No announcement yet.

Weekly Forex Outlook on Major Currency Pairs by Profiforex

  • Filter
  • Time
  • Show
Clear All
new posts

  • Weekly Forex Outlook on Major Currency Pairs by Profiforex

    Hello Traders,

    It would be a great pleasure to share with everyone on this forum timely Forex Analysis on this thread. I will be focusing on Major Currency Pairs such as EURUSD, USDJPY, AUDUSD, GBPUSD, USDCHF and EURGBP.

  • #2
    Oct 2nd - 6th

    EURUSD (Avg spread 0.2)

    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 (Avg Spread 0.5)
    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 (Avg spread 0.5)
    The pair is currently showing a bullish outlook and is likely to con
    tinue 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 (Avg spread 0.6)

    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 (Avg spread 0.5)

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


    • #3
      Profiforex Weekly outlook from October 8th - 13th

      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.


      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

      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.

      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.


      • #4
        Weekly Forex Forecast For major Currency Pairs.

        October 15th - 20th


        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


        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


        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


        • #5
          Weekly Forex Forecast for Major currency pairs.
          October 29th - November 3rd.

          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



          • #6
            Weekly Forex Forecast For Major Currency Pairs

            November 5 - 10.


            The pair made some gains from Monday to Wednesday then declined on Friday. The outlook of the EUR looks bearish and will likely continue till the end of the week. So the support lines at 1.1600, 1.1550 and 1.1500 should be tested, and the resistance lines at 1.1700 and 1.1750 will limit any rallies. However, immediate resistance is now pegged near the 1.1630 region, support-turned-resistance, and any subsequent recovery attempts might now be capped near the 1.1660-65 zones.

            Key Levels: R1- 1.1667, R2- 1.1726, R3- 1.1750. S1- 1.1574, S2- 1.1550, S3- 1.1481

            The pair had a brief spike down to 0.9948 on Friday but hastily recovered its poise and finished the week at parity, having briefly reached 1.0024.
            No further important movement was seen last week, but bullishness was maintained and price closed above the psychological level of 1.0000. Technical indicators are looking positive generally, which makes the outlook for this week bullish. The pair could text the resistant levels at 1.0050, 1.0100 and 1.0150 in the next two weeks.

            Key Levels: R1- 1.0050, R2- 1.0100, R3- 1.0150. S1- 0.9960, S2- 0.9914, S3- 0.9882.


            Key Levels: R1- 1.3083, R2- 1.3127, R3- 1.3222. S1- 1.3033, S2- 1.2989, S3- 1.2938.


            The pair began the week with a spike to fresh nearly eight-month high at 114.73. Overall, technical indicators remains bullish and favors final break higher and test of next targets at 115.00 (round-figure) and 115.50 (10 Mar high).

            Key Levels: R1- 114.05, R2- 114.46, R3- 115.27. S1- 113.65, S2- 113.24, S3- 112.84

            Trade with the Lowest Spread Forex broker


            • #7

              Uncertainties in Germany politics has forced the pair into a bearish formation. Price has been consolidating since the beginning of October (long term view). The pair is no longer on a neutral outlook and investors are beginning to consider a sell position. Short term wise, there is still room for EUR/JPY to fall further.

              Key Levels: R1- 132.90, R2- 133.61, R3- 134.03. S1- 131.78, S2- 131.35, S3- 130.65


              Price fell drastically from Monday to Wednesday; it corrected on Thursday and fell again on Friday to close at 0.9883. The correction is likely still in place, and we think the price my hit 0.9963 and fall back to 0.9900.

