[FOREX TIP] AUDUSD Weekly Forex Forecast – 6th to 10th August 2018

AUDUSD Weekly Forex Forecast – 6th to 10th August 2018

The AUDUSD is trading inside a very frustrating trading range. The current consolidation has been going on for 7 weeks and until we have a clear breakout we should expect more of the same. The best strategy is to wait and react to whichever way we get the breakout. If we break and post a daily close below 0.7300 look for the current bearish trend to extend to the downside.

A break and a daily close above the top of the range 0.7470, but more importantly above the big psychological number 0.7500 can signal that a reversal is set in motion. Above these two levels we have 0. 7560 as the next important resistance level. The Australian economic calendar is full of risk events that can disrupt the market volatility. Tuesday, the RBA interest rate decision can give more clarity to the price action. The RBA is expected to keep rates unchanged. Wednesday RBA Governor Philip Lowe is due to hold a speech and also we have as a proxy risk event the Chinese Trade Balance figures.

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AUDUSD Weekly Forex Forecast – 6th to 10th August 2018

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[FOREX TIP] USDCAD Weekly Forex Forecast – 6th to 10th August 2018

USDCAD Weekly Forex Forecast – 6th to 10th August 2018

The USDCAD broke and posted a weekly close below the big psychological number 1.3000, which gives a strong case for more bearishness in the market. The first important level of support comes at 1.2920 and a close below this level can open the door for more weakness all the way down to 1.2814. On the upside a daily close above the round number 1.3000 can send the USDCAD exchange rate up to 1.3065.

The stochastic indicator is not yet in oversold territory, so we can safely expect the downside to extend more. However, since August is a very slow trading month we can also expect more consolidation until the summer trading period is over. There is only one major risk event scheduled on the Canadian economic calendar. Friday we have the Unemployment rate, which is expected to inch lower to 5.8% versus 6% previous reading.

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USDCAD Weekly Forex Forecast – 6th to 10th August 2018

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 6th to 10th August 2018

GBPUSD Weekly Forex Forecast – 6th to 10th August 2018

The GBPUSD has only managed to post a very weak close above the big psychological number 1.3000, which suggests that the bulls aren’t stepping into the market. On the downside, we can possibly see a break below the previous swing low 1.2955 but even then we can expect the GBP/USD to return back into the previous range. Only a strong daily close above 1.3000 can put the bulls back on the spot and see a retest of the first resistance level 1.3120.

The stochastic indicator is only showing a very moderate oversold reading and until we reach some extreme reading, we can’t expect much from the bulls. On the downside the first important level of support only comes at 1.2810 levels. In terms of risk events, we only have the preliminary GDP figure for the second quarter of 2018. According to the general market consensus, the UK economy is expected to slow down in the 2^nd quarter and only show a 0.1% growth versus 0.2% growth seen in the 1^st quarter of 2018. The Trade Balance figures are also expected to be released the same day.

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GBPUSD Weekly Forex Forecast – 6th to 10th August 2018

 

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