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Weekly Trading Forecasts on Major Pairs (October 14 – 18, 2016)

Saturday, November 12, 2016 16:48
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(Before It's News)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair started a bearish movement on Monday, which was briefly interrupted by a massive rally, caused by the U.S. presidential elections results. Price rallied 280 pips on Wednesday and started coming down that day, forming a Bearish Confirmation Pattern in the market. The support line at 1.0850 is almost being breached to the downside. While the support lines at 1.0850 and 1.0800 could be breached this week, there is also a possibility of rallies in the market (especially when USDCHF pulls back again).

USDCHF
Dominant bias: Bullish
USDCHF moved sideways on Monday and Tuesday, and plunged seriously on Wednesday, November 9. The bearish plunge was quickly recovered as price rallied massively 290 pips that day, from a low of 0.9549, leading to a bullish signal in the market. Price could now target the resistance level at 0.9900, 0.9950 and lastly, 1.0000. However, a great challenge remains at the resistance level at 1.0000, which is a psychological level. In case price is unable to go above that psychological level, there could be a clear bearish correction.

GBPUSD
Dominant bias: Bullish
Cable remains bullish in the near term, and bearish in the long term. The market is quite choppy, having consolidated from Monday to Thursday (in the context of a near-term uptrend), and then going upwards vividly on Friday. Further upward movement is anticipated this week, as the bias on the market remain bullish. The distribution territories at 1.2650, 1.2700 and 1.2750 may be targeted this week. The distribution territory at 1.2650 was tested last week, and it could be tested again, and a northward movement of 500 pips more, would cause a bullish signal in the daily chart also.

USDJPY
Dominant bias: Bullish
As it was forecast last week, JPY pairs really made bullish attempts. The bullish journey started on Monday and it was briefly interrupted on Wednesday as there were temporary massive sell-offs on USDJPY. Price plunged by roughly 400 pips on Wednesday and rallied on the same day, plus Thursday, and consolidated on Friday. The market is currently above demand levels at 106.00 and 106.50, targeting the supply levels at 107.00, 107.50 and 108.00 this week. The outlook on most JPY pairs remains bullish for this week (with possible exceptions of AUDJPY and NZDJPY).

EURJPY
Dominant bias: Bullish
The movement on this currency trading instrument was not as strong as that of USDJPY. The market is quite choppy while the outlook on it remains bullish. Should EUR gather some stamina this week, there could be more predictable bullish movement. Initial targets on the upside are the supply zones at 116.50 and 117.00. For price to go above these targets, persistent buying pressure is needed.

This forecast is concluded with the quote below:

“Take every trade that the system generates because you do not know where the returns are going to be generated.” – Chris Tate

Source: www.tallinex.com

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