Weekly Trading Forecasts for Major Pairs (October 31 - November 4, 2016)
30 October 2016, 19:34
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bearish
This pair moved sideways last week before trading upwards on Friday, but the move was too insignificant to result in a bullish signal so the bias remains bearish with Friday’s move appearing to be a welcome short-selling opportunity as the outlook for EUR pairs is bearish for this week. Barring a large pullback on USDCHF (unlikely), price may test the support lines at 1.0900, 1.0850 and 1.0800 this week.
USDCHF
Dominant bias: Bullish
Price managed to climb above the resistance level at 0.9900 before being pushed back below. This market has been consolidating for two weeks, but the bullish outlook remains valid. USD is bullish for this month, so most major currencies will weaken against it and means the very difficult resistance level of 1.0000 could be breached, but that will require lots of buying pressure and failure may result in a pullback.
GBPUSD
Dominant bias: Bearish
Cable has moved sideways for two weeks - resulting in a neutral short-term bias, but the long-term bias remains bearish. The outlook is bearish for this week, so rallies should be disregarded - they will be transitory and unable affect the long-term bearish outlook. November should see large movements on GBP pairs that will be bearish in most cases.
USDJPY
Dominant bias: Bullish
As mentioned in the last forecast, this market has become bullish. Price moved upwards by 170 pips last week and tested the supply level at 105.50. The bearish correction on October 28 was just another opportunity to buy long at a better price in the context of an uptrend. The most probable direction for JPY pairs this week is up.
EURJPY
Dominant bias: Bullish
Despite weakness in the Euro, price rallied 230 pips last week and closed at 115.11 on Friday after forming a clear Bullish Confirmation Pattern on the 4-hour chart. The charts suggest willingness to push further north, which may allow the supply zones at 115.50, 116.00 and 116.50 to be reached this week.
I’d like to conclude this forecast with the following quote:
“Earning a trading income compared to earning an occupation income is just so damned rewarding!” - Louise Bedford
Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com
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