Weekly Trading Forecasts for Major Pairs (November 14 - 18, 2016)
13 November 2016, 19:18
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bearish
Monday kicked off with a bearish movement, which was briefly interrupted by a large rally due to the US presidential election results. Wednesday saw price rally 280 pips before dropping back later that day, forming a Bearish Confirmation Pattern, and almost breaching the support line at 1.0850. The support lines at 1.0850 and 1.0800 could easily be breached this week, but the possibility of rallies is strong - especially when USDCHF pulls back again.
USDCHF
Dominant bias: Bullish
The market went sideways on Monday and Tuesday before plummeting on Wednesday. From a low of 0.9549, the market quickly recovered with a 290-pip rally, and generated a bullish signal. Price could now target the resistance levels at 0.9900, 0.9950 and 1.0000. However the resistance level at 1.0000 will be a challenge as it is a psychological level, so a strong correction could form if price fails to break above it.
GBPUSD
Dominant bias: Bullish
The outlook remains bullish in the short term, but bearish in the long term. With the market being quite choppy, price consolidated from Monday to Thursday (in the context of a near-term uptrend) before rising on Friday. Further gains are expected this week, so the distribution territories at 1.2650, 1.2700 and 1.2750 may be targeted as the 1.2650 level was tested last week. If price manages to climb another 500 pips then a bullish signal will result on the daily chart.
USDJPY
Dominant bias: Bullish
As predicted last week, JPY pairs made bullish attempts. It began on Monday, but was briefly interrupted on Wednesday by a massive sell-off that saw price plunge roughly 400 pips before rallying the same day. The rally continued on Thursday then consolidated on Friday. The market is currently above the demand levels at 106.00 and 106.50, so should target the supply levels at 107.00, 107.50 and 108.00 this week. The outlook for most JPY pairs remains bullish (with the possible exception of AUDJPY and NZDJPY).
EURJPY
Dominant bias: Bullish
Movement last week was less pronounced than with USDJPY. This market is quite choppy, but the outlook remains bullish, so further gains are possible if the Euro garners some strength. Initial targets are the supply zones at 116.50 and 117.00, but persistent buying pressure will be needed to exceed those levels.
I’d like to conclude this forecast with the following quote:
“Take every trade that the system generates because you do not know where the returns are going to be generated.” - Chris Tate
Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
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