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[FOREX TIP] AUDUSD Weekly Forex Forecast – 9th to 13th July 2018

AUDUSD Weekly Forex Forecast – 9th to 13th July 2018

The Aussie has been rallying off of the support level 0.7310 for the third consecutive week developing a bullish reversal bar. However, we still have a very weak weekly close which suggests that we can see further consolidation after another attempt to challenge the big psychological number 0.7500. The first resistance level comes at 0.7470, which also has confluence with the 200 EMA.

The stochastic indicator is in overbought territory which also confirms that the bulls are going to soon run out of gas power to drive AUD/USD further up before the bears show up again. On the downside, the 0.7346 followed by the previous swing low 0.7310 remains the key support levels to keep an eye on. The Australian economic calendar doesn’t have any major risk events scheduled for the upcoming week. However, we can note the proxy-risk events that come out from China: the CPI inflation and the trade balance figures, which can impact the Australian dollar exchange rate.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 9th to 13th July 2018

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[FOREX TIP] USDCAD Weekly Forex Forecast – 9th to 13th July 2018

USDCAD Weekly Forex Forecast – 9th to 13th July 2018

The USDCAD is getting close to retest the key support level 1.3065 which aligns perfectly with the 200-EMA giving confluence for a bounce. However, the big psychological number 1.3000 remains the level to watch and we can’t rule out the bears try to challenge the big round number again. Only a daily break and close below 1.3000 can suggest that a major swing high is put in place, until then we should expect more consolidation.

The stochastic indicator is close moving into oversold territory which adds more confluence for the bullish case scenario. On the upside, we can note the intraday resistance level at 1.3160 but the major resistance remains the double top developed at the 1.3381 high. We have some high impact risk events that can disrupt the market volatility. On Wednesday, according to the market consensus the BOC is expected to hike rates from 1.25% to 1.5%, which can boost the Canadian dollar. The interest rate decision will be followed by the BOC press conference.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 9th to 13th July 2018

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 9th to 13th July 2018

GBPUSD Weekly Forex Forecast – 9th to 13th July 2018

The GBPUSD has a modest close above the intraday resistance level 1.3240 and although we had a bullish week we’re still trading inside a pretty wide consolidation zone. Taking into consideration the summer trading conditions, we can expect less trend development and more range bound activity. On the upside, the first major resistance level only comes at 1.3390 but the line in the sand remains the big psychological number 1.3500. The stochastic indicator is already close to enter the overbought territory, so we can expect the bullish momentum to slow down during the first part of the new trading week.

On the downside the key support level remains 1.3100. Only a break below the previous swing low 1.3050 will open up the downside and we can see the big round number 1.3000 challenge again. The UK economic calendar has some risk events that can cause to spike up. The UK will release for the first time a month over month reading of its GDP figures on Tuesday followed by the Manufacturing Production number. Wednesday the BOE Governor Carney is due to speak about the global financial crisis at the National Bureau of Economic Research conference, in Boston.

 

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GBPUSD Weekly Forex Forecast – 9th to 13th July 2018

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[FOREX TIP] USDCHF Weekly Forex Forecast – 9th to 13th July 2018

USDCHF Weekly Forex Forecast – 9th to 13th July 2018

Technical Outlook: The USDCHF currency pair was seen testing the support level at 0.9894 once again. Price action continues to remain trading within the range of 1.0000 and 0.9894. In the near term, we expect this range to be maintained with a short term bounce likely to follow through following the retest of the support level. In the event that USDCHF breaks down below 0.9894, then we expect to see the declines pushing the USDCHF lower toward 0.9821.

Fundamental Outlook: Data from Switzerland for the week ahead will see just the unemployment report and the producer prices index. It is also a rather quiet week from the U.S. as well where only second tier data is expected. Still, the producer prices index report from the U.S. and the import price data could play a role in determining the volatility in the currency markets this week.

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USDCHF Weekly Forex Forecast – 9th to 13th July 2018

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[FOREX TIP] USDJPY Weekly Forex Forecast – 9th to 13th July 2018

USDJPY Weekly Forex Forecast – 9th to 13th July 2018

Technical Outlook: The USDJPY currency pair is showing signs of turning flat near the resistance area of 110.91 – 110.66 level. A continuation to the downside could push the currency pair to test the 109.97 level of support in the near term. Price action in USDJPY remains choppy overall. In the unlikely event that a reversal could push prices above 110.91, then USDJPY is likely to maintain the bullish trajectory targeting 112.00 level. In the near term, we expect the currency pair to maintain its sideways range within 110.66 and 109.97. So be sure to employ a side way strategy that works well with sideways markets. Typically, breakout and momentum strategies will struggle a little bit in this kind of range bound markets.

Fundamental Outlook: Data from Japan this week is light with only second tier reports coming out. The core machinery orders and the preliminary machine tool orders report is due during the early part of the week. This is later followed by the revised industrial production figures coming out later in the week. Japan’s producer price index report is due this week as well and could shed light on the inflation at the factory gate. This comes as the BoJ is expected to make a decision on its monetary policy as inflation continues to remain subdued despite its massive QE program.

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USDJPY Weekly Forex Forecast – 9th to 13th July 2018

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[FOREX TIP] EURUSD Weekly Forex Forecast – 9th to 13th July 2018

EURUSD Weekly Forex Forecast – 9th to 13th July 2018

Technical Outlook: The EURUSD currency pair was seen posting gains last week. The upside momentum in the currency pair came after price action was seen trading flat near the lows of 1.1540 level. With the EURUSD rising to the resistance level near 1.1745 level of resistance and the divergence seen on the 4-hour Stochastic, we expect to see a minor pullback in price action. The EURUSD is likely to retest the minor rising trend line with the declines likely to fall toward 1.1637. As long as this support level holds, we can anticipate an upside breakout. Above 1.1745, the currency pair is likely to rally toward 1.1848 – 1.1825 level of resistance.

Fundamental Outlook: Economic data from the Eurozone for the week ahead is expected to be relatively quiet. Among the economic reports coming out, the German trade balance and final inflation figures from Germany and France will stand out. This comes amid the preliminary inflation estimates showing that the Eurozone inflation rose 2.0% on the year ending June. Later in the week, the ECB will be releasing its monetary policy meeting minutes. The meeting minutes cover the monetary policy meeting when the ECB had signaled an end to its QE program by December 2018.

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EURUSD Weekly Forex Forecast – 9th to 13th July 2018

 

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