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[FOREX TIP] AUDUSD Weekly Forex Forecast – 12th to 16th Nov 2018

AUDUSD Weekly Forex Forecast – 12th to 16th Nov 2018

The AUDUSD continues to trade above the key 200 moving average suggesting a shift in the market trend. On the downside, the first level of support is the 0.7200 level which can be challenged early in the week. A break and a daily close below 0.7200 will put in focus the major support level 0.7100. The stochastic indicator is already showing an extreme oversold reading which suggest that we should see a bounce or at least a pause from the 0.7200 level.

On the upside, the last week high 0.7303 is the first level of resistance. A daily close above the last week high will put in focus the resistance level 0.7346. The only major risk event scheduled on the Australian economic calendar is the Unemployment rate. Based on the market consensus the Unemployment rate is expected to inch higher to 5.1% versus 5.0% the previous reading.

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[FOREX TIP] USDCAD Weekly Forex Forecast – 12th to 16th Nov 2018

USDCAD Weekly Forex Forecast – 12th to 16th Nov 2018

The USDCAD has made another decisive break on the upside, but the bulls haven’t been able to break above the key resistance level 1.3225. The weekly close below the resistance level suggests that the current rally can see a pause next week, unless we get a daily break and close above the 1.3225, which will open up the door for the bulls to have another chance to challenge the major resistance level 1.3381. The stochastic indicator is in overbought territory showing that the bulls are overstretched and we might see a pullback early in the week.

The first level of support comes at the intraday level 1.3070, but the big psychological number 1.3000 remains the line in the sand. There are not many things going on the Canadian economic calendar that can disrupt the volatility. In this regard, we should expect a more technical driven market and for the USD/CAD exchange rate to be more sensitive to the support and resistance levels.

Previous USDCAD Weekly Forex Forecast

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 12th to 16th Nov 2018

GBPUSD Weekly Forex Forecast – 12th to 16th Nov 2018

The GBPUSD has managed to close back below the big psychological number 1.3000, which suggests that in the short-term the bears have gained control of the market. As long as we trade below the big round number 1.3000 on a daily closing basis we should expect the downside to prevail. On the downside, the first level of support comes near the previous week low 1.2955. Below this support level we don’t have any level that can challenge the bears until the big support level found at the 1.2800 level. The stochastic indicator is in oversold territory so we should expect early in the week the bulls to try regaining control of the big round number 1.3000.

A break above 1.3000 can open the door for a retest of the resistance level 1.3044. However a sustained rally can only be achieved if we get a daily close above these levels of resistance. In this case, we can expect the 1.3170 level to be challenged again. The UK economic calendar will bring some high risk events that can cause some volatility. Tuesday, the unemployment rate will give more clarity to the price action, but the CPI inflation figures scheduled to be release on Wednesday can be the main driver.

Previous GBPUSD Weekly Forex Forecast

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