[FOREX TIP] AUDUSD Weekly Forex Forecast – 30th July to 3rd August 2018

AUDUSD Weekly Forex Forecast – 30th July to 3rd August 2018

The AUDUSD is continuing to consolidate in a very narrow and frustrating trading range. Since there are no signs of any extreme oversold or overbought readings we should expect the market to produce false breakouts on both sides of the market. On the downside, we have our key support level 0.7346 followed by the swing low 0.7300, which traders should keep an eye on. On the upside, the top of the range 0.7443 followed by 0.7480 are the key resistance levels ahead of the big psychological number 0.7500. The stochastic indicator is in neutral territory, so not much should expect.

The Australian economic calendar has some high risk events scheduled for the next week. Thursday, we have the Trade Balance data and Friday the retail sales can provide some volatility. However, the main risk events come from the other side of the monetary policy spectrum aka the Fed interest rate decision. The market consensus is for the Fed to keep interest rate unchanged at 2%.

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AUDUSD Weekly Forex Forecast – 30th July to 3rd August 2018

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[FOREX TIP] USDCAD Weekly Forex Forecast – 30th July to 3rd August 2018

USDCAD Weekly Forex Forecast – 30th July to 3rd August 2018

The USDCAD price action remains trapped in a wide trading range. On the downside the big psychological number 1.3000 is the key support level you should keep an eye on for a possible reaction higher. However a daily close below 1.3000 will open the door for a retest of 1.2920. The stochastic indicator isn’t showing any extreme readings in the market, which means we should continue, down the path of consolidating. On the upside, the intraday resistance level 1.3150 followed by 1.3220 are our levels of interest.

The Canadian economic calendar will bring the GDP data, which, according to the general consensus should come unchanged at 0.1%. Friday will bring the Canadian Trade balance data and we also have the NFP report, which should show that the US economy has added another 200k new jobs during the past month. Also, the unemployment rate is expected to inch lower to 3.9% from 4.0%.

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USDCAD Weekly Forex Forecast – 30th July to 3rd August 2018

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 30th July to 3rd August 2018

GBPUSD Weekly Forex Forecast – 30th July to 3rd August 2018

The GBPUSD weekly close above the big round number 1.3000 suggests that the bulls are still in control. This doesn’t mean that we can’t see another attempt to break below 1.3000 but since the stochastic indicator is already showing an oversold reading we can expect that any attempt to break lower to fail. On the downside, the next level of support comes at 1.2955 followed by 1.2810 from where we can expect a bounce. On the upside, the intraday pivot point 1.3120 is a level that you should keep an eye on, but the more significant level remains the current top of the range and resistance level 1.3280.

Only a daily break and close above 1.3280 can signal that a major swing low was put in place. In terms of risk events that can disrupt the market volatility we have the Markit Manufacturing PMI, but more importantly, we have the BOE interest rate decision which, according to the market consensus the BOW is expected to raise rates to 0.75% from 0.5%. However, this is not a done deal because the recent developments around Brexit might actually make it harder for the BOE to raise rates.

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GBPUSD Weekly Forex Forecast – 30th July to 3rd August 2018

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[FOREX TIP] USDCHF Weekly Forex Forecast – 30th July to 3rd August 2018

USDCHF Weekly Forex Forecast – 30th July to 3rd August 2018

The markets look to a busy week this coming week which marks the end of July. Economic data kicks off with the Bank of Japan set to hold its monetary policy meeting. According to some rumors, the BoJ is expected to announce a possible change to its interest rate targets. The week ahead will also see the release of the core PCE price index data from the U.S. the report comes ahead of the September monetary policy meeting. The start of August will trigger the release of the main important fundamentals which includes the ISM manufacturing PMI and Friday’s payrolls report. The FOMC will be holding its placeholder monetary policy meeting on the 1st of August. No changes are expected to interest rates at this week’s meeting with investors expecting to see a rate hike in September. Data from the Eurozone over the week covers the flash inflation estimates for the month of July. The economic calendar from Switzerland is relatively quiet this week.

Chart set up: The USDCHF currency pair was seen bouncing off the median line to briefly rally back to the resistance level around 0.9962. The 4-hour Doji was followed through be a bearish close which could potentially signal a move to the downside as price action could test the support level that has been freshly established.

