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[FOREX TIP] AUDUSD Weekly Forex Forecast – 8th to 12th Oct 2018

AUDUSD Weekly Forex Forecast – 8th to 12th Oct 2018

The AUDUSD has continued to drift lower, but as long as we stay above the big round number 0.7000 the bulls still have the chance to gain control in the short-term. The dominant trend remains to the downside but this trend looks stretched and a retracement is due any time soon. The first level of resistance is the intraday resistance level 0.7100. A break and a daily close above the 0.7100 level can open the door for a retest of 0.7200.

For a clear change in the trend direction we would need a break and a daily close above the 0.7315. The stochastic indicator doesn’t show any extreme reading on the intraday charts, however on the daily time frame we’re already in oversold territory. On the downside, the next big support level comes at the major swing low 0.6826 established in November 2015. We don’t have any major risk event scheduled on the Australian economic calendar that can disrupt the market volatility. We should expect the Aussie to be more sensitive to the technical levels.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 8th to 12th Oct 2018

USDCAD Weekly Forex Forecast – 8th to 12th Oct 2018

The USDCAD continues to trade below the big psychological number 1.3000, which is a clear bearish signal. As long as we trade below the big round number 1.3000 the bearish trend should prevail. On the downside the first level of support comes at 1.2890, but the previous week low 1.2781 needs to be broken for the bearish trend to resume. Below these two levels we have the major swing low established near the big round number 1.2500.

The stochastic indicator is showing an overbought reading, so the bulls need to wait for a reset before the bulls have another chance. On the upside, we don’t have any kind of resistance until the big psychological number 1.3000. There is no major risk events scheduled on the Canadian economic calendar. After reaching a NAFTA deal, the Canadian dollar is no longer threatened on this front.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 8th to 12th Oct 2018

GBPUSD Weekly Forex Forecast – 8th to 12th Oct 2018

The GBPUSD managed to post a strong close above the big psychological number 1.3000. The bulls have managed to defend once again this key support level. As long as we trade above 1.3000 on a daily closing basis the bullish momentum should prevail. On the upside the first level of interest comes at the resistance level 1.3170. A break and a daily close above this level can open up the door for a retest of the resistance level 1.3280. The stochastic indicator is already showing an overbought reading, which suggests that sooner rather than later we should see a pullback.

On the downside, the first level of support comes at the intraday level 1.3044. However, the big round number 1.3000 remains the line in the sand. Only a break and a close below 1.3000 can shift the trend momentum to the downside. The UK economic calendar will bring some risk events that can cause some volatility. Tuesday we have the FPC Statement that will include some details about the financial system stability. Wednesday we have Manufacturing Production figures followed by the Trade Balance figures and the GDP figures for the month of August.

Previous GBPUSD Weekly Forex Forecast

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CryptoCurrency News: Sidechains Are Bringing ICOs to Bitcoin And That Might Change Crypto Funding

By the end of the year, an initial coin offering will be launched on bitcoin. thanks to sidechains tech.

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