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Weekly Forex Forecast - 10 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.

USD/CAD

The USD/CAD pair tried to rally during the course of the week, but you see it did run into a bit of trouble above. Because of this, we formed a shooting star, and it appears of the 1.15 level is going to be rather resistive. That’s not a big surprise though, as it is a large, round, psychologically significant number. The shape of the shooting star suggests that the market is probably going to drop from here, but ultimately I think that there is plenty of support below that could get this market going higher. With that being the case, I am still bullish but we are looking for a pullback in order to take advantage of value in the Dollar.

USDCAD Week 111014

EUR/USD

The EUR/USD pair had a very volatile week, hovering just below the 1.25 handle. I believe that this market is going lower, but there might be a bit of volatility to be had in this area. The girls, I am still selling this market as I believe the longer-term move is going to head to the 1.2050 level. That was the beginning of the move higher from several months ago, so we are simply going to do a “round-trip” in my opinion.

EURUSD Week 111014

NZD/USD

The NZD/USD pair went back and forth during the week as well, as we continue to test the waters just below the 0.77 handle. I believe that this market continues to go lower given enough time, but we could get a bit of volatility between here and there. Remember, the Royal Bank of New Zealand continues to want this pair to go lower, and has even mentioned a target of 0.68 against the dollar. With that, I believe that the market continues to drop lower from here, and it’s only a matter of time or we break down. I am a seller.

NZDUSD Week 111014

USD/JPY

The USD/JPY pair broke to the upside during the week, but ran into a bit of trouble at the 115 level. That’s not a big surprise to me, as it is a large round number, but ultimately I believe that we do probably see a little bit of a pullback but I also look at that as potential value in the US dollar. I am buying pullbacks to that show signs of support.

USDJPY week 111014

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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