Forex Weekly Charts and Trading Outlook for Oct 28-Nov 1
While there is a full calendar of events this week to suggest volatility and opportunities to trade, the key focus is looking ahead to the Nov 6=5 US elections. With polling continuing to indicate a tossup, there is enough uncertainty to suggest thinning conditions as we head into next weekend.
Note how the USD has regained the 200 day mva i all pairs except GBPUSD.
EURUSD DAILY CHART
Trend: Down
Upside contained as long as it trades below 1.0839, more important while below 1.0871-73.-
Needs to trade/stay below 1.08 to put last week’s 1.0761 low.
As noted, treat any move to the upside as a retracement unless 1.0839 is firmly broken.
USDJPY DAILY CHART
Trend: UP
Event risk i this weekend’s Japanese election.
152 will set the tone.
Resistance at 153.17, key level 155.20
Back below the 200 day mva (151.40) would be needed to put 150 in play again
GBPUSD DAILY CHART
Trend: Down
Key level is at 130 but would need to move below the 200 day mva to confirm)
Downside stays at risk as long as it trades below 1.30 but in consolidation unless the 1.2907 low is taken out.
As noted, treat any move to the upside as a a retracement unless 1.30 is firmly broken.
USDCAD DAILY CHART
Trend: Up
Targeting 1.3946 a long a it trades above 1,3838
On the downside, only back below 1,38 would cool the risk.
AUDUSD DAILY CHART
Trend: Down
Closing the week below .6621 and the 200 day mva (.6629 confirms a shift in risk that has potential for..6505-55. You can see by this chart why this area i important.
Back above .6610-30 would be needed to slow the risk.
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