Weekly Trading Forecasts for Major Pairs (November 14 - 18, 2016)

13 November 2016, 19:18
1246536 Ernest G.

Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com

Dominant 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.

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.

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.

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).

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
St Vincent and the Grenadines

Privacy:You have been sent this email because of your existing relationship with Tallinex Limited - a company registered in St Vincent and the Grenadines (No. 22199 IBC 2014). We will send you similar updates periodically.

HIGH RISK WARNING:Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING:Tallinex Limited provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects but does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and Tallinex Limited specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Tallinex Limited expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never guarantee of future results.
Share it with friends: