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Weekly Market Outlook on Major Currency Pairs - Printable Version

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Weekly Market Outlook on Major Currency Pairs - JennyScott - 08-21-2017

August 20 - 25

USDCHF

The outlook is now neutral due to a lack of directional movement since early August.
Important quote: “USD/CHF’s rejection by the mid-June and current August highs at .9770/72 has practically taken it back towards its current August low at .9583 before recovering from this area once more. Together with the current August low at .9583 and the June trough at .9553 we expect this area to hold. As long as this is the case on a daily chart closing basis, the .9770/72 zone could be revisited. Slightly higher up significant resistance can be seen between the March low and late May high at .9808/14”.
“Only currently unexpected failure at the .9553 June low would imply a return visit to the .9444/39 July low and May 2016 low”.
“In order to reignite medium term upside interest we suspect that the currency pair will need to close above the .9814 end of March low and overcome the 55 week ma at .9883”.
Key Levels: R1- 0.9667, R2- 0.9674, R3- 0.9686. S1- 0.9648, S2- 0.9636, S3- 0.9629
 
 
GBPUSD

The pair tested the accumulation territory at 1.2850 but did not breach it. The outlook on the pair is looking bearish this week.
 Important quote: “Negative outlook is supported by bearish setup of daily studies, with bear-cross of 10/55SMA’s forming today and offering additional pressure. Sustained break below 1.2850 would open another key support at 1.2811 (12 July trough) and risk fresh bearish extension. Broken 100SMA (1.2872) marks initial resistance, ahead of daily cloud top (1.2908) and last week’s congestion, reinforced by 55SMA at 1.2928, which is expected to limit extended upticks. Res: 1.2872; 1.2908; 1.2928; 1.2970 Sup: 1.2850; 1.2811; 1.2749; 1.2700,”
Key Levels: R1- 1.2886, R2- 1.2900, R3- 1.2916. S1- 1.2856, S2- 1.2840, S3- 1.2826

EURUSD

The pair started this week in bad shape and now remains better offered near the mid-point of 1.17 handle. During the last two weeks, the pair has traded between the resistant line at 1.1850 and the support line at 1.1650. If the pair moves above 1.1850, the current bias will be strengthened, and if the support line at 1.1650 is breached, we should expect a bearish outlook.
Analysts at Brown Brothers Harriman noted “The downtrend line off the recent high comes in a little below $1.18 at the start of the new week.  The low for the move is near $1.1660 and was seen after the record of the ECB meeting expressed concern about the "possible" euro "overshoot" in the "future." However, the euro did not close below $1.1680, the 38.2% retracement of the leg up in the euro that began in early July.”
Key Levels: R1- 1.17663, R2- 1.1770, R3- 1.1776. S1- 1.1750, S2- 1.1744, S3- 1.1737
 
USDJPY

USDJPY Price climbed up by 160pips almost touched the supply level at 111.00 on August 14 to 16. Not for long, it dropped down 220pips and closed above 109.00 on Friday. This week the pair ran through some fresh offers ahead of mid- 109.00s and turned lower for the fourth time. There is no major market moving economic releases at the start of this week, so the pair will have to rely on the broader market risk sentiment. Traders look forward to the Fed’s annual central bank symposium in Jackson Hole for more insight on the Pairs direction.
Key Levels: R1- 109.44, r2- 109.54, R3- 109.65. S1- 109.23, S2- 109.13, S2- 109.03
.


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 08-28-2017

August 27 - September 1

EURUSD


The pair keeps its march north unabated on Monday, now looking to consolidate the recent breakout of the 1.1900 handle following the speech by President Draghi at the Jackson Hole Symposium on Friday.

Further weakness around the greenback continues to bolster the upside momentum surrounding spot, which is now seems to have shifted its focus to the critical 1.2000 handle. The US Dollar Index, on the other hand, is navigating the area of fresh YTD lows near 92.30.

The outlook is bullish in the long term. The resistance line at 1.2000 will try to impede any bullish movement as the outlook for this pair is bearish this week

Key Levels: R1- 1.1956, R2- 1.1968, R3- 1.1975. S1- 1.1936, S2- 1.1929, S3- 1.1917.


