Weekly Forex Forecast

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GBP/USD

The British pound initially pulled back a bit during the week against the US dollar, but then shot straight to the upside, testing the 1.25 handle. That being the case it looks like we could get a little bit more to the upside from here but I recognize there is a ton of noise between here and the 1.27 level and it’s probably only a matter of time before something ugly happens with the Brexit. I anticipate that we get a little bit more bullish pressure to the upside and then some type of breakdown that sends the market right back down. Unfortunately, this is probably going to be news based.

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USD/CAD

The US dollar has rallied against the Canadian dollar during the week as oil markets got absolutely pummeled. This makes quite a bit of sense I think it will continue to be the way going forward as the market is so sensitive to the crude oil markets. We have been following a nice uptrend line and it looks like we will probably head towards the 1.35 level. That being said though, it’s going to be very choppy so I think short-term pullbacks should be buying opportunities as long as oil markets continue to struggle.

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EUR/USD

The Euro had a wild week as the ECB met and released its interest rate announcement. It looks as if the markets were a bit underwhelmed by the quantitative easing, so the Euro gained. All things been equal though, I think what we are going to see sellers step in rather soon, as the 1.11 EUR level is offering a bit of resistance. I would not be surprised at all to see this market break back below the 1.10 level to continue the move lower.

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AUD/USD

The Australian dollar rallied a bit during the week but continues to struggle at the 50% Fibonacci retracement level from the recent fall. At this point, it’s likely that we will continue to see quite a bit of volatility, as this market is sensitive to the US/China trade situations. That continues to be a bit of a moving target, so expect choppiness but I still think there is difficulty navigating this pair. I prefer to fade rallies.

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Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.
Learn more from Adam in his free lessons at FX Academy.