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AUDUSD Weekly Forex Forecast – 2nd to 6th July 2018
The Aussie has only managed to make a new marginal low below 0.7346 and now we’re back inside the previous week trading range. There is a chance we will see another attempt to break higher which is expected to fail again. On the upside the first level of interest is the intraday resistance level 0.7445 followed by the key resistance level 0.7470 and big round number 0.7500.
The stochastic indicator has already reached overbought territory, which indicates that for the time being we’ll at least take a pause before the next burst in volatility to be seen. The Australian economic calendar will bring the RBA interest rate decision, but no changes in the interest rate policy are expected. The Trade Balance figures and the Retail Sales are the other risk events that have the potential to disrupt the market volatility.
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USDCAD Weekly Forex Forecast – 2nd to 6th July 2018
The USDCAD gives back some of the previous gains but this is something naturally with the ebb and flow of the price. Now we have formed a double top at 1.3381 which remains the key resistance level coming into the new week of trading. Only a daily break and close above 1.3381 can open the door for a retest of the round number 1.3500 and until then we can consolidate more.
The stochastic indicator has already reached oversold territory which suggest that the current retracement might soon come to an end. Last week low 1.3170 remains a good intraday support level from where we can see a reaction higher, but more importantly, we have the support level 1.3065 followed by the big psychological number 1.3000. The only notable risk event scheduled on the Canadian economic calendar is the Unemployment rate which is expected to come flat at 5.8.
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GBPUSD Weekly Forex Forecast – 2nd to 6th July 2018
The GBPUSD has made a new marginal low and tried to challenge the big psychological number 1.3000, but the bulls showed up and saved the day. Moving into the new week we expect last week low to be a good level of support, but the line in the sand remains 1.3000. We should also note intraday support level 1.3100 which can be retested again when the bears show up again. The stochastic indicator is already in overbought territory and as we approach the intraday resistance level 1.3240 there is a high probability we will see a reaction lower before the bulls can have a say.
Only a daily break and close above 1.3240 can open up the door for a retest of our next key resistance level 1.3500. There are few notable risk events scheduled on the UK economic calendar. Monday, the UK Markit Manufacturing PMI is scheduled to be released – the consensus is for a lower reading. Thursday, the BOE Governor Carney is due to speak in Newcastle. Last but not least, the highlight risk event of the week is the NFP report scheduled to be released on Friday. The market consensus is for a reading above the 200k which is a positive sign.
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