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Saturday, June 17, 2017
[FOREX TIP] AUDUSD Weekly Forex Forecast – 19th to 23rd June 2017
AUDUSD Weekly Forex Forecast – 19th to 23rd June 2017
The Aussie the same like all of the other commodity currencies has seen the most gains against the greenback during the past few weeks. The AUDUSD technical pattern looks strong and while we’re trading above the big psychological number 0.7500 there is a high change in the medium-term we can break to a new 2017 high.
Short-term we can see some more ranging activity as we’ve gone too fast in a very short period of time. We have an intraday support level between 0.7600 – 0.7580 zone where the downside can be held. On the upside, we have resistance at 0.7677 followed by March high 0.7748 which is also the yearly high price.
The Australian economic calendar will bring on Tuesday the RBA Meeting’s Minutes which will give traders more insights into the interest rate policy. Other than that there are no other major risk events that can distort the market volatility.
Previous AUDUSD Weekly Forex Forecast
AUDUSD Weekly Forex Forecast – 19th to 23rd June 2017
The post AUDUSD Weekly Forex Forecast – 19th to 23rd June 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
[FOREX TIP] USDCAD Weekly Forex Forecast – 19th to 23rd June 2017
USDCAD Weekly Forex Forecast – 19th to 23rd June 2017
The USDCAD technical pattern has made a strong stance on the bearish case after breaking downside through multiple important support levels. The risk now remains to the downside for further continuation. This is a strong bearish trend development that can send USDCAD below the big psychological number 1.3000.
The stochastic indicator has already started to move to the downside from overbought territory suggesting any rally should be limited both in time and price. The first level of resistance only comes in the 1.3300 – 1.33400 zone from where price can reverse to the downside. On the downside, the obvious first level of support is the last week low at 1.3164 followed by the big round number 1.3000.
The Canadian economic calendar will bring only some minor risk events. On Thursday we have the Canadian Retail Sales which have fallen to -0.2% due to lower energy prices. On Friday the CPI inflation figures have missed the market expectation for two consecutive months posting only a 0.4% increase.
Previous USDCAD Weekly Forex Forecast
USDCAD Weekly Forex Forecast – 19th to 23rd June 2017
The post USDCAD Weekly Forex Forecast – 19th to 23rd June 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
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