2920 represents a more significant resistance level where USD/CAD can stall. There are some risk events scheduled on the Canadian economic calendar. On Tuesday, Council Member Schembri is due to speak at a luncheon hosted by the Chartered Financial Analyst Society of Ottawa and the Ottawa Economics Association. Friday will bring the CPI inflation figure which is a high impact risk event.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 14th to 18th May 2018

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 14th to 18th May 2018

GBPUSD Weekly Forex Forecast – 14th to 18th May 2018

The GBPUSD has briefly broken below the big psychological number 1.3500 but the weekly close above suggests that the bulls still got a chance to at least see some correction. The first major resistance levels only come at 1.3712 but in order to see it retested again we still need a daily break and close above last week high 1.3617. On the downside the big round number 1.3500 followed by last week low 1.3460 remains our first support levels.

A break and a daily close below 1.3460 will open the door for a retest of the next important support level 1.3340. The stochastic indicator is in neutral territory which means we should expect some more range bound activity until we get to extreme overbought – oversold readings.   The UK economic calendar has some notable risk events that can be the catalyst for some volatility. On Tuesday we should expect the Unemployment figures to come out, followed by the Inflation Report Hearings. The UK Unemployment rate fell to a 42-year low of 4.2% and based on the market consensus we should expect further improvements in the labor market. The unemployment rate is set to inch lower again to 4.1%.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 14th to 18th May 2018

The post GBPUSD Weekly Forex Forecast – 14th to 18th May 2018 appeared first on Advanced Forex Strategies.

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