Weekly Major Forecasts (14 -18 Oct 2013)


EURUSD: No change, with the key support 1.3104/1.3325 intact on a weekly basis, further upside couldn’t be ruled out. The daily support is at 1.3461 levels, so more upside is suggested, resistance is at 1.3645 levels, a break would target the 1.3710 levels. Further upside will aim the 1.3785 levels, above the 1.3785 will look for the 1.3870 levels ahead of the 1.4025 levels.

On the downside, losing 1.3461 on a daily basis will confirm short term topping and is likely to pave the way towards the 1.3104/1.3325 levels. Overall the pair is neutral this week with bullish bias!

GBPUSD: The GBPUSD has lost some of its upside momenta last week, resistance is at the 1.6121 levels ahead of the 1.6177 levels, with both levels intact on a daily basis. A further downside couldn’t be ruled out towards the 1.5840 levels, next support comes at the 1.5750/11.5716 levels.

On the upside, a sustained break above the 1.6177 levels would target the 1.6260 levels where a breach is likely, If seen, next resistance is at the 1.6400 levels, further upside will aim the 1.6615 levels. overall the pair is under pressure below 16121/1.6177 level.

USDJPY: At the moment the pair in neutral with a bullish bias, with the key support 96.56/97.91 intact on a daily basis, further upside is suggested, next resistance is at 99.66, a break would target 100.66/100.86 levels, further upside will aim the 101.51 levels, next resistance comes at the 103.72 levels.

On the downside, sustained break on a daily basis below the 97.91 would weaken the current bullish momentum for retesting 96.56 level, below 96.56 would open 95.80 levels.

On weekly; the pair is still trapped in consolidation from 103.73 and more consolidative trading could be seen this week!

AUDUSD: The pair is bullish on both daily and weekly, with both levels 0.9280 and 0.9411 intact on a daily basis, further upside is suggested towards the 0.9528 /0.9555 levels, a break would open 0.9656 levels, further upside will aim the 0.9792 levels.

On the downside, losing 0.9411 on a daily basis is likely to weaken the current bullish run for retesting 0.9280 levels, to reverse risks to the downside the pair will have to hold below the 0.9280 levels on a daily closing basis If seen It will target 0.9115 ahead of 08971 levels. Overall, the pair is bullish this week above 0.9280/0.9411 levels.


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