[FOREX TIP] AUDUSD Weekly Forex Forecast – 22nd to 26th Oct 2018

AUDUSD Weekly Forex Forecast – 22nd to 26th Oct 2018

The AUDUSD bulls continue to defend the support level 0.7100 but more importantly the big psychological number 0.7000. As long as we trade above the big round number the bulls should have the upper hand. On the upside the first level of resistance comes at 0.7200 level. A break and a close above 0.7200 will open up the door for a retest of pivot point 0.7346.

On the downside only a break below 0.7000 can resuscitate the bearish trend. The stochastic indicator is in neutral territory and it’s not showing any signs of extreme overbought and oversold readings in the market. We don’t have any notable risk events scheduled on the Australian economic calendar that can cause some volatility. In this regard, we should expect a more technical driven market and the Aussie to be more sensitive to the technical levels.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 22nd to 26th Oct 2018

USDCAD Weekly Forex Forecast – 22nd to 26th Oct 2018

The USDCAD has made a decisive break to the upside and we’re making a series of higher highs followed by a series of higher lows which indicates the very presence of an uptrend. We’re also trading above the big psychological number 1.3000 as the bulls didn’t failed to show up again and defend their line in the sand. As long as we trade above the big round number 1.3000 the bullish trend should remain intact. On the downside, a break below 1.3000 will open the door for a retest of 1.2890 but first we need a break of the intraday support level 1.3070.

On the upside, the first important level of resistance only shows up at 1.3230 from where we should expect at least some type of retracement. The stochastic indicator is in oversold territory so we first need to wait for a reset before the bulls can have a say. The Canadian economic calendar has some high risk events that can be the catalyst for some trend development. On Wednesday the BOC interest rate decision is set to give more clarity to the price action. The market consensus is for a rate hike from 1.50% up to 1.75%.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 22nd to 26th Oct 2018

GBPUSD Weekly Forex Forecast – 22nd to 26th Oct 2018

The GBPUSD bulls have managed to hold the pair above the big round number 1.3000 and we posted a strong close that is indicative that the bulls are still controlling this market. Only a break and a daily close below the big psychological number 1.3000 can suggest a reversal. But we also can’t rule out the possibility of a false breakout towards the first level of support 1.2955. A daily close below 1.3000 will then open a deeper sell-off towards the big support level 1.2800 from where the bulls can have a chance to bring cable back up.

The stochastic indicator is in neutral territory and it’s not showing any signs of extreme overbought or oversold readings. On the upside, the first level of interest is the resistance level 1.3170, but the key resistance level 1.3280 is where the bulls can be challenged again. The UK economic calendar doesn’t have any risk events that can cause some volatility. In this regard, we should expect a more technical driven market.

 

 

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[FOREX TIP] USDJPY Weekly Forex Forecast – 22nd to 26th Oct 2018

USDJPY Weekly Forex Forecast – 22nd to 26th Oct 2018

Fundamentals Outlook
The week ahead is shaping up to be a quiet week. Data from the Eurozone will cover the monthly flash PMI’s for the manufacturing and services sector. Overall economic activity in the sectors is expected to remain unchanged and maintain the current pace of momentum. With lack of economic data to go by, the ECB’s monetary policy meeting will stand out. No changes are expected as the central bank will maintain its stance on ending QE this December. The meeting minutes come on the back of last week’s FOMC meeting minutes.

Investors will be looking to the ECB’s forward guidance, which will play a big role in shaping the expectations on the timing of the interest rate hikes in the Eurozone. The markets could see some volatility especially if the ECB officials come out dovish. Data from the U.S. is quiet for the most part. Friday’s third quarter advance GDP report will be closely watched. The U.S. economy is expected to maintain its 4% quarterly growth rate on average. While data from Switzerland is quiet, Japan will be releasing its monthly inflation figures.

Chart set up: The USDJPY currency pair was seen settling within the range of 112.74 and 111.78 resistance and support levels respectively. This flat price action could signal a temporary pause to the declines. However, a breakout from this level will determine the next leg in the direction for the USDJPY currency pair.

