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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
The outlook on the EURUSD remains bearish as the market dropped below the support line at 1.2400. Since then, the market has bounced upwards a little, closing almost above 1.2450. While the price could hit the support line at 1.2400 again, it is now more likely that the EURUSD would rally next week or after that, especially when the market crosses the resistance line at 1.2600 to the upside. The bias would have turned bullish by then.
USDCHF
Dominant bias: Bullish
This currency trading instrument is now bullish, but things may not be so by the end of next week or after that. It is possible that the bulls may manage to push the price further upwards to the resistance line at 1.9750, but it is not likely that the price would go above that resistance line – at least for the time being. The price has being corrected lower (which some may see as an opportunity to go long). Should any strength develop in the CHF, which is expected to become strong next week or after that, the USDCHF would fall towards the support level at 0.9550.
GBPUSD
Dominant bias: Bearish
The Cable trended downwards last week, dropping by more than 200 pips. The price hit the accumulation territory at 1.5800 before the recent weak rally. With further strength in the Greenback, the Cable could fall below that accumulation territory, but there is a possibility of the currently weak rally becoming stronger, therefore taking the price towards the distribution territory at 1.6000.
USDJPY
Dominant bias: Bullish
This pair remains strong, with the Bullish Confirmation Pattern on it. The price went far beyond our weekly target and managed to test the supply level at 115.50, before turning a bit lower. With any stamina in the market, the supply level could be hit again. There is a demand level at 113.50, which is supposed to be a barrier to the bears’ effort, but the bullish outlook would be threatened when the price drops below the demand level at 113.00.
EURJPY
Dominant bias: Bullish
The market closed at 142.72, on Friday, November 7, 2014. The market has been moving sideways for a few days. The overall trend is bullish, which may make the market remain bullish as a result of the Euro making effort to gain strength. On the other hand, the bullish effort may be rendered useless on this course when the Yen possibly gains a measure of stamina.
This forecast is concluded with the quote below:
“Trading is a fantastic life-style. I can live and trade anywhere in the world… As long as I’ve a solid Internet connection, let’s go!” – Dr. Alexander Elder
Source: Tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
