First, a review of last week’s forecast:
- Giving our forecast for EUR/USD, we warned that it will be the political rather than economic situation that would determine all dollar pair trends in the run up to the presidential elections in the United States. That is what has been happening. Any shift of the American electorate in favour of Donald Trump played against the dollar. As a result, surprisingly, the most accurate forecast was given not by experts, but... by graphical analysis, which predicted the growth of the pair to the resistance level of 1.1100, which was reached on Wednesday, November 2. Then, turning this resistance into a Pivot level, the pair moved to a sideways trend and finished the week at 1.1140;
- GBP/USD. The situation with this pair proved to be similar to what happened to EUR/USD. In this case an additional bullish hand was played by the UK High Court ruling, which said that Prime Minister Theresa May cannot start the process of the UK leaving the EU without a vote in Parliament. As a result, the pair broke all expected resistance levels and rose to the level of 1.2517;
- With regard to the forecast for USD/JPY, technical analysis also proved to be as accurate as can realistically be expected. As a reminder, indicator and graphical analysis suggested that the pair would again try to move closer to the resistance level of 105.50, after which it would literally collapse - first to the support level of 104.00 and then even lower - to the 102.40-102.80 zone. If we look at the chart, we see that this prediction came true by almost 100% - the pair started Monday by moving northwards, but after reaching 105.22 it turned around. On Tuesday it flew down, slowed down for a few hours in the 104.00 area and reached its low point at the level of 102.54 on Thursday. Then, after a small correction, the pair settled down and moved to a sideways trend, moving in the 102.82-103.35 channel;
- Graphical analysis turned out to be 100% correct in its forecast for USD/CHF as well. It clearly pointed out that the pair would reach the bottom at the level of 0.9680: at the end of the week-long session it obediently stopped with this precise value being displayed on the monitor.
Forecast for the Upcoming week:
Summing up the opinions of several dozen analysts from world leading banks and brokerage companies as well as forecasts based on different methods of technical and graphical analysis, the following can be suggested:
- In anticipation of the upcoming Presidential election in the United States on Tuesday November 8, it is a fruitless task to make any forecasts on dollar pairs. That is why more than 60% of the experts just shrug when speaking about the near future of EUR/USD. As for the indicators, they almost unanimously insist on the growth of the pair in agreement with those analysts who predict a fall of the dollar by more than 1000 points in the event Donald Trump wins the election. But, judging by the fact that 85% of experts suggest growth of the dollar in the medium-term, they are inclined to believe that Hillary Clinton will be elected new US President. In this case, according to them, the pair can go down about 500 points and reach the mark of 1.0600;
- The opinion of analysts on the future of GBP/USD is also quite vague. About 50% of them, together with indicators, look to the north, 35% look to the south and the remaining 15%, supported by graphical analysis on D1, look to the east. It is worth mentioning that there is no consensus in the medium term either – a certain clarity will only emerge following the results of the American election. However, there may be serious corrections of trends depending on the situation with the UK exit from the European Union;
- USD/JPY. The experts are split in their forecast exactly halfway, with one half of them expecting growth and the other a fall. The reasons for this are clear and have been described above. As for a longer term forecast, almost 70% of analysts believe the dollar will strengthen and the pair will grow at least to the 106.00-107.00 zone;
- And finally the last pair of our review - USD/CHF. Here the opinion of the experts is almost unanimous: more than 90% of them believe that the pair will certainly go back to 1.0000-1.0100 marks. Graphical analysis agrees with this opinion as well, naming 0.9820 as the first target.
In conclusion, let me mention the opinion of NordFX senior analyst John Gordon. "Analysis of previous presidential elections in the United States shows,” stresses the NordFX expert, “that a bounce always takes place, regardless of who wins, be it the Republicans or the Democrats. Most likely, the post-election trend, as before, will last for 2-3 months, ie for as long as investors take to figure out which out which of their electoral promises the new President will fulfil and which will merely remain words on paper. This is a very good period for traders, giving one the opportunity to earn good money. In this situation, traders should manage their financial assets very wisely and should remain alert, so as not to miss the chance to utilise 100% of these new trade opportunities."
Roman Butko, NordFX
Notice: These materials should not be deemed as a recommendation for investment or guidance for working on financial markets - they are for informative purposes only. Trading on financial markets is risky and it can lead to loss of money deposited.
#forex #forex_forecast #eurusd #signals_forex #binary_options
Actionable trading levels delivered LIVE to YOUR charts
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.