              The bias is neutral due to a lack of strong direction for the past 4 weeks. After reaching the 1.3250 mark the cable made a sharp turnaround and slipped back to the 1.3180 level. The distribution territory at 1.3300 and accumulation territory at 1.3050 have proven to withstand bearish and bullish pressures recently so the bias will remain until one is breached.
              Key Levels: R1- 1.3262, R2- 1.3308, R3- 1.3354. S1- 1.3171, S2- 1.3124, S3- 1.3079


              • #8
                Weekly Forex Outlook on Major Currency Pairs

                (November 26 - December 1)


                The pair shot up by 210pips last week and closed above the support and resistant line at 1.1900 and 1.1950 respectively. Meanwhile, doubts that the Fed may be able to deliver further interest rate increases, on concerns over stubbornly low inflationary pressure, kept the US Dollar bulls on the defensive and further collaborated to the pair's strong up-move. The outlook on the EURUSD is bullish for December and the resistance level at 1.2000 should be reached next month.
                Key Levels: R1- 1.1972, R2- 1.2013, R3- 1.2080. S1- 1.1863, S2- 1.1796, S3- 1.1755


                There was further decline on the USDCHF last week, especially Friday when it fell to 0.9785. The pair has dropped about 220 pips this month and 100 of those were lost last week. This has created a confirmation bearish pattern. With the daily momentum indicators pointing increasingly lower, a sustained break of 0.9785/0.9800 would allow a run towards 0.9725/30 and then to 0.9700/05.
                Key Levels: R1- 0.9804, R2- 0.9822, R3- 0.9865. S1- 0.9779, S2- 0.9761, S3- 0.9736.


                The Pair has lost nearly 300p pips since the start of this month as it tested the supply level at 114.50 on November 6. It now targets the supply levels at 111.00, 110.50 and 110.00. Only firm break above 200SMA would sideline bearish threats while return and close above daily cloud top is needed to neutralize and signal higher base formation.
                Key Levels: R1- 111.77, R2- 111.96, R3- 112.27. S1- 111.00, S2- 110.50, S3- 110.00


                • #9
                  Forex outlook on Major Currency Pairs

                  Dec 10 - 15


                  Last week saw the pair lose more ground leaving risk of more declines on the table. It moved briefly below the support line at 1.1750 and then closed above it on Friday. The EURUSD might be weaker this week with resistant level at 1.1850, where a cut through it will open the door for more upside toward 1.1900 levels. Support lies at the 1.1750 level and any break below it will see it move to 1.1700 level. The support lines at 1.1700 and 1.1650 may be tested this week subject to strong selling pressure.

                  Key Levels: R1- 1.1784, R2- 1.1804, R3- 1.1831. S1- 1.1737, S2- 1.1710, S3- 1.1690


                  Last week Friday, the pair reached an early European high at 1.3529 in reaction to the news of a Brexit breakthrough. This surge was followed with a heavy sell as traders took profit causing the pair to fall to a low of 1.3353. After the NFP report was released, the pair moved up to 1.3432 and 1.3399. The bullish bias look very week due to the events that occurred last week.

                  Movement below the accumulation territory at 1.3250 will result in a bearish signal being generated, but movement above the distribution territory at 1.3550 will strengthen the recent bullish signal, which we are likely to see this week.

                  Key Levels: R1- 1.3422, R2- 1.3588, R3- 1.3655. S1- 1.3323, S2- 1.3256, S3- 1.3157


                  There is speculation that the BOJ is likely to cut its ETF purchases soon, and this could strengthen the Yen. This week, the pair remains neutral, but a test of 113.80 would not be surprising. The supply levels at 114.00 and 114.50 are also targeted.

                  Key Levels: R1- 113.93, R2- 113.93, R3- 114.25. S1- 113.16, S2- 112.84, S3- 112.62


                  Last week Friday, the pair stalled its bullish trajectory near the 0.9975/80 region and lost some of its gains after a mixed US jobs data. Traders were forced to take some profits off the table and this added more pressure on the pair to slow down. It moved the resistance level at 0.9950 last week and then closing below it on Friday. The pair looks strong and set to continue its positive run this week. The resistance levels at 1.0000 and 1.0050 may be tested this week, but a fall remains highly likely due to possible strength in CHF

                  Key Levels: R1- 0.9944, R2- 0.9999, R3- 1.0019. S1- 0.9909, S2- 0.9889, S3- 0.9854


                  • #10
                    Weekly Forex Forecast on Major Currency Pairs
                    Dec 17 - 22


                    The pair is still very weak despite the latest Brexit news that a next phase will commence. However, this can only happen as from march next year, sparking a selling pressure on the pair. Also an attempted uptick in the dollar made the GBPUSD register some losses.

