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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair first moved sideways in the first few days of last week, and then price broke down again on October 28, reaching the support line at 1.0900. From that support line, price has bounced upwards a bit, testing the resistance line at 1.1050. The bias on this pair remains bearish and further downwards movement is possible in the month of November, principally because the outlook on USD is bright for the month.
USDCHF
Dominant bias: Bullish
USDCHF went upwards smoothly last week, reaching the resistance level at 0.9950. However, bulls have been unable to push price above that resistance level, as price eased by almost 100 pips, testing the support level at 0.9850. USDCHF should continue its upwards journey this month, possibly reaching the great psychological level at 1.0000, which means USD could probably reach parity with CHF this month, given the bullish expectation on USD for this month.
GBPUSD
Dominant bias: Bearish
GBP shall undergo strong and fast movements this month as bulls and bears struggle for supremacy, which would also be visible on GBP pairs. Price tested the accumulation territory at 1.5250 and then spiked upwards on Friday. In spite of the upwards spike, the bias is bearish. A movement above the distribution territory at 1.5500 could end the current bearish bias, and until that happens, long trades are not recommended.
USDJPY
Dominant bias: Bullish
USDJPY did not make any serious directional movement last week, since there were transitory upswings and downswings in the market. Should this kind of price action continue throughout this week, the market could enter another equilibrium phase. Nonetheless, the bullish bias is supposed to continue this month (certain JPY pairs would make attempts to rally in November, except AUDJPY and NZDJPY, because the outlook on AUD and NZD is strongly bearish for the month of November).
EURJPY
Dominant bias: Bearish
This currency trading instrument cannot make any significant bullish movement as long as Euro is very weak. There is still a Bearish Confirmation Pattern in the market: Long trades would be illogical unless the supply zone at 134.00 is overcome. Until that happens, rallies could be taken as short-selling opportunities. In case Yen becomes weaker than Euro, a meaningful reversal would be witnessed. Euro itself would make effort to rally against some currencies in this month, save Greenback.
This forecast is concluded with the quote below:
“Fortunately, the positive expectations of full time trading prove to be true. Every day is exciting and the world of trading never bores. There is always a lot going on in the financial markets and there is plenty to discover.” – Christiaan van der Meer
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
