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[FOREX TIP] AUDUSD Weekly Forex Forecast – 4th to 9th Nov 2018

AUDUSD Weekly Forex Forecast – 4th to 9th Nov 2018

The AUDUSD has made a decisive break above the key resistance level 0.7100 and above the 200 moving average. This is a positive development and we should expect the bullish momentum to prevail as long as we trade above the 0.7100. On the upside, the first level of resistance only comes at the 0.7346 level. The stochastic indicator is also in a neutral territory so no reversal is in sight for the time being.

The Australian economic calendar is stacked with high risk events that can give more clarity to the price action. On Tuesday the RBA is set to give its interest rate decision and then on Wednesday the Unemployment rate should be the catalyst for some more volatility.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 4th to 9th Nov 2018

USDCAD Weekly Forex Forecast – 4th to 9th Nov 2018

The USDCAD held above the big round number 1.3000 consolidating the previous gains. AS long as we trade above 1.3000 on a daily closing basis we should expect the bullish momentum to prevail. However, for the bulls to open up the door for more strength they need a break above last week high, which will put back into focus the resistance level 1.3220. On the downside, the intraday support level 1.3050, which is also, last week low, is the first level that the bulls need to defend ahead of the big psychological number 1.3000.

The stochastic indicator doesn’t show us any extreme readings so we can expect the consolidation to continue. The only major risk event that can be the source for some volatility is the Governor Poloz’s speech scheduled on Monday. Other than that we should expect a fairly quiet market in terms of fundamental catalysts that can drive the Canadian dollar exchange rate. But from the other side of the monetary policy spectrum, we have the US Fed interest rate decision, which according to the market consensus it should hold rate unchanged at 2.25%.

Previous USDCAD Weekly Forex Forecast

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 4th to 9th Nov 2018

GBPUSD Weekly Forex Forecast – 4th to 9th Nov 2018

The GBPUSD once again managed to briefly break above the big psychological number 1.3000 but we couldn’t sustain the move above the big round number. Even though we’ve posted a weekly close below 1.3000 level, the last week rally was strong enough to suggest that we might see a shift in the trend direction. Having said that, we need more time before the next leg up to develop and that’s the reason why we can expect the upcoming week to see some type of consolidation. On the downside the first level of support is at 1.2955 followed by the key support level 1.2800 that the bulls need to defend in order to keep the bullish momentum going.

The stochastic indicator is moving away from extreme overbought conditions making room for the next leg on the upside. However, we need to wait for a full stochastic reset before the bulls to show up again. On the upside, we need a break and a daily close above the big round number 1.3000 and above the 200-EMA for the uptrend to resume. The UK economic calendar doesn’t have to offer us any major risk event until Friday when the Manufacturing Production figures, the Trade Balance figures and the GDP figures for the third quarter of 2018 are scheduled to be released. We should expect some volatility that can be the catalyst for some trend development.

Previous GBPUSD Weekly Forex Forecast

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