FOREX Technical Analysis Outlook 20th Nov

Posted: November 20, 2014 in Forex

EUR/USD
EUR/USD tried to go up during Wednesday, but as you can see ran into trouble at the 1.26 level yet again and fell to form a shooting star. we believe that a move below the 1.25 level is in fact a selling opportunity in a market that most certainly is in a massive downtrend. We have no interest in buying, as we believe that the sellers will come back into the market to punish the Euro again and again. With that being said, we remain bearish. See Live Signals
GBP/USD
GBP/USD broke high on Wednesday, testing the 1.57 handle. That being the case, the market looks as if it is ready to perhaps bounce around little bit we still believe in selling rallies as they appear. Resistive candles above will continue to be selling opportunities, and we believe that the GBP/USD pair is eventually going to head down to the 1.55 handle. If we can get below there, the 1.50 level is probably targeted. We are not interested in buying this market until we get above the 1.60 handle, something that doesn’t look likely at the moment. See Live Signals
AUD/USD
AUD/USD fell on Wednesday, as we continue to see weakness in the Australian dollar in general. After all, the market heads down to the 0.85 handle, and then ultimately below there given enough time. We have no interest in buying this pair, and believe that rallies at this point time should be nice selling opportunities as the market certainly has set its trend to the downside. In fact, it’s almost impossible to be buying this market until we get above the 0.90 level. That seems very unlikely, and as a result we aren’t even looking. See Live Signals
USD/JPY
USD/JPY broke high on Wednesday, as we tested the 118 handle. Because of this, it looks like the USD/JPY pair is ready to continue going higher over the longer term, and we feel that the market is then heading to the 120 level given enough time. Quite frankly, this is a market that can be bought every time we pullback, and we will continue to do so as the US dollar should continue to strengthen. The 115 level below is massive support as far as we can see. See Live Signals
Data Update for 20th Nov 2014

Time Currency Imact Particualr Forecast Previous
12:30am USD High FOMC Meeting Minutes
5:20am JPY Trade Balance -1.02T -1.07T
7:05am JPY Flash Manufacturing PMI 52.7 52.4
7:15am CNY High HSBC Flash Manufacturing PMI 50.2 50.4
10:30am JPY BOJ Monthly Report
12:30pm CHF Trade Balance 2.57B 2.45B
EUR German PPI m/m -0.10% 0.00%
1:30pm EUR High French Flash Manufacturing PMI 48.9 48.5
EUR French Flash Services PMI 48.6 48.3
2:00pm EUR High German Flash Manufacturing PMI 51.5 51.4
EUR German Flash Services PMI 54.5 54.4
2:30pm EUR Flash Manufacturing PMI 50.9 50.6
EUR Flash Services PMI 52.3 52.3
3:00pm GBP High Retail Sales m/m 0.40% -0.30%
4:30pm GBP CBI Industrial Order Expectations -3 -6
6:15pm USD FOMC Member Tarullo Speaks
7:00pm CAD High Wholesale Sales m/m 0.70% 0.20%
USD High CPI m/m -0.10% 0.10%
USD High Core CPI m/m 0.20% 0.10%
USD High Unemployment Claims 286K 290K
8:15pm USD Flash Manufacturing PMI 56.2 55.9
8:30pm EUR Consumer Confidence -11 -11
USD High Philly Fed Manufacturing Index 18.9 20.7
USD Existing Home Sales 5.16M 5.17M
USD CB Leading Index m/m 0.60% 0.80%
9:00pm USD Natural Gas Storage 40B
10:30pm CHF Gov Board Member Zurbrugg Speaks
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