Key support/resistance levels:
Support: 0.9907; Resistance: 0.9962

Commentary:
The USDCHF currency pair is expected test the support level and could possibly maintain a sideways range within the support and resistance level mentioned. A breakout from this level could trigger the next leg of the short term trend. We expect a downside breakout which could push USDCHF lower to test the next support at 0.9870.

For the week ahead, the USDCHF currency pair is expected to be bearish.

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USDCHF Weekly Forex Forecast – 30th July to 3rd August 2018

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[FOREX TIP] USDJPY Weekly Forex Forecast – 30th July to 3rd August 2018

USDJPY Weekly Forex Forecast – 30th July to 3rd August 2018

The markets look to a busy week this coming week which marks the end of July. Economic data kicks off with the Bank of Japan set to hold its monetary policy meeting. According to some rumors, the BoJ is expected to announce a possible change to its interest rate targets. The week ahead will also see the release of the core PCE price index data from the U.S. the report comes ahead of the September monetary policy meeting. The start of August will trigger the release of the main important fundamentals which includes the ISM manufacturing PMI and Friday’s payrolls report. The FOMC will be holding its placeholder monetary policy meeting on the 1st of August. No changes are expected to interest rates at this week’s meeting with investors expecting to see a rate hike in September. Data from the Eurozone over the week covers the flash inflation estimates for the month of July. The economic calendar from Switzerland is relatively quiet this week.

Chart set up: After the USDJPY currency pair broke to the downside of the rising price channel, the currency pair has moved into a sideways range. While there is scope for a downside decline in price action, we expect to see the breakout occurring in either direction.

Key support/resistance levels:
Support: 110.75; Resistance: 111.55

Commentary:
The newly established support and resistance levels form the upper and lower bounds for the USDJPY. If price action breaks out from this level could we could expect to see a strong retracement above 111.55. This could push the currency pair toward 112.27 to retest and establish the resistance level. To the downside, a break down below 110.75 could signal a break towards 109.50. In the near term the currency pair could rebound off the current levels to test the breached support at 111.27 where resistance is now expected to be established.

For the week ahead, the USDJPY currency pair is expected to be bearish.

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USDJPY Weekly Forex Forecast – 30th July to 3rd August 2018

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[FOREX TIP] EURUSD Weekly Forex Forecast – 30th July to 3rd August 2018

EURUSD Weekly Forex Forecast – 30th July to 3rd August 2018

The markets look to a busy week this coming week which marks the end of July. Economic data kicks off with the Bank of Japan set to hold its monetary policy meeting. According to some rumors, the BoJ is expected to announce a possible change to its interest rate targets. The week ahead will also see the release of the core PCE price index data from the U.S. the report comes ahead of the September monetary policy meeting. The start of August will trigger the release of the main important fundamentals which includes the ISM manufacturing PMI and Friday’s payrolls report. The FOMC will be holding its placeholder monetary policy meeting on the 1st of August. No changes are expected to interest rates at this week’s meeting with investors expecting to see a rate hike in September. Data from the Eurozone over the week covers the flash inflation estimates for the month of July. The economic calendar from Switzerland is relatively quiet this week.

Chart set up: The EURUSD currency pair remains in a consolidation phase in the long term and in the medium term. Price action over the past week saw the currency pair continuing to trade sideways. By Friday’s close, the EURUSD currency pair bounced off the support level at 1.1627. We expect this ranging price action to continue in the medium term.

Key support/resistance levels:
Support: 1.1627; Resistance: 1.1740

Commentary:
The week ahead will see the EURUSD currency pair likely to continue moving in the sideways range. With the resistance and support level established at the said levels, the currency pair could however possibly see a breakout in the near term. With the U.S. economic data likely to see high impact events, this could be the outcome.

On the 4-hour chart there is a possibility that the currency pair will rally to the upside given that the Stochastic oscillator is in the oversold levels. However, if the bearish momentum continues, the common currency could break below the 1.1627 level. This could signal a bearish trend that could resume. For the week ahead, the EURUSD currency pair is expected to remain flat.

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EURUSD Weekly Forex Forecast – 30th July to 3rd August 2018

 

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