[FOREX TIP] AUDUSD Weekly Forex Forecast – 3rd to 7th Sept 2018

AUDUSD Weekly Forex Forecast – 3rd to 7th Sept 2018

The AUDUSD is threatening to break to new lows after another awful week that saw Aussie unable to break above the key resistance level 0.7345. However, we also broke below the previous swing low 0.7200, which now suggests that the big bearish trend has still more room to advance to the downside. The stochastic indicator is showing an oversold reading so for the time being there is a chance the bulls will try to defend the key level 0.7200.

A break and a close below 0.7200 will open up the door for more downside and we’re going to challenge the 2016 low. On the upside only a daily break and close above 0.7345 can suggest a reversal. There is some notable risk events scheduled on the Australian economic calendar. Wednesday the GDP figures are expected to show a 0.9% economic growth activity versus 1.0% previous reading. Thursday the Trade balance figures will give further clarity to the price action.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 3rd to 7th Sept 2018

USDCAD Weekly Forex Forecast – 3rd to 7th Sept 2018

The USDCAD exchange rate made a “U” turn and recovered all the losses to close the last week on a positive note. The weekly close above the big psychological number 1.3000 shows that the bulls are still in control. However, the stochastic indicator is displaying an extreme overbought reading, which suggests that we’ll see the big round number 1.3000 challenged again. As long as we trade above the big round number 1.3000 on a daily closing basis we should favor the upside.

Last week high 1.3071 followed by the key resistance level 1.3175 are the levels to keep an eye on. On the downside, last week low 1.2887 is really the line in the sand between the bulls and bears. A break below 1.2887 will signal a shift in the trend direction. We have some big risk events scheduled on the Canadian economic calendar. On Wednesday we have the BOC interest rate decision, which is expected to keep rates on hold at 1.5%. On Friday, the unemployment figures will shape the price action.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 3rd to 7th Sept 2018

GBPUSD Weekly Forex Forecast – 3rd to 7th Sept 2018

The GBPUSD retested for a very short period of time the big psychological number 1.3000, but it couldn’t sustain the gains and posted a weekly close below it suggesting that the bulls are still not having the power to drive cable further up. On the upside, last week high 1.3042 followed by key resistance level 1.3120, are levels to watch in case we see another attempt to break on the upside. The stochastic indicator is in neutral territory and it is not showing any extreme readings that suggest a major change in the trend direction.

On the downside, in intraday support level 1.2800 followed by the previous swing low 1.2665 should hold the downside, unless the big bearish trend starts resuming. On the UK economic calendar the major risk event is the Inflation Report Hearings scheduled on Tuesday. The BOE’s inflation report should provide traders more clues on the future path of the interest rate policy. Friday, will bring the US NFP report, which is the main risk event of the week. Based on the market consensus, the US economy is expected to add 187k new jobs versus 157k previous reading.

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[FOREX TIP] USDCHF Weekly Forex Forecast – 3rd to 7th Sept 2018

USDCHF Weekly Forex Forecast – 3rd to 7th Sept 2018

Fundamentals Outlook
The markets open to a busy trading week. With the first week of the month, the economic calendar is dominated by monthly economic reports. A particularly busy week for the U.S. dollar will see the release of the ISM’s manufacturing and non-manufacturing PMI’s. Later in the week, the ADP private payrolls report will be coming out followed by the monthly employment statistics for August. Elsewhere in the Eurozone, the week will focus on the release of the manufacturing and services PMI figures for the month. This is later followed by industrial production and trade balance figures for France and Germany. The final revised GDP will also be coming out later this week. The economic calendar is quiet for Japan and Switzerland.

Chart set up: The USDCHF currency posted strong losses week as price action fell to a 4-month low by Friday’s close. The doji candlestick pattern on the daily chart indicates a potential pull back to those declines. However, the retracement is likely to be short lived.

Key support/resistance levels:
Support: 0.9659; Resistance: 0.9803

Commentary:
With the Stochastic oscillator in strongly oversold levels, the USDCHF is likely to see some upside prevailing in the near term. The breached support level at 0.9803 is the likely target to the upside where resistance could now be established. A short term support looks to have been formed near the current lows of 0.9659. As long as the lows are held, the USDCHF currency pair could be seen pushing to the upside. For the week ahead, USDCHF is expected to be bullish.

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[FOREX TIP] USDJPY Weekly Forex Forecast – 3rd to 7th Sept 2018

USDJPY Weekly Forex Forecast – 3rd to 7th Sept 2018

Fundamentals Outlook
The markets open to a busy trading week. With the first week of the month, the economic calendar is dominated by monthly economic reports. A particularly busy week for the U.S. dollar will see the release of the ISM’s manufacturing and non-manufacturing PMI’s. Later in the week, the ADP private payrolls report will be coming out followed by the monthly employment statistics for August. Elsewhere in the Eurozone, the week will focus on the release of the manufacturing and services PMI figures for the month. This is later followed by industrial production and trade balance figures for France and Germany. The final revised GDP will also be coming out later this week. The economic calendar is quiet for Japan and Switzerland.

Chart set up: The USDJPY currency fell to the support level of 110.75 last week. The decline to this level coincided with a rebound indicating that the support level held strongly. While the direction in USDJPY remains flat for the near term, we expect the consolidation to play out within the range.

Key support/resistance levels:
Support: 11.57; Resistance: 111.55

Commentary:
The resistance level at 111.55 and support at 110.75 could be seen keeping the currency pair trading flat. For the short term, the 4-hour Stochastic oscillator indicates a hidden bullish divergence. With this divergence coinciding with the rebound of the support level, the currency pair could see some near term bound. With the week ahead expected to busy with the economic data for August, the market sentiment is most likely to dictate the outcome for the USDJPY. For the week ahead, the USDJPY currency pair is expected to be bullish.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 3rd to 7th Sept 2018

EURUSD Weekly Forex Forecast – 3rd to 7th Sept 2018

Fundamentals Outlook
The markets open to a busy trading week. With the first week of the month, the economic calendar is dominated by monthly economic reports. A particularly busy week for the U.S. dollar will see the release of the ISM’s manufacturing and non-manufacturing PMI’s. Later in the week, the ADP private payrolls report will be coming out followed by the monthly employment statistics for August. Elsewhere in the Eurozone, the week will focus on the release of the manufacturing and services PMI figures for the month. This is later followed by industrial production and trade balance figures for France and Germany. The final revised GDP will also be coming out later this week. The economic calendar is quiet for Japan and Switzerland.

Chart set up:
The EURUSD currency pair posted strong losses toward the later part of last week. The declines came after the euro currency managed to rally to a 4-week high. The bearish price action in the euro currency is expected to push down toward 1.1550 level of support.

Key support/resistance levels:
Support: 1.1550; Resistance: 1.1627

Commentary:
This was the support level that was briefly tested. A retest of this level could potentially result in a rebound in the currency pair. The decline in price action comes amid the bearish divergence that was formed. The 4-hour Stochastic oscillator indicates a potential correction down to the 1.1400 level. With the resistance level at 1.1627, the euro currency could be seen trading within this range. A breakout from this range could potentially signal near term direction in price. The downside target could be 1.1400 while to the upside price action will need to establish support at 1.1627. For the week ahead, the EURUSD is expected to be slightly bearish.

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