[FOREX TIP] USDCAD Weekly Forex Forecast – 24th to 28th Dec 2018

USDCAD Weekly Forex Forecast – 24th to 28th Dec 2018

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The USDCAD has made another decisive breakout above the big round number 1.2500 but the current bullish trend looks overextended. The current high established near the round number 1.2600 is a good candidate for resistance level. Only a daily break and close above 1.2600 can signal more bullish momentum. On the downside, the big psychological level is the line in the sand between the bulls and the bears.

A break and a daily close below the round number 1.2500 can open the door for a possible retest of the support level 1.3381. The stochastic indicator is moving away from oversold territory, which can support a pause in the bullish trend. Due to the holiday season there is no major risk events scheduled on the Canadian economic calendar. In this regard, we should expect the exchange rate to be more sensible to the technical levels.

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 24th to 28th Dec 2018

AUDUSD Weekly Forex Forecast – 24th to 28th Dec 2018

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 The AUDUSD is threatening to break again the big psychological number 0.7000. However, the current bearish trend looks overextended and a bounce is the most likely scenario. The previous week low established at 0.7027 is our first level of support that the bulls need to defend ahead of the big round number 0.7000. The stochastic indicator is in neutral territory and no extreme readings are on the radar.

On the upside, the first level of resistance comes at the 0.7100 level. A daily break and a close above the resistance level 0.7100 can open the door for an extended retracement and a possible retest of the next resistance level that can be found at the 0.7200 level. Due to the holiday season there are no major risks events scheduled on the Australian economic calendar that can disrupt the market volatility.

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 24th to 28th Dec 2018

GBPUSD Weekly Forex Forecast – 24th to 28th Dec 2018

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The GBPUSD rally above the big psychological number 1.2500 has been sustained and as long as we trade above the big round number we should expect the rally to resume. However, as the Christmas holidays kick in we should expect lower trading activity which can be translated in irregular spikes in price or we can experience very tight price ranges. On the upside, the first level of resistance comes at the 1.2700 pivot level. A daily break and close above the 1.2700 level can open the door for more bullish momentum and a possible retest of the next intraday resistance level that can be found at the 1.2800 level.

The stochastic indicator isn’t showing any overbought or oversold readings that can suggest a market reversal. On the downside, only a daily break and close below the big round number 1.2500 can resurrect the bearish trend. The high probability scenario is for the current tight range to continue. The UK economic calendar doesn’t show any major risk events that can cause a spike in the market volatility. Due to the holiday season there are no economic data releases in the upcoming week. In this regard we should expect a more technical driven market.

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