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Weekly Forex Forecast - 17 November 2014

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

EUR/USD

The EUR/USD pair fell during a majority of the week, but as you can see found enough buying pressure underneath the turn things back around and form a nice-looking hammer. The hammer of course is a good sign for the buyers, and although it does look positive I don’t really have too much of an interest in buying this market. I simply think that this will be a bounce again, and that we will more than likely see sellers come in somewhere between here and the 1.28 level. Because of this, I think that this is a bounce you can take advantage of in order to start selling again, but not right this moment.

EURUSD Week 111714

AUD/USD

The AUD/USD pair fell during the beginning of the week, but did find enough buyers to turn around and form a hammer. This hammer of course suggests that we could bounce from here but there is a significant amount of resistance just above. Ultimately, I feel that this market will go a bit lower but we certainly don’t have the candle to start shorting yet. With that, I am bearish but also going to be very patient.

AUDUSD Week 111714

GBP/USD

The GBP/USD pair broke down during the course of the week, and sliced through the city 1.8 Fibonacci retracement level. Ultimately though, we did form a hammer on Friday, so that could be a short-term bounce first before we continue to go lower. When you look back towards the beginning of 2013, you can see that there is a significant amount of noise in this general vicinity. Because of that, I think that although we are going to go lower, it’s going to be a bumpy ride from here. I am bearish of this market on rallies though.

GBPUSD Week 111714

USD/JPY

The USD/JPY pair broke out during the course of the week, and finally close well above the 115 level. Because of this, I feel that this market is going to continue to go higher, and that any pullback at this point time is simply a buying opportunity. Look at dips as potential “value” in the US dollar, as the Federal Reserve have stepped out of the quantitative easing game, while the Bank of Japan looks to step on the accelerator. I believe that this pair is in a multi-year long-term uptrend.

USDJPY Week 111714

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

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