Minors Weekly Forecast Oct 09 2017

Minors - 956854 (1)

AUDUSD: Bearish Eyes The 0.7711 Levels!

As long as 0.7800 resistance holds on a weekly closing basis, the AUDUSD remains on the downside to the 0.7711 levels, a halt is likely and it may turn higher from here but if this fails to happen, another fall towards the 0.7585/0.7520 levels will be seen. At this point, I’d expect a strong support from the 0.7585/0.7520 levels to bring rebound to the upside.

On the upside, above 0.7800 sees a recovery risk to the 0.7907/0.7973 levels where another fall is very likely, above that level will challenge 0.8124 levels…

Conclusion: The AUDUSD continues to face downside threats below the 0.7973 levels in the medium/long-term forecast.

USDCAD: Corrective Recovery Sets In…

As long as 1.2390 support holds on a weekly closing basis, the USDCAD remains in a recovery mode and further upside could be seen to the 1.2662/1.2777 levels, a halt is likely, and rise from 1.2060 may end here, however; above 1.2777 will extend recovery to the 1.2968 levels.

On the downside, support comes at the 1.2390 levels ahead of the 1.2170 levels (main), below 1.2170 will restore the downside momentum and pave the way to the 1.2000 levels…

Conclusion: The USDCAD continues to face recovery threats above the 1.2170/1.2390 levels…