ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

Weekly Trading Forecasts on Major Pairs (November 30 – December 4, 2015)

Share On Facebook
share on Linkedin
Print

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
EURUSD only consolidated to the downside last week, in the context of a downtrend. There are resistance lines at 1.0750 and 1.0800, which could check rally attempts. There are also support lines at 1.0500 and 1.0450, which are the targets for bears, since further bearish movement is possible. Any rally attempts that happen in the market should be taken as false breakouts. It is expected that the Euro would be weak in December, and so EUR pairs would be bearish in most cases.

USDCHF
Dominant bias: Bullish
This pair managed to go upwards by an addition of 100 pips last week – in solidarity with the extant bullish bias. Since the great psychological level at 1.0000 has been breached to the upside, price has moved northward by 300 pips, testing the resistance level at 1.0300. This bullish journey has a high probability of continuing this week, for the outlook on USD is bright for the month of December (and so is the outlook on CAD).

GBPUSD
Dominant bias: Bearish
GBPUSD moved further south last week, closing below the distribution territory at 1.5050. Yes, continuous southwards movement is expected for most past the month of December, even beyond the month. On GBPUSD, any rallies that are seen this month should be taken as short-selling opportunities, because the accumulation territories at 1.4900, 1.4800 and 1.4700 would be slashed in December. In fact, GBP would be seen falling sharply against other major currencies, and so, positions that favor GBP are not recommended.

USDJPY
Dominant bias: Neutral
Since this currency trading instrument only moved sideways throughout last week, the outlook has become neutral in the near-term. A breakout is expected this week, which would either take price below the demand levels at 122.00 and 121.50; or take it above the supply levels at 123.50 and 124.00. For this movement to qualify as a serious breakout, price must close below the demand level at 121.50 or above the supply level at 124.00. Nonetheless, a breakout to the upside is much more likely, owing to the bright outlook on the US dollar.

EURJPY
Dominant bias: Bearish
It has already been said that this cross would find it difficult to rally significantly as long as EUR is weak, unless JPY itself experiences an extraordinary loss in stamina. The EURJPY cross has demonstrated its willingness to continue moving south: There is still a Bearish Confirmation Pattern in the market. On JPY pairs, we would witness pleasant volatility and predictable movements in the month of December.

This forecast is concluded with the quote below:

“Volatility and lucrative market movement should continue for many years to come, providing nearly endless opportunities for the well-prepared trader.” – Scott Andrews

Source: www.tallinex.com

What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com