Weekly FOREX for Week of Nov 16

EURUSD

Dominant bias: Bearish
This pair is simply my favorite and currently most profitable if trading on a sell the highs methodology. The outlook on this pair remains bearish, but there was a significant bullish effort on Friday, and the bearish outlook may be jeopardized if price manages to get above the resistance line at 1.2600. As long as price remains below that resistance line, the bearish outlook will be valid, but a breach could indicate the beginning of a medium-term bullish trend that may hold out until early December 2014.

USDCHF
Dominant bias: Bullish
Although this pair is still bullish, that outlook is now seriously threatened. The market traded largely sideways over the last several trading days, finally breaking out in favor of the bears. While some may be thinking of “buying low”, any movement below the support level at 0.9550 would make seeking long entries inadvisable – especially in the face of increasing strength in CHF.

GBPUSD
Dominant bias: Bearish
This is a weak market, and GBP itself, is now weak against most majors. The market dropped seriously this week, testing the accumulation territory at 1.5600, before the current listless upward bounce. With further weakness in GBP, that accumulation territory may be tested again: possibly even breached. However, Cable may try to resume normal positive correlation with its EURUSD counterpart, in which case, a moderate transitory rally may result.

USDJPY
Dominant bias: Bullish
USDJPY remains bullish as a result of the marked weakness in the Yen. This is evident on most other JPY pairs, so this uptrend may continue for the rest of this month. The best thing to do now is to look for buying opportunities when price dips.

EURJPY
Dominant bias: Bullish
This cross has been able to trend further upwards recently; a bias which is expected to continue. Since last month, price has risen by more than 1000 pips, and the Bullish Confirmation Pattern in the market is getting stronger and stronger. While the demand zone at 144.00 ought to be watched, the supply zone at 147.00 is a now potential target.

Weekly Forex

 

EURUSD
Dominant bias: Bearish
The outlook for EURUSD remains bearish as the market dropped below the support line at 1.2400. Since then, the price has bounced upwards a little, almost closing above 1.2450. While price could easily hit the support line at 1.2400 again, it is now more likely to begin a rally during the next two weeks – especially if price crosses the resistance line at 1.2600 to the upside. At that point, the bias will have turned bullish.

USDCHF
Dominant bias: Bullish
This pair is currently bullish, but may not be so at the end of the fortnight. Until then, it is possible for bulls to push price near the resistance line at 1.9750, but it is not likely that the line will be breached – at least, not for the time being. Price has been correcting lower (which some may see as an opportunity to go long) but, should any strength develop in CHF (which is expected to occur over the next two weeks), USDCHF will fall towards the support level at 0.9550.

GBPUSD
Dominant bias: Bearish
Cable trended downwards last week, dropping more than 200 pips. Price hit the accumulation territory at 1.5800 before the recent weak rally. With further strength in the Greenback, Cable could fall below that accumulation territory, but there is a possibility of the currently weak rally gaining strength and taking price back towards the distribution territory at 1.6000.

USDJPY
Dominant bias: Bullish
This pair remains strong, maintaining a pronounced Bullish Confirmation Pattern. Price went far beyond our weekly target – managing to test the supply level at 115.50 before falling back slightly. Moderate bullish effort could see that supply level hit again, and there is a demand level at 113.50 that should be a barrier to any bearish activity. That said, should price manage to drop below the demand level at 113.00, the bullish outlook will be under threat.

EURJPY
Dominant bias: Bullish
The market closed at 142.72 on Friday, November 7, 2014 after moving sideways for a few days. The overall trend is bullish, but is now relying on the Euro gaining strength and the Yen not.

big-brown-bear-running-in-the-water

Weekly FOREX: Market outlook for this week Oct 26

Here’s the market outlook for this week

EURUSD

Dominant bias: Bearish

This is a weak market, so the current shallow rally is another opportunity to go short. This week, there is a possibility of price going far enough south to reach the support lines at 1.2600 and 1.2550. Meanwhile, the resistance lines at 1.2750 and 1.2800 ought to serve as sufficient hindrance to bullish interests and prevent price being pushed upward.

