First of all , let’s highlight weekly forecasts for majors and minors :
- GBPUSD Weekly Forecast Nov 17 2014 : The pair hit critical support on weekly time frame at 1.5656 levels , a big reversal is strongly suggested from this level , however , a clear break below 1.5656 will open 1.4813 levels.
- USDCHF Weekly Forecast Nov 17 2014 : The pair remains bullish but It has lost some of its upside momentum , support comes at the 0.9572 levels , stability above this level will keep the bullish momentum intact , but a clear break below 0.9572 will bring a free fall towards the 0.9153 levels.
- AUDUSD Weekly Forecast Nov 17 2014 : The pair remains bearish but it has lost some of its downside momentum , resistance comes at the 0.8772 levels , stability below this level will keep the bearish momentum intact , above 0.8772 will open 0.9022 levels.
- USDCAD Weekly Forecast Nov 17 2014 : Despite the pair is bullish , It keeps rising with low momentum , support at 1.1168…….
- NZDUSD Weekly Forecast Nov 17 2014 : The pair remains bearish , but it suggests large bullish reversal above the 0.8033 levels .
- EURUSD remains under pressure , USDJPY remains bullish !!!! no sign of reversal yet !!!
As you see , 5 pairs suggest possible reversal on weekly time frame ….Is there something going on behind the scenes ??!!!
If we take a quick look at the economic calender this week , we have FOMC meeting next Wednesday at 19:00 GMT !!!!
The Federal Open Market Committee (FOMC) Meeting Minutes are a detailed report of the committee’s policy. The minutes show detailed insights regarding the FOMC’s situation on monetary policy, so It would give us clues regarding the outcome of future interest rate decisions.
The last FOMC statement ended QE and was completely hawkish , the question that arises now ?!! Will the meeting offers clues regarding an early rate hike or it will show some concerns ?!!! The meeting, will also focus on inflation and housing sector as well ! 5 pairs on weekly time frame suggest possible change in direction , so is it time for a change ?!!! will the US dollar continue its bullish trend or it’s gonna take some rest ?!!
The answer will come next Wednesday at 19:00 GMT !!!