USDCAD Weekly Forex Forecast – 17th to 21st Dec 2018
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The USDCAD has filled in some of the previous week price range but no decisive break has been made. As the holiday trading conditions settle in, we should expect current trading ranges to persist as trading activity and volume often goes down during this time of the year. On the downside, the first level of support is the 1.3250 level, which also align with the key 200 moving average. A break and a daily close below 1.3250 will open the door for a possible retest of the support level 1.3080.
The stochastic indicator is in neutral territory and doesn’t show any signs of extreme reading in the market. On the upside, the first level of resistance is the 1.3445 level were the bears can show up again. The CPI inflation figure is the only notable risk events scheduled on the Canadian economic calendar. Other, notable risk events is the Retail Sales followed by the monthly GDP data scheduled on Friday which should give further clarity to the price action. However, from the other side of the monetary policy spectrum we have the Fed interest rate decision which is expected to raise interest rate to 2.50% versus 2.25%
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AUDUSD Weekly Forex Forecast – 17th to 21st Dec 2018
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The AUDUSD only managed to recover some of the previous week losses. Currently, Aussie is trading inside a very narrow trading range between intraday support level 0.7179 and resistance level 0.7242. Only a daily break and close above 0.7242 can resurrect the bullish trend and a possible retest of the resistance level 0.7346. The stochastic indicator isn’t showing any extreme overbought or oversold reading, which can indicate that the current range might continue.
On the downside, a daily break and close below 0.7179 levels can open up the door for a deeper retracement and a possible retest of the support level 0.7098. The only major risk events scheduled on the Australian economic calendar is the RBA Meeting’s Minutes scheduled to be release on Tuesday. But the major risk event is the Unemployment rate, which is going to be released on Thursday.
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Previous AUDUSD Weekly Forex Forecast
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GBPUSD Weekly Forex Forecast – 17th to 21st Dec 2018
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The GBPUSD bearish trend has extended to the downside, but the bulls showed up again and defended the big psychological number 1.2500. As long as we trade above the big round number 1.2500 we should expect the current retracement to extend. On the upside the next important level of resistance is at 1.2700 followed by 1.2924 were the bears should show up. The stochastic indicator is in overbought territory, so we can expect first a reaction lower until the stochastic indicator resets itself. On the downside, we can note the first level of support at the intraday pivot 1.2550.
However, in order for the bearish trend to gain more traction we need a daily break and close below the big round number 1.2500. The UK economic calendar is packed with high risk events that can disrupt the volatility and can be the catalyst for some trend development. On Wednesday, we have the CPI inflation figures but the main risk event is the BOE interest rate decision scheduled to be released on Thursday. According to the market consensus the BOE should keep interest rates unchanged at 0.75%.
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