Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD, GBPJPY (Oct. 28 – Nov. 1, 2019)
Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD, GBPJPY (Oct. 28 – Nov. 1, 2019)
Grab your coffee and get comfortable to watch the latest Weekly Forex Forecast and prepare your plan of attack for next week. Watch this video is you are trading the EURUSD, GBPUSD, USDCAD, USDJPY, AUDJPY, EURJPY, USDCHF and GBPJPY the week of October 28, 2019. Let’s profit from trading these currency pairs.
The EURUSD, let’s take a look at the Euro versus the Dollar, we could see that price initially took out the high of the previous week on Monday, and then traded down all week closing now at the bottom of the weekly range. This is a strong indication of a continuation of price movement into the following week. I’m definitely standing aside right now just waiting for a better entry for better setup for a little bit better of development on this trade.
The EURJPY, the Euro Japanese yen over this past week has consolidated pretty nicely in a pretty tight range of about 100 pips. Now you could see that it is closing towards the bottom of the weekly range, the trend on the daily is definitely still positive, and this is setting off to be a possible bull flag that could break out positive here. I am standing on the side, we will keep watching that pair to see what develops and whether or not we do break out of this consolidation.
The USDJPY, the US dollar versus the Japanese yen. This currency pair consolidated in an uptrend closing towards the upper end signifying that price is looking to move higher. We do see some signs that the dollar may be looking to strengthen here. This is a green light. This is definitely a currency pair that we want to be watching, we’re going to follow together, it looks like it is going to be providing a nice move.
The USDCAD. The Bank of Canada does have a rate policy statement coming on Wednesday morning. This is probably the only pair this week that has been stronger than the US dollar that you could see that the Canadian dollar is breaking down into this downtrend and is closing near the lows. That’s interesting. I really don’t know what to make of it. You know, it’s it’s such a wild card, the Bank of Canada is not expected to make any type of rate change next week, but it is more about what they’re going to signal, as far as their upcoming policy. So, this is definitely a currency pair that is in play. I will update you.
The USDCHF, the US dollar versus the Swiss franc is also showing a lot of dollar strength. What I’m going to do here is I’m going to move this, I’m going to move this to a watch because there is no way to get into this trade right now.
The GBPUSD, British Pound versus the US dollar, we do see again the dollar is having its way with the pound this week, the pound is closing towards the lower end of this weekly range, but we have seen this enormous 800 pit move upward in the pound over these past couple of weeks. and considering the height of that move the pound is consolidating towards the upper bound of that move very nicely, that it looks like it is extremely positive, and could be quite bullish.
The AUDUSD, the Australian dollar is showing a little bit of strength against the US dollar this week, while most pairs today definitely traded down to the dollar. This currency pair, the Australian dollar US dollar is in play is in play for a long, and it’s in play for a possible short, it is at a critical juncture, and an excellent spot to get in, we will follow up on this early, and later in next week,
The GBPJPY, British Pound versus the Japanese yen and we could see that we are in a strong off trend as the British Pound has taking a plot about 1100 pit move against the Japanese yen in the past couple of weeks, and is also consolidating very nicely towards the top of that range, it looks like that, this bullish trend is set to continue. We’ll find out.
The AUDJPY, the Australian dollar Japanese yen. This pair does also look to be trading nicely, it is consolidating above this breakout over here, and it is holding it very nicely, it looks like. This is definitely one we want a green light because what seems to be happening is, and probably going into the end of next month when President Trump is expected to meet Premier Xi in Chile. It looks like you’re going to see a lot of positive comments about phase one of the trade deal that’s going to be highly supportive of the Australian dollar, and it’s also going to be negative on the Japanese yen.
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