USDCHF

Senior Technical Analyst at Commerzbank, believes the pair could re-test the 0.9444/39 band. The view is bearish in the long term. “As long as the .9583/40 area holds on a daily chart closing basis, the current August highs at .9770/72 could be revisited. Slightly higher up significant resistance can be seen between the March low and late May high at .9808/14”.


“Only failure at the .9553 June low would imply a return visit to the .9444/39 July low and May 2016 low”. So further decline is in view, however, a sharp drop in the EURUSD will cause a significant rally.

Key Levels: R1- 0.9563, R2- 0.9570, R3- 0.9580. S1- 0.9546, S2- 0.9536, S3- 0.9529




GBPUSD

There has been about 450pip loss for the GBPUSD, which produced a Bearish confirmation pattern. The pair will remain bearish as the GBP bulls remain cautious and refrain from extending their control, with looming Brexit concerns. It will be an opportunity to sell unless there is an unexpected event when the EU officials meet for the third round of Brexit negotiations. There is possibility of more rallies, but GBP pairs will be mostly bearish in September

Key Levels: R1- 1.2920, R2- 1.2937, R3- 1.2947. S1- 1.2892, S2- 1.2883, S3- 1.2865


 
USDJPY
Key quote: “Albeit USD/JPY fell a tad on Yellen’s speech, we note that Bank of Japan’s Kuroda also took the opportunity in Wyoming to stress devotion to accommodative policy and emphasized that the BoJ is watching policy moves elsewhere but that policy must be right for Japanese conditions”.

Last week was an equilibrium phase, so while the overall outlook is bearish, the weakness in USD prevented a meaningful rally. Further decline is anticipated this week with the next targets being the demand levels at 109.00, 108.50 and 108.00. Rallies should either be ignored or approached with caution.

Key Levels: R1- 109.47, R2- 109.57, R3- 109.72. S1- 109.22, S2- 109.07, S3- 108.97


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 09-04-2017

September 3rd - 8th

EURUSD
At the start of last week, price went up and tested the resistance line at 1.2050, then a bearish correction pulled it down to about 200pips below. This week, the pairs outlook is bullish in the long term and bearish in the short term. It will not be easy for the pair to cross the resistant line at 1.2050, rather there are potential targets of 1.1850 and 1.1800 support lines. Looking ahead, market participants are very cautious as the key ECB meeting on Thursday approaches. On the technical side, a break above 1.1904 would pave way to 1.1981 and 1.2069.

Key Levels: R1- 1.1889, R2- 1.1895, R3- 1.1902, S1- 1.1875, S2- 1.1868, S3- 1.1861.
 

USDCHF
The pair has failed to move past the support level at 0.9450 and resistant level at 0.9650 for about 5 weeks now. This week is probably going to be an exception, as price could break the resistant level at 0.9750 or the support level at 0.9450. The outlook for the USDCHF remains neutral.

Key Levels: R1- 0.9622, R2- 0.9632, R3- 0.9648. S1 0.9595, S2- 0.9579, S3- 0.9568
 

GBPUSD
The GBPUSD remains bearish on the long term and is expected to test the accumulation territories at 1.2900 and 1.2800. Market participants now look toward the release of construction PMI from the UK for some trading impetus during the European session on Monday. The U.S market will remain closed in observance of Labor Day.

Key Levels: R1- 1.2960, R2- 1.2976, R3- 1.2987. S1- 1.2954, S2- 1.2943, S3- 1.2937
 

USDJPY
The pair was seen moving up and down its demand and supply level last week. The demand level at 108.50 was tested before a reversal that took the price back to supply level at 110.50. The pair closed on Friday last week above the demand level at 110.00. This week, the pair is expected to be bearish. Movement below the demand level at 109.00 will trigger the current bias. Any recovery attempts might continue to trigger some fresh supplies near the 110.00 handle. One of the key factors weighing on the USDJPY is the escalated geopolitical tensions in North Korea, but it has made some gains because of the U.S treasury Yield bonds.

