FOREX Report & Technical Analysis 24th Nov

Posted: November 24, 2014 in Forex

EUR/USD fell hard on Friday, testing the 1.2350 region.we feel that the market will more than likely head down to the 1.2050 level, which is our longer-term target. Forex_EuroUSD_0Ultimately we believe that bounces are selling opportunities as the US dollar should continue to be by far the most favored currency in the trading world. We have no interest in buying this market, and recognize that it’s only a matter of time before we break down as the US dollar is the strongest financial instrument.
GBP/USD fell on Friday, as you can see.The market still remains within the previous consolidation area so although it looks very soft at this moment in time, we don’t really have a signal to work with. gbp-usdBecause of this, we are on the sidelines but we recognize that the downtrend is certainly an effect, and any rally at this point in time should be an opportunity to sell. Resistive candles will be used, as well as a break down to a fresh new low.
AUD/USD tried to rally on Friday, but found far too much in the way of resistance above and turned back around to form a shooting star. With that, the market looks as if it’s ready to drop from here, and perhaps continue lower. That would continue the overall downtrend anyway, so we are more than comfortable shorting this market on a break down. We have no interest in buying the Australian dollar because there is so much working against the right now, and therefore we are essentially “sell only.”
USD/JPY went back and forth on Friday, However, the market has broken out recently and therefore we feel that the market should be bought every time it pulls back and show signs of support. usd-jpyWith that being the case, we feel that supportive candles below are opportunity to take advantage of what is obviously a very strong uptrend and a divergence of the central banks. We will buy and buying again, and have no interest whatsoever in selling as the US dollars so strong.
Data Update for 24th Nov 2014

3:15am CHF Employment Level 4.22M 4.20M
4:00am EUR High German Ifo Business Climate 103 103.2
9:00am EUR Belgian NBB Business Climate -5.3 -6.8
9:45am USD Flash Services PMI 57.3 57.1
6:50pm JPY Monetary Policy Meeting Minutes
JPY SPPI y/y 3.60% 3.50%
8:00pm JPY High BOJ Gov Kuroda Speaks
9:00pm CNY CB Leading Index m/m 0.90%
NZD Inflation Expectations q/q 2.20%

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