                    Technically, the pair continues to find strong buying interest near the 1.3300 handle and hence, traders are likely to wait for a decisive break through the mentioned support before positioning for any subsequent weakness. Movement towards the accumulation territories at 1.3300 and 1.3250 will help strengthen that view, but movement above the distribution territories at 1.3450 and 1.3500 will pull it back.

                    Key Levels: R1- 1.3417, R2- 1.3506, R3- 1.3564. S1- 1.3270, S2- 1.3212, S3- 1.3123

                    The pair ended the week with minor losses after jumping beyond the 1.1800 on Friday. This week, it managed to catch some fresh bids and bounced back above mid-1.1700s. The USD faces pressure from the news of a possible Government shut down if the spending limit is now extended beyond December 22. This has created an opportunity for the support lines at 1.1700 and 1.1650 to be tested this week. Selling pressure is possible throughout December.

                    Traders now look forward to the final Euro-zone CPI print, due for release during European trading session, for some fresh impetus ahead of this week's important US macro data - final GDP growth figures, durable goods orders and core PCE price index

                    Key Levels: R1- 1.1795, R2- 1.1835, R3- 1.1857. S1- 1.1732, S2- 1.1710, S2- 1.1670

                    Last week the Pair made unpredictable movements, but started to move down on Wednesday before closing above the demand level at 112.50. The USJPY seems to be on a neutral ground which can only end once the price breaches either the demand level at 111.50 or the support level at 112.50. This might not occur this month.

                    Key Levels: R1- 112.89, R2- 113.19, R3- 113.62. S1- 112.16, S2- 111.73, S3- 111.43

                    Looking a
                    t this pair from a short term view, it looks bearish, while on the long term it is neutral. The pair has lost more than 200 pips so far. Demand levels at 149.00 and 148.50 are now being targeted. The GBPJPY could reach these targets this week.

                    Key Levels: R1- 150.91, R2- 151.78, R3- 152.53. S1- 149.30, S2- 148.55, S3- 147.68


                    • #11
                      Weekly Forex Forecast on Major Currency Pairs
                      Jan 7th - 12th, 2018.


                      Last week the Euro suffered from the disappointing EU CPI which supports the view that markets remain under positioned long term relative to the markets overwhelming bullish sentiment. The EURUSD is eyeing the 1.2000 level and a breakthrough could trigger a correction toward 1.1900. The overweight short-term speculators and fast money positioning suggests the market could be susceptible to an early 2018 squeeze lower.

                      Key Levels: R1- 1.2077, R2- 1.2100, R3- 1.2140. S1- 1.2014, S2- 1.1985, S3- 1.1950


                      Despite Friday's mixed results from the US monthly jobs report, a goodish pickup in the US
                      Treasury bond yields
                      , amid growing expectations for a March Fed rate hike move, underpinned the greenback demand and contributed towards capping the pair below the 1.3600 handle.

                      Traders now look forward to the release of UK Halifax HPI data and Fedspeak for some fresh trading impetus. The key focus, however, would be on this week's US inflation figures, which along with other important
                      macro releases
                      would help investors determine the pair's next leg of directional move

                      Key Levels: R1- 1.3593, R2- 1.3618, R3- 1.3653. S1- 1.3593, S2- 1.3498, S3- 1.3473.

                      On Friday the pair reached 113.30 and then consolidated above 113.00 for the balance of the session.

                      Key Levels: R1- 113.41, R2- 113.71, R3- 114.07. S1- 112.76, S2- 112.40, S3- 112.10


                      The pair broke above the 153 handle on Friday followed by a Strong bullish Activity last week. The 153 level has been an important price for the pair. Since this level was previously breached, although pulled back to 152, the market could see more upside movement above 153. We could also expect to see a bearish correction if the price pushes higher than 163.