Key Levels: R1- 109.99, R2- 110.14, R3- 110.37. S1- 109.60, S2- 109.37, S3- 109.22.


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 09-11-2017

Market Outlook - September 10 - 15.

EURUSD

Last week Friday, investors retreated from the dollar in favor of other less important currencies in fear of another missile testing by North Korea. This could lead to more issues with the United States, a bad sign for the dollar. Price climbed about 200 pips last week, moving briefly above the resistance line at 1.2050 but closed below it on Friday. The consensus in the market is that the euro is on track for more gains after European Central Bank President [ECB] Mario Draghi made it clear that it is not a question of if but a question of when they would start tapering asset purchases.
The EURUSD is likely to gain another 200pips this week with pauses and corrections along the way.

Key Levels: R1- 1.2026, R2- 1.2034, R3- 1.2041. S1- 1.2010, S2- 1.2003, S3- 1.1995

 
GBPJPY

The environment is quite choppy so it would be better to wait until it breaks and stays above the supply zone at 142.60, which it is now exploring. The most probable direction this week is upward. No North Korea action over the weekend has offered some relief, although it could be short lived as North Korea warned of a punitive action if US pursues oil sanctions. Thus, things could easily heat up again. So, the pair looks bearish on the long term and neutral on the short term.

Key Levels:  R1- 143.04, R2- 143.31, R3- 143.56. S1- 142.51, S2- 142.27, S3- 141.99.

 
USDCHF
At the start of this week, the pair has recovered all its losses on Friday and has caught some fresh bids. The pair’s movement above the 0.95 psychological marks was as a result of new demands in the greenback. The Swiss Franc lost its strength as there was no news or new development in the North Korea Crisis over the weekend. A follow through buying interest has the potential to continue lifting the pair towards 0.9525-30 resistance area en-route 0.9555-60 horizontal resistance.

Key Levels: R1- 0.9484, R2- 0.9489, R3- 0.9499. S1- 0.9468, S2- 0.9458, S3- 0.9453
 


GBPUSD

The Pair’s outlook is bullish after rallying more than 280 pips last week, testing the distribution territory at 1.3200, and closing slightly below it. Late last week, the pair went dip to the 1.3168 level, but it is now gaining some traction and looking to reclaim the 1.3200 handle during early European session. Investors are cautious this week, waiting for the macro releases from the U.S. and UK, along with a very important BoE monetary policy decision. The GBPUSD is likely to reach the distribution territories of 1.3250, 1.3300 and 1.3350 is this week.

Key Levels: R1- 1.3200, R2- 3208, R3- 1.3217. S1- 1.3182, S2- 1.3174, S3- 1.3165.
 


USDJPY

The pair lost 210 pips last week and tested the demand level at 107.50 before closing above it. Still, with eased concerns regarding the political conflict in North Korea, safe haven currencies were a little bit weighed down. Notwithstanding, the outlook for the JPY pairs remains bullish this week. Fxstreet analysis suggests that “Immediate support is pegged near 108.25-20 zone, below which the pair could drift back to the 108.00 handle en-route 107.70 horizontal support. On the flip side, a strong follow through buying interest beyond the 108.50-60 region now seems to pave way for continuation of the pair's recovery move towards the 109.00 handle ahead of 109.25 level”

Key Levels: R1- 108.45, R2- 108.67, R3- 108.83. S1- 108.07, S2- 107.91, S3- 107.70


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 09-25-2017

Weekly Forex Market outlook on major pairs

Sept 24 - 29

EURUSD

The EURUSD attempted to move past its resistant level several times last week, but to no avail. So it remained neutral. From a technical perspective, the pair has been finding some buying interest at a short-term ascending trend-channel support, currently near the 1.1900-1.1895 region. A convincing break below the mentioned support is likely to accelerate the fall towards the lower end of the recent trading range, near the 1.1830-25 region, which if broken would confirm a bearish break down and turn the pair vulnerable to extend its corrective slide from yearly tops touched earlier this month.

Key Levels: R1- 1.1937, R2- 1.1948, R3- 1.1967. S1- 1.1907, S2- 1.1887, S3- 1.1877.
 


