Weekly Trading Forecasts for Major Pairs (November 16 - 20, 2015)

Here’s the market outlook for this week:

EURUSD
Dominant bias: Bearish
EURUSD did not move up or down to any extent last week, though the outlook remains bearish. Last week the FX markets consolidated the most for this year - certain pairs and crosses remaining within a 50 pip range for the entire week. EURUSD vacillated between the support line at 1.0700 and the resistance line at 1.0800, but there may be a breakout this week to favor the current bearish outlook (although the consolidation may continue for some time).

USDCHF
Dominant bias: Bullish
Just like EURUSD, USDCHF moved in a tight range last week. Price shifted between the great psychological level of 1.0000 and the resistance level at 1.0100. The ranging movement may keep continue for some time, but a breakout will eventually occur - most likely targeting the resistance level at 1.0200 as it would require a serious bearish force to breach the 1.0000 level.

GBPUSD
Dominant bias: Bearish
In the context of a downtrend, Cable made a determined bullish correctional movement throughout last week. The market rose from the accumulation territory at 1.5050 and topped out at the distribution territory of 1.5250. This was a bullish move of 200 pips, but cannot invalidate the downtrend unless the distribution territory at 1.5350 is broken. Until then, long trades should be taken with caution.

USDJPY
Dominant bias: Bullish
After reaching the 123.50 supply level, this pair corrected downwards a little and hit the demand level at 122.50. Apart from this, nothing significant occurred last week. Even most fundamental results expected to impact major pairs were shrugged off, except for the Australian employment figures which impacted AUD pairs. USDJPY may also continue moving sideways this week, but a breakout is in the offing.

EURJPY
Dominant bias: Bearish
EURJPY was simply choppy; and that may continue this week. Trending upward will be difficult while the Euro is weak, so movement in the context of a downtrend could continue. Nonetheless, it is possible for most JPY pairs to assume a measure of bullishness this month that could push this pair north.

I’d like to conclude this forecast with the following quote:

“One of the most common misconceptions is that a retail trader cannot successfully and profitably day trade – I can tell you now that’s a load of tosh and don’t believe those naysayers… This belief normally comes from people who have royally failed and so try and take others down with them.” - Chronictrader (Trade2win)

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