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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD has become particularly bearish since last week (the bearishness has been in place since August 2018). On November 7, another phase of a bearish movement was begun and price has really become weak. There are support lines 1.1250, 1.1200 and 1.1150, which would tend to impeded further bearish journey. The outlook for this week is bearish, and thus long trades are not currently recommended.
USDCHF
Dominant bias: Bullish
This pair is currently doing exactly the opposite of what EURUSD is doing. The trend is bullish and the bullishness has been in place for a long time. On Wednesday, there was a new lease of bullish breakout, which has made the market skyrocket by nearly 150 pips. The bullish trend is still in place as there is a high probability that price will continue going upwards this week, reaching the resistance levels at 1.0100, 1.0150 and 1.0200. It is highly unlikely that price will be able to stay above the resistance level at 1.0200, even if it breaks it to the upside.
GBPUSD
Dominant bias: Bearish
The situation surrounding the Cable is currently dicey. The long-term trend is bearish and the short-term trend is bullish. However, the current selling pressure is undermining the short-term bullish signal in the market. Since last week Wednesday, the market has lost well over 320 pips, and another loss of at least, 300 pips, will result in a stronger Bearish Confirmation Pattern in the market. .
USDJPY
Dominant bias: Bullish
There is an undisputable Bullish Confirmation Pattern on this currency trading instrument. In the long run, price has gained over 900 pips since March 2018, plus the current bullish breakout has occurred since October 29. Some other JPY pairs are currently trending downwards, but USDJPY remains strong, thanks to the strength in Greenback. The current strength should remain in place, otherwise, a massive bearish movement could begin.
EURJPY
Dominant bias: Bearish
This cross is bearish in the short-term, but neutral in the long-term. In the long run, the market is quite choppy; whereas there has been a slow and steady bearish movement in the shorter timeframe. The recent bullish signal that was generated (especially last week), has been threatened by the ongoing southwards movement in the market. The further the price moves downwards, the more convincing the weakness in the market.
GBPJPY
Dominant bias: Bearish
The market is a kind of bullish in the short-term; but the situation in the market is precarious as the trend remains undecided in the long-term, and the bull is almost giving way to the bear’s pressure. Since Friday, GBPJOY has lost 320 pips, now getting close to the demand zones at 145.00. The demand zone could be breached to the downside, which may render the recent “buy” signal in the market useless; otherwise, the “buy” signal will be saved.
This forecast is concluded with the quote below:
“Money is made as a by-product of following a sound trading plan, and adhering to the principles of money management.” – Louise Bedford
Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html