GBPUSD
The weekly outlook for this pair is set to remain bullish this week. After consolidating all through last week, it is possible that more gain will be registered.
The distribution territory at 1.3650 (tested last week) is likely to be breached as other distribution territories are targeted this month.
On the downside, the pair has been finding some fresh buying interest near the 1.3450-40 region and hence, it would be prudent to wait for a decisive break below the mentioned support before confirming that the pair might have topped out in the near-term. 
Sustained weakness below the mentioned support might trigger a corrective slide and accelerate the fall towards the 1.3400-1.3380 intermediate support before the pair eventually drops to test the 1.3300 handle.

Key Levels: R1- 1.3504, R2- 1.3540, R3- 1.3559. S1- 1.3487, S2- 1.3468, S3- 1.3451.


USDJPY

The USDJPY tested the supply level at 112.50 and gained about 150 pips last week before a little correction occurred. This week, the pair stands above 200SMA (112.13) in early Monday's trading and turning near-term focus higher, following Friday's close in red. Thickening daily cloud (111.54/110.43) continues to provide strong support (Friday's fall was contained just above cloud top) and underpin near-term action, as daily studies remain in firm bullish setup. Close above 200SMA will be bullish signal for retest of last week's high at 122.71 and attack at 112.80 target (Fibo 76.4% of 114.49/107.31 fall). Buying dips remains favored while daily cloud top holds. Alternative scenario sees risk of deeper pullback on firm break below daily cloud top and extension towards next support at 111.11 (rising daily Tenkan-sen/100SMA).

Key Levels: R1- 112.60, R2- 112.73, R3- 112.97. S1- 112.22, S2- 111.98, S3- 111.85


EURJPY
The EURJPY looks bullish on the long run and short term. There were about 190 pips gained last week, which was corrected on Friday.
Bulls would be eyeing for a sustained move beyond the 134.00 handle, above which the cross is likely to aim towards surpassing the 134.20-25 intermediate hurdle and head towards testing Nov. 2016 swing high resistance near the 134.60 region.

Key Levels: R1- 134.38, R2- 134.63, R3- 135.10. S1- 133.66, S2- 133.19, S3- 132.94


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 10-02-2017

Forex Weekly outlook on major currency pairs

October 2nd - 6th

EURUSD
Last week the pair dropped 200 pips, falling below the support line at 1.1750 and then rose to 1.1800. This week Monday, the pair turned lower during Asian session as it was weighed down by the outcome of the disputed referendum on Catalonia independence in Spain. Also, the pair’s slide at the start of this month could be due to growing prospect of another Fed Hike in December.

Further slide is expected following a bearish confirmation pattern. The pair inability to sustain above 1.1800 handle and further selling pressure could lead to extension of the corrective slide.
So targets for this week are the support lines at 1.1800, 1.1750 and 1.1700.

Key Levels: R1- 1.1818, R2- 1.1829, R3- 1.1843. S1- 1.1800, S2- 1.1750, S3- 1.1700


GBPUSD
The pair was on a bullish trend during the month of September, but a bearish correction last week makes it more likely to be bearish this week on the short term. This pair remained firm below the 1.3400 handle with little trade action in the market. With the growing conviction of a possible Fed rate hike in December, the dollar looks stronger against its major counterparts. The Pound now looks to the release of manufacturing PMI prints from the US and UK for some direction.

On the technical side, a clear break through the mentioned hurdle, currently near the 1.3400 handle, should lift the pair back towards an important hurdle near mid-1.3400s marking 23.6% Fibonacci retracement level of 1.2790-1.3657 up-move.

Key Levels: R1- 1.3409, R2- 1.3422, R3- 1.3441. S1- 1.3376, S2- 1.3357, S3- 1.3343


USDCHF
The pair is currently showing a bullish outlook and is likely to continue its trend this week as EURUSD falls further. USD should gain strongly around the end of October to overcome any indecision. USDCHF remains below the 0.9772 August high and a close above this price would confirm a base market.

