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Daily analysis of major pairs for November 6, 2017


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Last week the EUR/JPY rallied in the context of a downtrend, moving from the demand zone at 131.50 to test the supply zone at 133.00 and then coming downwards on Friday. Price closed at 132.40 (below the supply zone at 132.50). Owing to a bearish outlook on EUR pairs this week, the market is supposed to go further southwards.

EUR/USD: This pair moved sideways from Monday to Thursday and then went further downwards on Friday, while the dominant bias remains bearish. This week, the support lines at 1.1600 (which has almost been tested), 1.1550 and 1.1500 would be tested this week, owing to a strong bearish bias on EUR pairs for the week.

USD/CHF: The USD/CHF did not move seriously last week, but it was able to maintain its bullishness. Price managed to close above the psychological area at 1.0000 on Friday, poised to move higher from there. The targets for this week are located at the resistance levels of 1.0050, 1.0100 and 1.0150. The resistance level at 1.0150 would require a very strong buying pressure to be breached to the upside.

GBP/USD: This currency trading instrument went upwards from Monday to Wednesday last week, testing the distribution territory at 1.3300. More bullish journey was rejected at that distribution territory as price plummeted from there, losing 250 pips, and testing the accumulation territory at 1.3050. The outlook on GBP pairs is bearish for this week, and so, more southwards movement is expected. A weak EURUSD would also help drag the GBP/USD further downwards.

USD/JPY: This market went downwards on October 30, went upwards on October 31, and consolidated for the rest of the week. This week, it is more likely for price to go higher than to go lower; first because the outlook on USD pairs is bullish for this week, and also because of an existing Bullish Confirmation Pattern in the market. The supply levels at 114.50 and 115.00 would, at least, be reached.

EUR/JPY: Last week the EUR/JPY rallied in the context of a downtrend, moving from the demand zone at 131.50 to test the supply zone at 133.00 and then coming downwards on Friday. Price closed at 132.40 (below the supply zone at 132.50). Owing to a bearish outlook on EUR pairs this week, the market is supposed to go further southwards.



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About the author


Azeez Mustapha is a trading professional, an InstaForex official analyst, a blogger at ADVFN.com, and a freelance author for trading magazines. He is working as a trading signals provider at some websites. His numerous articles are being posted on other websites like www.ituglobalforex.blogspot.com.

Contact: azeez.mustapha@analytics.instaforex.com.

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