Majors Weekly Forecast Oct 30 2017

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EURUSD: Bearish Eyes The 1.1435 Levels!

As long as 1.1670 resistance holds on a weekly closing basis, the EURUSD remains on the downside to the 1.1435 levels, a halt is likely and it may turn higher from here (If seen resistance comes at the 1.1574 levels) however; below 1.1435 will extend losses to the 1.1280 levels, further down support comes at the 1.1118 levels.

On the upside, resistance comes at the 1.1670 levels, a clear break above that level will open the main resistance at the 1.1836 levels where another fall is likely, above 1.1836 sees a recovery risk to the 1.2091 levels.

Conclusion: The EURUSD continues to face downside threats below 1.1836 levels.

Note: On the daily timeframe, support comes at the 1.1580 levels, ahead of the 1.1478 levels ahead of the 1.1390 levels,.Resistance comes at the 1670/1.1730 levels ahead of the 1.1836 levels (main).

GBPUSD: Still Sees Corrective Threats!

As long as 1.3450 resistance holds on a weekly closing basis, the GBPUSD remains in a pullback mode and further down could be seen in GBPUSD to the 1.2908 levels. At this point, I”d expect a strong support from the 1.2908 levels where a rebound is very likely, but if this fails to happen, expect the pair to weaken to the 1.2705 levels, further down, support comes at the 1.2514 levels.

On the upside, resistance comes at the 1.3400 levels, above that level sees a recovery risk to the 1.3615 levels, a break will restore the upside momentum and pave the way to the 1.3835/1.4011 levels. Conclusion: The GBPUSD continues to face corrective pullback threats below the 1.3615/1.3400 levels…

 

On the daily timeframe: The pair consolidates within 1.3041/1.3270 range…

USDJPY: Bullish Eyes The 115.20 Levels.

As long as 111.47 support holds on a weekly closing basis, the USDJPY remains on the upside to the 115.20 levels, a halt could be seen but a break will aim the 117.00 levels, further upside, resistance stands at the 119.90/120.48 levels.

On the downside, below 111.47 sees a fall risk to the 106.95 levels, further down, support comes at the 104.00 levels.

Conclusion: The USDJPY continues to face upside risks above the 111.47 levels. (Minor support comes at the 112.80 levels).

Note: On the daily timeframe, the pair faces pullback threats below 114.43 levels, a failure to hold above the 114.43 levels on a daily closing basis could mean a return to the 113.63/113.24 levels ahead of 112.51 levels, If this scenario happens buying the pair on dips is recommended, above 114.43 will aim the 115.00 levels, next  resistance comes at the 116.33 levels ahead of the 117.42 levels.

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