Key Levels: R1- 0.9695, R2- 0.9705, R3- 0.9713. S1- 0.9676, S2- 0.9668, S3- 0.9658



AUDUSD

Last week, the AUDUSD fell to 0.7799, pushing the 14 day RSI into a bearish region. This is the lowest the pair has been since the middle of July. The Aussie and dollar were both weighed down by different facts such as the unwinding of save haven longs in Gold and Fed’s Yellen Hawkish comments respectively. Fed’s Yellen comments gave the public a hint that the Fed is no longer depend on data to proceed with the hike.

If the Pair fails to hold above the downward slopping weekly 200-MA, a bearish trend will begin. However, there is hope for a positive turn out as retails sales are seen rebounding 0.3% m/m in August and trade surplus has widen from 460M to 875M.

Key Levels: R1- 0.7841, R2- 0.7857, R3- 0.7865. S1- 0.7833, S2- 0.7825, S3- 0.7817


USDJPY

The USDJPY made a remarkable gain in September, taking over 450 pips. What happens with the U.S economy will largely determine what happens to the pair this month. According to analysts at BBH, “USDJPY has advanced to levels that may prove difficult to breach. The MACDs and Slow Stochastic are getting stretched. Initial support is seen around JPY112.00 and then JPY111.50.” A positive USD will see the pair continue to appreciate, while a weakness in the USD may trigger a reversal up to 200pips.

Key levels: R1- 112.60, R2- 112.88, R3- 113.04. S1- 112.49, S2- 112.33, S3- 112.21


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 10-10-2017

Profiforex Weekly outlook from October 8th - 13th


EURUSD
It is a slow week for the EURUSD, as the Japan holiday keeps the majors on a tight angle and the EURUSD kept at the 1.1730 level. There was no high impact news during the weekend that could move the market. Technically, the pair is stuck at 1.1730 below a bearish 20 SMA and technical indicators shows that it is heading south within negative territories. With more downside expected this week, any rallies will offer good opportunities to place a SELL order at a higher price.

Key Levels: R1- 1.1738, R2- 1.1754, R3- 1.1764. S1- 1.1732, S2- 1.1722, S3- 1.1716.



USDCHF

The USDCHF gained about 100 pips last week, but started this week on a calm manner. It is currently losing 0.08%, trading at 0.9790. Technically, the pair seems to be on a strong bullish trend and will maintain that trend this week. It has crossed the resistant level at 0.9800 but closed below it on October 6. The daily RSI indicator remains above the 50 mark, which means the pair is ready for further rise in the short term.

Key Levels: R1- 0.9785, R2- 0.9792, R3- 0.9797. S1- 0.9774, S2- 0.9768, S3- 0.9762


USDJPY
The pair made a remarkable gain and hit a high of 113.25, and easily took out the resistant level at 113.43. However, the move was only for a short term, as the price dropped sharply from the high.
Despite consolidating throughout last week, the outlook remains bullish. The short-term consolidation will end if price breaks the supply level at 114.00 (strengthening the existing bullish bias) or drops below the demand level at 111.00 (threatening the current bias).

Key levels: R1- 112.72, R2- 112.88, R3- 113.09. S1- 112.36, S2- 112.15, S3- 111.99.



GBPUSD
The pair has dropped 470 pips in the last 2 weeks and now moving toward the accumulation territory at 1.3050. This week Monday, the pair entered into a corrective level and is exhibiting more strength. Its RSI is bullish and pointing higher, although the pair continues to face fundamental pressure on the correction. Bearish movement is less likely to continue this week as accumulation territories at 1.3000 (a strong level), 1.2950, and 1.2900 are tested, but a significant rally may occur before the week runs out.

Key Levels: R1- 1.3095, R2- 1.3107, R3- 1.3117. S1- 1.3073, S2- 1.3063, S3- 1.3051.


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 10-16-2017

Weekly Forex Forecast For major Currency Pairs.

