Weekly Technical Forecast (Oct 30 - Nov 3)

EUR/USD: Bearish

The Euro – Greenback had a negative week exactly as we had forecasted earlier. On Thursday, prices successfully pierced below the substantial support level at 1.16613 (Aug 17 low), suggesting that the currency pair will likely head lower to challenge the June 29 swing top at 1.14470 in the near future, with a break below that on a daily closing basis opening the door for a further decline to the June 14 barrier at 1.12968. Alternatively, prices could retest the 1.16613 level – now recast as resistance, followed by the EMA (20) – SMA (50) area.

Weekly Technical Forecast (Oct 30 - Nov 3)

GBP/USD: Neutral

The Sterling – US Dollar this week struggled around the zone composed of the EMA (20) and the SMA (50) lines. Looking at the candlestick performance during the week, we see that GBP/USD’s bullish momentum seemed to match its bearish one, indicating that prices will likely continue to consolidate next week. In case of a daily breach below the Oct 6 nadir of 1.30286, the Aug 24 obstacle at 1.27769 will be exposed. Conversely, prices could possibly trade higher to reach the 16-month high at 1.36516 if the Aug 3 high at 1.32670 is penetrated.

Weekly Technical Forecast (Oct 30 - Nov 3)

USD/JPY: Neutral

After the energetic rise last week, USD/JPY’s bullish momentum seemed to pause with the consolidation inside the 113.449 - 114.487 range (Oct 6 high, 7-month peak) this week. The candlestick performance exposed that buyers and sellers were largely in agreement, signaling that prices could remain struggling next week. A daily turn below the 113.449 level may lead prices to test back the EMA (20) – SMA (50) zone. Otherwise, the 61.8% Fibonacci Expansion at 115.424 will be on the radar given the 114.487 hurdle broken.

Weekly Technical Forecast (Oct 30 - Nov 3)

USD/CAD: Bearish

The Greenback - Loonie has spent a week strongly shooting up and turning both the Aug 31 high of 1.26623 and the Aug 15 top at 1.27768 into new support levels. However, USD/CAD’s RSI which now entered into the overbought territory suggests that the current bullish momentum may slow in the near future, leading to a possible fall to retest the abovementioned levels. Alternatively, given the currency pairs continuing to strengthen, the June 14 low at 1.31631 could be confronted.

Weekly Technical Forecast (Oct 30 - Nov 3)

AUD/USD: Neutral

This week saw prices strongly decline, making the stable support zone between 0.77126 and 0.77321 pierced. Nevertheless, the currency pair’s rebound from the June 14 hurdle around 0.76311 in addition to its RSI crossing below the 30 level have indicated that we may witness USD/CAD rally to test back to the 0.77126 - 0.77321 area, with a daily break above that paving the way for a further retest of the EMA (20) – SMA (50) zone. Alternatively, a close below the 0.76311 level will trigger another fall to the May 23 obstacle of 0.75167.

Weekly Technical Forecast (Oct 30 - Nov 3)

NZD/USD: Neutral

The 16-month nadir of 0.68182 was approached this week as we had predicted earlier. NZD/USD’s RSI line now moved into the oversold territory with a potential divergence likely forming in the near future, suggesting that a near-term consolidation is likely to develop next week. A daily break below the 0.68182 support level will expose the 61.8% Fibonacci Expansion of 0.67405. Conversely, the 0.70038 – 0.70534 resistance area (100% Fib Expansion, Oct 8 nadir) could be tested back in case prices rally.

Weekly Technical Forecast (Oct 30 - Nov 3)
See also:
Cryptocurrencies weekly technical outlook.
Cryptocurrencies weekly technical outlook.
10.12.2018
Technical analysis