[FOREX TIP] AUDUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

AUDUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

The AUDUSD continues to trade above the big psychological number 0.7000 in a tight trading range. We need a daily break and close above intraday resistance level 0.7160 in order to be able to escape the current consolidation. However, for a material change in the trend direction, we need for the bulls to challenge again the resistance level 0.7200. A daily break and close above 0.7200 will open up the door for a deeper pullback towards resistance level 0.7346. The stochastic indicator is in neutral territory and doesn’t signal any extreme conditions in the market.

For now the bears need to break below the big round number 0.7000 which will open the door for a retest of the major swing low established at 0.6827 level. The Australian economic calendar is full of risk events that can be the catalyst for some volatility. First, on Wednesday we have the CPI inflation figures which are expected to come flat. Thursday, the Trade Balance figures will shape the price action. And Friday, the Retail Sales should give more clarity to the price action.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

USDCAD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

The USDCAD bulls have managed to successfully defend the big psychological number 1.3000. The weekly close above the big round number 1.3000 indicates that the uptrend is still intact. Only a daily break and close below the big round number 1.3000 can signal a change in the trend direction. At the same time, a break below 1.3000 will also open the door for a retest of the next important support level 1.2890. On the upside, the bulls need to challenge the resistance level 1.3230, which has been a big hurdle over the past few weeks.

The stochastic indicator is moving away from oversold reading, so we may need to wait for a reset before the uptrend to resume. The Canadian dollar can also be impacted by some high risk events that are scheduled on the economic calendar. First we have the Canadian unemployment rate followed by the US NFP report which is the highlight risk event of the week. The market expectation is for the US economy to add 191k new jobs versus 134k previous reading.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

GBPUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

The GBPUSD broke below the key psychological number 1.3000 and the bears managed to successfully post a weekly close below the big round number. As long as we trade below the big round number 1.3000, the bearish momentum should prevail. On the upside, we first need to conquer the resistance level 1.2960 if the bulls want to have the upper hand. The stochastic indicator is in neutral territory, which suggests that the previous week sell off is not overstretched and we can see further pressure to the downside.

The first important support level comes at 1.2800 level. Only a daily break and close below this figure will suggest more weakness ahead. This will also open up the door for the bears to challenge again the major swing low 1.2664 from where we should see a pullback. The UK economic calendar will bring as a high risk event the BOE interest rate decision. According to the market consensus we should expect the BOE to hold interest rates at 0.75% with a vote of 9-0. The BOE rhetoric will shape the price action for the week ahead.

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[FOREX TIP] USDJPY Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

USDJPY Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

Fundamentals Outlook
The week ahead will be mixed with the start of a new trading month. Data over the week will see the French flash GDP estimates on Tuesday. The German retail sales report is due along with the EU’s fresh economic forecasts. The preliminary GDP report for the Eurozone for the third quarter will also be on top of investor minds. Flash inflation estimates will also be due from the Eurozone this week.

The Bank of Japan will be holding its monetary policy meeting on Wednesday. No major changes are expected, and the central bank could hold its interest rates unchanged. The meeting will be followed by a press conference by BoJ Governor Kuroda. Data from Switzerland is quiet for the most part this week. The U.S. economic calendar is of course busy. The week starts off with the Fed’s preferred gauge of inflation, the core PCE price index coming out. This is later followed by big ticket items such as the ADP private payroll numbers and the ISM’s manufacturing PMI data. Later on Friday, the monthly payrolls report take center stage once again.

Chart set up: The USDJPY currency pair was seen trading within the support and resistance levels that was formed. The sideways price action within these levels of 112.74 – 111.75 has kept prices flat for almost two weeks.

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

Commentary:
The sideways range is expected to be in place in the short term. A breakout from this range in either direction could however set the stage for the direction. To the upside, a breakout above 112.74 will keep the USDJPY on track to test the previous resistance level at 113.58. To the downside, a break down below 111.75 will push the USDJPY to test the September lows of 110.50. For the week ahead, the USDJPY currency pair is expected to be bullish.

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[FOREX TIP] USDCHF Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

USDCHF Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

Fundamentals Outlook
The week ahead will be mixed with the start of a new trading month. Data over the week will see the French flash GDP estimates on Tuesday. The German retail sales report is due along with the EU’s fresh economic forecasts. The preliminary GDP report for the Eurozone for the third quarter will also be on top of investor minds. Flash inflation estimates will also be due from the Eurozone this week.

The Bank of Japan will be holding its monetary policy meeting on Wednesday. No major changes are expected, and the central bank could hold its interest rates unchanged. The meeting will be followed by a press conference by BoJ Governor Kuroda. Data from Switzerland is quiet for the most part this week. The U.S. economic calendar is of course busy. The week starts off with the Fed’s preferred gauge of inflation, the core PCE price index coming out. This is later followed by big ticket items such as the ADP private payroll numbers and the ISM’s manufacturing PMI data. Later on Friday, the monthly payrolls report take center stage once again.

Chart set up: The USDCHF currency pair briefly broke past the resistance level of 0.9967 before testing parity. However, price action quickly gave up the gains to test the breached resistance level to find support.

Key support/resistance levels:
Support: 0.9967; Resistance: 1.0048

Commentary:
With USDCHF quickly testing the breached resistance level for support, we expect to see some sideways price action taking place. The currency pair could maintain a flat range within the mentioned support and resistance level. However, the price action is starting to show a potential correction in the currency pair. Watch for the USDCHF to break down below the support level of 0.9967. A close below this level will indicate potential declines back to the previous support at 0.9803. For the week ahead, USDCHF is expected to be bearish.

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[FOREX TIP] EURUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

EURUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018

Fundamentals Outlook
The week ahead will be mixed with the start of a new trading month. Data over the week will see the French flash GDP estimates on Tuesday. The German retail sales report is due along with the EU’s fresh economic forecasts. The preliminary GDP report for the Eurozone for the third quarter will also be on top of investor minds. Flash inflation estimates will also be due from the Eurozone this week.

The Bank of Japan will be holding its monetary policy meeting on Wednesday. No major changes are expected, and the central bank could hold its interest rates unchanged. The meeting will be followed by a press conference by BoJ Governor Kuroda. Data from Switzerland is quiet for the most part this week. The U.S. economic calendar is of course busy. The week starts off with the Fed’s preferred gauge of inflation, the core PCE price index coming out. This is later followed by big ticket items such as the ADP private payroll numbers and the ISM’s manufacturing PMI data. Later on Friday, the monthly payrolls report take center stage once again.

Chart set up: The euro currency was seen extending the declines sharply last week. The failure to capitalize on the gains the week before left the common currency to test the previously established lows for the year. Still, price action is signaling that the currency pair might be forming a bottom in the near term.

Key support/resistance levels:
Support: 1.1345; Resistance: 1.1449

Commentary:
The EURUSD has maintained a decline within the falling price channel indicating the downtrend. Short term bounces were met with aggressive selling. As the euro currency posts a rebound near the support at 1.1344, we expect in the short term a retest of the resistance level. The area between 1.1463 – 1.1449 is likely to be tested for resistance as it previously served as support. The common currency could be seen trading flat within these levels in the near term. For the week ahead, the EURUSD is expected to be flat.

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