October 15th - 20th


EURUSD

A correction occurred on Friday after price went up. The EUR/USD pair started the week with a soft tone amid political jitters affecting the common currency. A bearish Trend was formed close to the resistant level at 1.1870, which prevented further gains. The recent failure near 1.1880 was important since a crucial bearish trend line with resistance at 1.1870 on the 4-hours chart acted as a barrier for buyers. The most important support is close to the 50% Fib retracement level of the last wave from the 1.1669 low to 1.1879 high at 1.1770.
Movement above the resistance line at 1.1900 will strengthen the current bias, while movement below the support lines at 1.1750 and 1.1700 will result in a bearish bias. The outlook for the EURUSD is bearish this week.

Key Levels!: R1- 1.1822, R2- 1.1828, R3- 1.1836. S1- 1.1809, S2- 1.1800, S3- 1.1795

GBPUSD

The pair gained more than 210 pips last week and there is still a buy signal with a bullish confirmation pattern this week. So, further gains are expected. The GBPUSD has been oscillating between 50% and 38.2% Fibonacci retracement level of 1.3657-1.3027 recent slide. It would be very wise to wait for a solid break through the said levels before entering any position. The bullish trend is likely to continue unless the accumulation territories at 1.3150 and 1.3100 are breached.

Key Levels: R1- 1.3309, R2- 1.3330, R3- 1.3348. S1- 1.3271, S2- 1.3253, S3- 1.3232
 
 
 
USDJPY

Recent outlook for the pair indicates a bullish trend in the long-term and bearish in the short-term. The USDJPY fell to a low of 111.69 on Friday but closed just above the 200-DMA level of 111.80. Today the bulls tried to take control of the pair during the Asian session, but the mood is still bearish.
The China’s production price data has a direct bearing on the inflation expectations in the U.S and other countries that partner with China. For example, it is the rebound in the Chinese PPI inflation in July/August 2016 that got the reflation trade going back in July/August 2016. Trumpflation was merely an icing on the cake. So an uptick in the Chinese PPI could lift the USD/JPY pair, however technical studies indicate a minor blip to 111.00 levels is likely in the short-run.

Key Levels: R1- 111.99, R2- 112.10, R3- 112.22. S1- 111.75, S2- 111.64, S3- 111.52
 
 
 
 USDCHF

This pair is unpredictably bullish, as no significant movement was seen last week, apart from a 50 pip drop. It is trading within an uptrend channel at 0.9712, last week’s low. There is a short term buying interest, which means the bullish trend will continue for a short while. Key support can be found at 0.8986, January 2015 low. Technical indicators are still pointing to a long term bullish bias. Movement will be determined by what happens to EURUSD; any sign of weakness may maintain the current bullish outlook, otherwise a steady decline can be expected this week.

Key Levels: R1- 0.9753, R2- 0.9761, R3- 0.9767. S1- 0.9739, S2- 0.9733, S3- 0.9725.


EURJPY

Last week, the pair climbed higher to test the supply level at 113.50, but later lost about 120 pips on Thursday. If the price continues on its initial up trend, a bullish bias will be formed soon enough since the demand levels from 131.00 to 132.00 will try to impede any further bearish formations.  On the downside, the bias will change if price goes below the demand zone at 131.00.

Key Levels: R1- 131.50, R2- 131.61, R3- 131.90. S1- 131.20, S2- 131.34, S3- 131.40


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 10-30-2017

Weekly Forex Forecast for Major currency pairs. 
October 29th - November 3rd.

 

EURUSD

Consolidation occurred from Monday to Wednesday before a sharp drop on Thursday and Friday that formed a Bearish Confirmation Pattern. However, the start of this week saw the USD bulls take a defensive side as Friday’s upbeat US Q3 GDP growth number was offset by the report that Trump might choose Jerome Powell as next Fed Chair. The FOMC decision and NFP report is coming up this week, which will give fresh impetus to the EURUSD.
Meanwhile, today’s German retail sales and U.S. core PCE price index would be eyed for some short term trading signal.
Also, technical indicators clearly seem to point towards extension of the EURUSD near-term bearish slide towards the key 1.1500 psychological mark, with some intermediate support near 1.1555-50 area. On the flip side, any meaningful recovery might now be capped at an important support break-point, now turned strong resistance near the 1.1665-70 region.