USDCHF

Dominant bias: Bullish

USDCHF has found some strength, making the present bearish retracement a good chance to enter the market at a better price. It’s quite likely that price will target the resistance levels at 0.9600 and 0.9650 this week and rely on the support levels at 0.9450 and 0.9400 to prevent price being dragged downward.

GBPUSD

Dominant bias: Neutral

There is no clear directional bias for Cable, especially considering recent price action. It is quite usual for price to trend upwards, only to retrace again in near-term movement. However, looking at price action more closely shows that the bulls are making a sincere effort to gain control; hence the current consolidation to the upside. It is therefore more likely that the eventual breakout will be to the upside. If correct, price may reach the distribution territories at 1.6150 and 1.6200.

USDJPY

Dominant bias: Bullish

This pair has been going upward in a slow and steady manner. Price is currently above the demand level at 108.00, and a break above the demand level at 108.50 will result in a very strong Bullish Confirmation Pattern. Given recent activity, short trades are not advisable at this time as the nearest demand level is at 107.00.

EURJPY

Dominant bias: Bullish

The Euro is weak, but the Yen is even weaker. Since testing the demand zone at 135.50, price has gone upward by around 150 pips. The supply zone at 137.00 is now under siege – almost giving way to the battering from buying pressure. Most JPY pairs are expected to go up this week, with this cross potentially reaching the supply zones at 137.50 and 138.00.

“I enjoy talking about trading and would like to convince people that you can learn to trade just as you can train for any other profession and that there’s nothing “evil” about it.” – Ruediger Born

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 adviser if you have any questions.

wallstreetcrash

Weekly FOREX for Oct 19

Weekly Forex

This week and the next few will be interesting to say the least. We’re at a crossroads of trend reversals or continuation as the last few weeks have shown us a lot of consolidation and sideways moves. My recommendation is thus only trade in the “direction” of the below forecasts but for a short duration of time. Like EURUSD, when the price drops, buy in a long and close it at 200 units (pips) of profit, let it drop again then open a new long trade. This way, you are protecting yourself in the event the price maintains an upwards momentum.

Continue reading

Weekly Forex, Oct 05, 2014

Here’s your weekly Forex.

I took some time off playing Bungie’s new game Destiny to bring you this FOREX forecast.

EURUSD

Dominant bias: Bearish

The Euro is now one of the weakest currencies of the majors. Meanwhile, the US Dollar is proving to be the strongest. It is therefore no surprise that EURUSD dropped sharply again last week – falling below the resistance line at 1.2550 and suggesting the support lines at 1.2500 and 1.2450 might be tested. However, there it is quite likely that the Euro will gain strength before the end of this week, which may result in the aforementioned support lines aiding the bulls.

Continue reading

51422

Weekly Forex, Sept 28 2014 – EURUSD Beatdown Edition

Weekly Forex

What a great week for trading FOREX. EURUSD keeps getting beaten down like the redheaded step-child. The best part is we can continue to make money on this predictable abuse. So get out there and TRADE! Also, please donate, especially if following my advice lets you roll naked in mounds of $100 bills.

Continue reading

Binary.Girl_

The Dark Side of FOREX: Binary Options

The Binary Experience

Breaking away from the up and down of Forex, there’s a whole new way to trade out there. Binary Options are a way to “bet” that at a certain time the price will be higher, or lower than the time you are placing the bet. This allows a whole new level of making and losing money.

Continue reading

Weekly Forex, week of Sept 21.

Weekly Forex

Sorry for the brevity today. It’s been an exhausting week. My Mini Cooper S started gurgling antifreeze while having valve cover and timing belt issues. It finally gave up the ghost after these all too common issues piled on each other and I told the mechanic to let her die.  Then there was picking out curtains for my soon-to-be-born daughter’s room. Without further groaning, here’s the forecast.

Continue reading