                      Key Levels: R1- 153.86, R2- 154.25, R3- 154.83. S1- 152.89, S2- 152.31, S3- 152.92


                      • #12
                        Weekly Forex Forecast on Major Currency Pairs
                        January 14th - 19th


                        After a bearish start to last week, a climb of 270 pips tested the resistance line at 1.2200. That resistance line remains under siege with price possibly gaining another 150 pips this week as the outlook on EUR pairs is generally bullish.

                        Key levels: R1- 1.2241, R2- 1.2296, R3- 1.2402, S1- 1.2091, S2- 1.1974, S3- 1.1920


                        The protracted consolidation finally ended with the bullish breakout last week where price climbed 200 pips on Friday alone. That move is expected to continue this week so targets are the distribution territories at 1.3750 and 1.3800.

                        Key Levels: R1- 1.3803, R2- 1.3803, R3- 1.4010. S1- 1.3596, S2- 1.3459, S3- 1.3388


                        The bullish efforts from Monday to Wednesday almost reached the resistance level at 0.9850 before dropping 170 pips to close below the resistance level at 0.9700 on Friday and generate a bearish signal. The outlook is bearish this week due to CHF strength and a strong EURUSD.

                        Key Levels: R1- 0.9711, R2- 0.9802, R3- 0.9833. S1- 0.9651, S2- 0.9620, S3- 0.9560.


                        There was a 214 pip slide last week after several unsuccessful attempts to break the demand level at 111.00. With the bearish outlook and a Bearish Confirmation Pattern present, further decline is probable - likely targets being the demand levels at 110.50, 110.00, and 109.50.

                        Key levels: R1- 111.53, R2- 112.02, R3- 112.34. S1- 110.73, S2- 110.41, S3- 109.92


                        A decline of 310 pips from Monday to Wednesday consolidated on Thursday and bounced upwards on Friday. The general bias is bullish, although the pullback that occurred the first few days of last week appears to be offering a good opportunity to buy long at better prices, thus allowing the supply zones at 152.50, 153,00 and 153.50 to be targeted this week.

                        Key levels: R1- 153.27, R2- 154.07, R3- 155.45. S1- 151.10, S2- 149.72, S3- 148.92


                        • #13
                          Weekly Forex Forecast on Major Currency Pairs
                          January 21st - 26th


                          Key Levels: R1- 1.22721, R2- 1.2323, R3- 1.2349. S1- 1.21941, S2- 1.2167, S3- 1.2117.


                          AUDUSD is still trading at close to 0.8000, after reaching a Friday high of 0.8038 but then turning lower, under pressure from sales of AUDJPY. A late US selloff saw it close on session lows at 0.7985. The longer term uptrend remains firmly intact, although the daily charts warn of a correction, with the appearance of some bearish divergence and a long upper wick forming on the daily candle. It is a fairly light data calendar this week and a long w/e in Australia on Friday so external factors will drive price action. Right now a neutral stance seems best.

                          Key levels: R1- 0.8026, R2- 0.8057, R3- 0.8073. S1- 0.7978, S2- 0.7962, S3- 0.7931


                          The Pair had a good time last week as it hit a new post Brexit high at 1.3944, but fell shortly after to 1.3838. Sterling has now climbed to about 400pips since January 11. A very strong selling pressure would see the pair overturn its bullish bias. The 4 hour momentum indicators are now turning lower, while the longer term charts still generally look positive, but Cable remains volatile so caution is warranted. Buying dips seems to be the theme still, but, with a relatively tight SL placed back below 1.3800.

                          Key levels: R1- 1.3927, R2- 1.3991, R3- 1.4035. S1- 1.3819, S2- 1.3775, S3- 1.3711


                          The pair saw a shallow rally last week, and this gave traders a good opportunity to go short. It is very possible that the pair will decline further this week due to the US Government shutdown, which will affect the USD negatively. Therefore, the demand levels at 110.50, 110.00 and 109.50 may be reached.

                          Key levels: R1- 111.11, R2- 111.45, R3- 111.76. S1- 110.46, S2- 110.15, S3- 109.81