[FOREX TIP] AUDUSD Weekly Forex Forecast – 6th to 10th Feb 2017

AUDUSD Weekly Forex Forecast – 6th to 10th Feb 2017

The AUDUSD technical pattern is in a bullish sequence since the beginning of the year, however the rally has run too fast in a very short period of time. Several technical indicators suggest the AUDUSD is in overbought territory in multiple time frames. What gives us confidence that we’re about to reverse the prevailing trend are the fundamentals.

The RBA is scheduled on Tuesday to announce its interest rate decision and while the market consensus is for no change in the monetary policy the soft landing in the housing market can push the RBA to signal rate cuts. On Thursday the RBA Governor Lowe is due to speak at the A50 Australian Economic Forum Dinner, in Sydney and traders need to pay close attention to his remarks at this event is highlighted as having a high impact on the market.

On the technical side, we can expect a false break above 0.7695 last week’s high and only a daily close above this figure can invalidate the bearish case. To the downside we have 0.7600 as intraday support, but more importantly, we have 0.7525 followed by the big psychological number 0.7500. Only a daily close below this figure can indicate that the AUD/USD can be in the process of a much deeper retracement.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 6th to 10th Feb 2017 – Bearish

 

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 6th Feb to 10th Feb 2017

GBPUSD Weekly Forex Forecast – 6th Feb to 10th Feb 2017

Last Friday’s sell off and break below the big psychological number 1.2500 has put the focus back on the downside for the GBPUSD. The GBPUSD unwillingness to protect the gains made in the first days of the last week and the weekly close near the lows is indicative of strong bearish momentum. The break above 1.2673 swing high was also accompanied by a failure from the stochastic indicator to produce a new high, thus we can spot a bearish divergence which is a reversal signal.

To the downside we have the intraday support level 1.2418 while a break and a close below this level will expose the 1.2300 round number. To the upside any break above 1.2500 should quickly fade away and only a strong daily close above the big psychological number 1.2500 should suggest more upside for GBPUSD.

The UK economic calendar doesn’t reveal any major news event, but we have “proxy” risk events like the EU Extraordinary Economic Summit scheduled on Friday as the EU leaders meet to discuss and solve the current EU problems. The Brexit legal challenges will also be an important catalyst for driving higher the GBPUSD volatility.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 6th Feb to 10th Feb 2017 – Bearish

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[FOREX NEWS] US ISM Non-Manufacturing PMI miss at 56.5 – USD slides

The services sector is still growing quite nicely, but a bit under expectations. The ISM Non-Manufacturing PMI scored 56.5 points, 0.1 below 56.6 seen in December and under 57 expected. New orders are down to 58.6 points and employment is up from 52.7 to 54.7 points. Prices are at 59.9, up from last time. Factory [...]

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