Key Levels: R1- 1.1654, R2- 1.1698, R3- 1.1738. S1- 1.1570, S2- 1.1530, S3- 1.1486

 
GBPUSD
The pair has been able to withstand the pressure of a strong US Q3 GDP numbers and was able to defend 100-day SMA support level. As the bulls begin to take profit in response to Trump’s decision to choose a less hawkish candidate, the GBPUSD started to recover from 3-weeks low. It continued its recovery this week Monday as investors begin to anticipate this week’s BoE, FOMC and NFP data for a fresh impetus.
On the technical side, retracement back below the 1.3100 handle might continue to find strong support at 100-day SMA, currently near the 1.3065 region, which if broken would confirm a bearish break down and accelerate the fall towards the key 1.30 psychological mark.

Key levels: R1- 1.3175, R2- 1.3216, R3- 1.3269. S1- 1.3082, S2- 1.3029, S3- 1.2988.


AUDUSD
AUDUSD dropped some pips last week by 1.8 percent due to weaker than expected Aussie inflation data and forced investors to scale back the already low odds of RBA tightening. It is very unlikely that the Central Bank would hike interest rate any time soon.
The AUD/USD is likely to drop below the support offered by the trend line sloping upwards from May low and June low.
Technical studies signal short-term consolidation in the range of 0.7730 to 0.76 before wave of offers push the pair down to 0.7530-0.75 levels.

Key levels: R1- 0.7698, R2- 0.7716, R3- 0.7753. S1- 0.7643, S2- 0.7606, S3- 0.7588
 

USDCHF
The pair gained about 200pips last week and breached the resistant level at 1.0000 before closing below it on Friday. The outlook is bullish for this week, but the bullishness will not hold throughout November as EURUSD is expected to rally next month and exert selling pressure on this pair.
Key quotes from Fxstreet: “Keep an eye on the psychologically all-important parity level, for if it were passed, this would open the way towards 1.01-1.0120 (Fibonacci projections) before the resistance levels around 1.0172-1.0193 (Fibonacci projections) and the one at 1.0240 (weekly parabolic).”

Key Levels: R1- 1.0022, R2- 1.0066, R3- 1.0093. S1- 0.9952, S2- 0.9925, S3- 0.9882


RE: Weekly Market Outlook on Major Currency Pairs - JennyScott - 11-13-2017

Weekly Forex Outlook on Major Currency Pairs

November 12 - 17


EURUSD

Price consolidated last week, but with some bullish effort on Thursday and Friday (in the context of a downtrend). A short-term bullish signal is present, so once the resistance line at 1.1750 is breached, the bias will turn bullish, and with the outlook on EUR pairs being bullish this week, the resistance lines at 1.1800 and 1.1850 may be reached.


GBPUSD

Action is choppy and volatile. The next 2 weeks may see price break the distribution territory at 1.3300 (creating a strong bullish bias); or go below the accumulation territory at 1.3050 (creating a strong bearish bias). Strong directional movements are anticipated on other GBP pairs this week.



USDCHF

The outlook is bullish in the long-term, but becoming bearish in the short-term because price went sideways from Monday to Wednesday then declined on Thursday. Further bearish movement is possible this week, with the next targets being the support levels at 0.9950, 0.9900 and 0.9850, however, movement will be limited as USD will retain some of strength.



EURJPY

A decline tested the demand zone at 131.50 last week, before bouncing 100 pips to test the supply zone at 132.50. Neutrality will remain while price oscillates between the supply zone at 133.00 and the demand zone at 131.50, but a breach will form a directional bias.

GBPJPY

There has been no clear trend for several weeks. October saw a high of 151.38 and a low of 146.93, so the neutral phase will remain until either the supply zone at 151.50 or the demand zone at 146.50 is breached. Meanwhile, strategies that take advantage of short-term swings will thrive.
 
USDJPY

The view is bullish in the long-term, but bearish in the short-term. After testing the supply level at 114.50, price fell by 100 pips last week and closed below the supply level at 113.50. Should price continue down this week then the demand levels at 113.00 and 112.50 will be reached, but any movement above the supply levels at 114.00, 114.50 and 115.00 will help strengthen the recent bullish bias.