Forex Technicals - The Week Ahead 4 Dec - 8 Dec

fxcrypto.com (42)in #forex • 7 years ago (edited)

Economic Events for the week
https://www.forexfactory.com/calendar.php?day=dec3.2017#detail=68195

AUDUSD

Big week for the Aussie with Retail Sales , Current Account and the RBA due on Tuesday 5 December , GDP on Wednesday and Trade Balance on Thursday.

Fridays US Non -Farm Payrolls also to provide plenty of movement.

Whilst the US to AU yields suggest downward pressure on the AUD , price action on the chart has held the upward trend back from mid January 2016 and this weeks data releases will determine if we keep the upward trend in tact.

A bad retail sales will likely quickly bring price down towards the critical level around 75 cents and then the RBA whilst no cut expected will certainly be dovish enough to break that key level to the downside.

However after 3 continuous bad retail sales figures , November Black Friday sales and the iPhoneX release may have had the Aussies out Spending their hard earned cash ( or their cryptocurrency profits :-) )

So to all the Aussie bears look out as I expect a bounce on retail and the AUD uptrend to stay in tact.

Interactive Live Chart - https://www.tradingview.com/chart/2Se3Fyah/

EURUSD

Key Drivers - ECB Super Mario speaks and the US NFP.

Currently trading in a newly formed upward channel.
A break of the channel could see price come to test the 50DMA red line.
Otherwise staying within the channel looks good for a retest of the highs just under 1.21

https://www.tradingview.com/chart/nNnmHMRi/

NZDUSD

It did momentarily drop below the 68 figure and on retest held that level and finished the week with a bullish engulfing candle.
RBNZ Governor speaks early in the week and Dairy Auction midweek.
Price direction likely to follow Australian Retail Sales figures.
Support at 68 , resistance 50 DMA and 70 cents.

https://www.tradingview.com/chart/qd1W0ZaQ/

GBPUSD

Key Drivers - Services PMI on Tuesday, Manufacturing PMI on Friday and US NFP
Broke higher on those levels highlighted in previous posts then came back and bounced of the 50DMA putting in 3 consecutive strong daily candles to the upside and taking a breather to end the week on a retest of previous resistance.

The 1.34300 zone is a key level and a hold on that level should see more upside.

https://www.tradingview.com/chart/npEM2ee4/

USDJPY

Rallied after breaking trendline higher on shorter 1 hour timeframe ( pink trendline)
Uptrend capped after reaching the top of the cloud and 50DMA ( red line ) .
Price to stay contained within the 50DMA and 200DMA ( yellow line) with the US NFP to determine trend either way.
Or some other geo political issue.

https://www.tradingview.com/chart/oPIEJTQ5/