Home Analysis Forex Weekly Forecasts – April 18th,2022

Forex Weekly Forecasts – April 18th,2022

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Forex Weekly Forecasts – April 18th,2022 - forexspacex.com

In the Forex Weekly Forecasts segment, we provide the critical news and information which helps to seize the opportunity in the financial market.

AUD/USD – Australian Dollar US Dollar

The AUD/USD slipped below 0.7440 on Monday morning in Asia after a gradual rise in 10-year US Treasury yields. The Australian dollar started a fresh decline on Thursday against the US Dollar near the major resistance level at 0.7500 mark. The AUD/USD pair traded below the key 0.7400 level support on Friday amid the increased selling pressure due to the strong demand for U.S. Dollar.

Investors are waiting for Reserve Bank of Australia (RBA)’s Meeting minutes, which will be released on Tuesday. Meanwhile, the main trend is down and a daily close below 0.7350 will indicate the presence of sellers and a confirmed bearish Scenario.

USD/RUB – US Dollar Russian Ruble

The USD/RUB is hovering around the 80.00 mark on Monday as investors digest the latest developments surrounding Russia Ukraine war. The pair is likely to maintain the 80.00 to 85.00 range, with continuous downside risks to the lower end.

The Russian Central bank has already scrapped a 12% Commission for buying foreign currency and is expected to lift the ban on selling foreign exchange. Despite the inflationary pressures, which are much higher in USD compared to RUB, there is a big possibility for its weakening in the long run. The RSI (14) is below 40, Suggesting bears are controlling the price. Therefore, one must look for potential near-term selling opportunities in USD/RUB

GBP/USD – British Pound US Dollar

The British pound is struggling below 1.30500 against the US Dollar on Monday. The GBP/USD is trading lower by 0.30% today as bears attempt to take the key support at 1.3000 level. The prospects of a more aggressive interest rate hike from the US Federal Reserve boosted the demand for U.S. dollar while a roadblock in peace talks between Russia and Ukraine induced more selling pressure in GBP.

The GBP/USD remains at a risk of more downsides below the key support level at 1.3000-mark support zone. The RSI (14) is at 39 and a move below the 1.3000 level will open the way to the test of the support at 1.2940 mark.

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