Weekly Forex technical analysis & trade opportunities


The following is weekly AUDUSD, NZDUSD, and USDCAD Forex technical analysis which include FX trade opportunities for these three currency pairs, major technical support & resistance levels, and best risk/reward Forex orders.

09 October, AtoZForex – US Nonfarm Employment Change surprised last Friday with a bellow consensus reading of 156k. Nevertheless, it was a relatively neutral report as the Fed has reiterated that it is comfortable with continues employment growth of above 150k.

However, Unemployment rate decreased to 5% and along with lower NFP reading we saw the USD correcting in the immediate aftermath. Yet, the expectations for December Fed rate hike were intact at roughly 65%. To be fundamentally prepared for this week see this Weekly Forex outlook.

Weekly USDCAD Forex technical analysis

USDCAD has reached our first and second targets at 1.319 and 1.328 respectively last week from a low of 1.310 and based on this week’s technical USDCAD analysis the pair remains in and upward trend.

USDCAD weekly Forex technical analysis (click to zoom in) USDCAD weekly Forex technical analysis (click to zoom in)

In fact, the bullish bias has strengthen even further as weekly MACD broke above a neutral 0 level. Targets have now shifted to a major weekly resistance level at 1.335 and a custom -10% Fibonacci zone at 1.339, just ahead of 1.400 psychological level.

The best risk/reward Forex trade opportunity is to long USDCAD from a support at 1.325.

Weekly AUDUSD Forex  technical analysis

Looking at AUDUSD technical analysis, the pair is nearing the end of narrowing weekly triangle and a breakout in few weeks’ time has become inevitable.

weekly-forex-technical-analysis-trade-opportunities-2 AUDUSD daily Forex technical analysis (click to zoom in)

For the moment being, we could expect the Aussie to trade in an erratic way and thus trading in lower timeframes than hourly is not recommended. Nonetheless, we could use 0.7535 support area based on daily AUDUSD analysis to long the pair towards our first target at 0.7565 and second at 0.758. But only half the usual entry size should be used.

Weekly NZDUSD Forex  technical analysis

Lastly, looking at NZDUSD analysis, we could expect the initiated bearish correction to persist further and use a bounce from a major 0.715 support level as an opportunity to short.

USDCAD weekly Forex technical analysis (click to zoom in) NZDUSD daily Forex technical analysis (click to zoom in)

Therefore, the best risk reward Forex trade opportunity is to short AUDUSD from 0.722 resistance level aiming back towards 0.717. However, because this is counter-trend order, only half of the usual risk should be taken, which would imply approximately 1% of the account size.

Also see: Weekly Forex outlook: Case for December Fed rate hike

Think we missed something? Let us know in the comments section below.

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