Key support/resistance levels:
Support: 111.75; Resistance: 112.74

Commentary:
In the medium term, we anticipate a potential break out to the upside. A close above 112.74 is needed for USDJPY to test the previously established support level that was breached. Forming resistance here could signal a potential move to the downside eventually. However, if the USDJPY currency pair fails to hold near the current support level, we expect the declines to test the lower support at 110.50 level. Still, the overall trend remains flat in the medium to longer term horizon.

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

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[FOREX TIP] USDCHF Weekly Forex Forecast – 22nd to 26th Oct 2018

USDCHF Weekly Forex Forecast – 22nd to 26th Oct 2018

Fundamentals Outlook
The week ahead is shaping up to be a quiet week. Data from the Eurozone will cover the monthly flash PMI’s for the manufacturing and services sector. Overall economic activity in the sectors is expected to remain unchanged and maintain the current pace of momentum. With lack of economic data to go by, the ECB’s monetary policy meeting will stand out. No changes are expected as the central bank will maintain its stance on ending QE this December. The meeting minutes come on the back of last week’s FOMC meeting minutes.

Investors will be looking to the ECB’s forward guidance, which will play a big role in shaping the expectations on the timing of the interest rate hikes in the Eurozone. The markets could see some volatility especially if the ECB officials come out dovish. Data from the U.S. is quiet for the most part. Friday’s third quarter advance GDP report will be closely watched. The U.S. economy is expected to maintain its 4% quarterly growth rate on average. While data from Switzerland is quiet, Japan will be releasing its monthly inflation figures.

Chart set up: The USDCHF currency pair maintained its gains and finally manage to test the resistance level near 0.9967. The rally to this level alongside the daily price action which closed as a doji is indicative of a potential decline to the downside. On the contrary, if the bullish momentum continues, we could expect to see further gains in store.

Key support/resistance levels:
Support: 0.9803; Resistance: 0.9967

Commentary:
With the resistance level at 0.9967 holding for the moment, the USDCHF could be looking to ease back from this level. The lower support at 0.9803 remains in play. We expect the USDCHF to test this level in the near term. There is a potential for the currency pair to further correct to the downside if the support fails to hold. For the week ahead, USDCHF is expected to be bearish.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 22nd to 26th Oct 2018

EURUSD Weekly Forex Forecast – 22nd to 26th Oct 2018

Fundamentals Outlook
The week ahead is shaping up to be a quiet week. Data from the Eurozone will cover the monthly flash PMI’s for the manufacturing and services sector. Overall economic activity in the sectors is expected to remain unchanged and maintain the current pace of momentum. With lack of economic data to go by, the ECB’s monetary policy meeting will stand out. No changes are expected as the central bank will maintain its stance on ending QE this December. The meeting minutes come on the back of last week’s FOMC meeting minutes.

Investors will be looking to the ECB’s forward guidance, which will play a big role in shaping the expectations on the timing of the interest rate hikes in the Eurozone. The markets could see some volatility especially if the ECB officials come out dovish. Data from the U.S. is quiet for the most part. Friday’s third quarter advance GDP report will be closely watched. The U.S. economy is expected to maintain its 4% quarterly growth rate on average. While data from Switzerland is quiet, Japan will be releasing its monthly inflation figures.

Chart set up: The EURUSD currency pair failed to hold on to the gains near 1.1547 and price action eased below this level. By Friday’s close, the common currency was seen falling back to the lows established from 10th September and rebounded strongly toward the closing session.

Key support/resistance levels:
Support: 1.1449; Resistance: 1.1547

Commentary:
Price action shows a potential double bottom pattern being formed at the support level of 1.1449. If the EURUSD maintains the gains then the resistance level at 1.1547 will be tested. A breakout above this level is required for the EURUSD to post further gains. The double bottom pattern puts the minimum upside target to 1.1702 which could be tested in the near term. For the week ahead, the EURUSD is expected to be bullish.

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