Weekly Major Forecasts (28 Oct – 01 Nov 2013)

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EURUSD : With the key support 1.3740 intact , further upside couldn’t be ruled out, but the pair needs to clear 1.3832 first( 61.8%) retacement of the big run 1.2042/1.4940, there’s a risk of topping around this level , support comes at the 1.3740 levels, a break below this level will turn focus on the 1.3650 levels, further out will aim the 1.3472 levels, losing this level will confirm topping at 1.3832 and should open 1.3104 levels.

On the upside: to resume its upside offensive , sustained break above 1.3832 is needed,If seen, the pair will target 1.4025 ahead of 1.4280 levels.

GBPUSD : Initial bias is neutral this week , with the key support 1.6115 intact another rise is expected , resistance is at 1.3256 , sustained break would open 1.6380 ahead of 1.6440 levels, further out will aim the 1.6615 levels.

On the downside , support is at 1.6115, losing this levels would open 1.5983, losing this level will confirm topping at the 1.6259 and it will  have large bearish implication towards the 1.5426 levels.

USDJPY: The pair is neutral this week , resistance is at 98.20 levels, break of this level on a daily basis would open 99.33 levels , further upside will aim the 100.86 levels, break of 100.86 will challenge the 101.52 levels.

On the downside , stability below the 98.20 levels will keep the pair under pressure , losing 97.15 on a daily basis would open 96.56 ahead of 95.80, below 95.80 will target 93.78 levels.

AUDUSD : The pair is neutral this week , resistance is at 0.9757 levels, break of this level would open 0.9960 ahead of 1.0220  levels.On the downside , support comes at the 0.9528 levels, losing this level will confirm topping at the 0.9757 levels and It will open the 0.9280 ahead of  the 0.9115 levels.

 

2 COMMENTS

  1. EURUSD is likely to make a huge move very soon (500 – 700) pips range , both sides (up and down ) are suggested , It depends on China, It has some critical issues , we’ll find out – most likely – in the upcoming days…

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