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Weekly Market Outlook on Major Currency Pairs
Weekly Forex Outlook on Major Currency Pairs

November 12 - 17


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.


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.


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.


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.


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.

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.

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RE: Weekly Market Outlook on Major Currency Pairs - by JennyScott - 11-13-2017, 10:12 PM

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