VantagePoint Forex Weekly Outlook for November 13th, 2017

VantagePoint Forex Weekly Outlook for November 13th, 2017

Forex Weekly Outlook for November 13th, 2017

The Forex Weekly Outlook is designed to help traders remain aware of intermarket correlations of global market relationships. You can become more profitable if you know how to get ahead of the trends and understand that these relationships can potentially expand your portfolio. Utilizing the predictive indicators and intermarket relationships in VantagePoint Intermarket Software can help traders find the right trades and the right times to enter and exit those trades. Let’s look at the charts for the U.S. Dollar and the major pairs.

Forex and the U.S. Dollar

The U.S. Dollar Index is the backbone of forex trading. The bulk of the trades involves buying or selling the U.S. dollar. Understanding the movements of the individual market will greatly benefit forex traders as they will be able to better predict the movements of the pairs based on the IDX market movement.

Key levels and market movements:

There is strong support coming in at the key VantagePoint level of 94.184. The indicators aren’t showing momentum to the downside so the US Dollar will only sell off if the PRSI breaks below that 40 level. Typically there is strength around the US Dollar during the 15th of every month. This is not the case currently, which means this move is corrective in nature and also driven by the tax reform bill.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 94.184 and the VantagePoint PRSI is at 46.1.

Forex Weekly Outlook for Major Pairs

The major pairs are where most Forex traders trade the market. In the Forex Weekly Outlook we take a look at the most popular pairs analyzing price action, news events and/or risk off scenarios that could play a role in market movement, and a series of VantagePoint charts that best present information that can assist traders in determining where the market may move in the week ahead.

Euro/U.S. Dollar (EUR/USD)

Key Levels and market movement:

A support level has formed at the 1.1550 level and the medium term crossed above the long-term predictive difference. Traders should be cautious of a bull trap with a big push above the 1.1664 only to have the pair completely reverse based on those monthly cycles. As long as gold continues to move lower, it’s going to be very difficult for the Euro to make any move to the upside.

What do the indicators say?

The predictive 18-day moving average is 1.1664 and the PRSI is at 49.8. The neural index is at a “one” position indicating strength over the next 48 hours.

U.S. Dollar/Swiss Franc (USD/CHF)

Key Levels and market movement:

This pair has significant resistance just above the 1.0050 level, but the pair continues to hold right along that VantagePoint predictive average of .9933. Traders should look for a push lower but then reverse later in the week based on the weakness of the other markets.

What do the indicators say?

The PRSI is at a 53.1 and the predictive 18-day moving average is at .9933. The neural index is at a “zero” position indicating the potential for short-term weakness.

British Pound/U.S. Dollar (GBP/USD)

Key Levels and market movement:

There really is no momentum for this pair. It did manage to close above the key VantagePoint level of 1.3169 and there is a very slight bias to the upside, but not around the 15th of the month where we have a known period of dollar strength. Traders can look to buy this pair at the 1.3020 level.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 1.3149 and the PRSI is at 51.8.

U.S. Dollar/Japanese Yen (USD/JPY)

Key Levels and market movement:

The neural index is still down for this pair. But the predictive medium and long-term differences are almost at a cross, which could finally signal a bigger move to the upside. Currently though, it’s just trading in a channel. The pair needs to break above or below the channel to signal a bigger move in one direction.

What do the indicators say?

The PRSI is at 48.5 and the predictive 18-day moving average is at 113.503.

The Commodities Currencies

U.S. Dollar/Canadian Dollar (USD/CAD)

Key Levels and market movement:

This pair is having a hard time breaking below the 40 level of the PRSI. Traders should continue to watch the neural index and the predictive differences. Oil prices continue to be a driving factor for this pair. If the Middle East conflicts die down, this will cause oil to go lower and the USD/CAD pair to go higher.

What do the indicators say?

The VantagePoint predictive 18-day moving average is 1.2705 and the PRSI is 39.1.

Australian Dollar/U.S. Dollar (AUD/USD)

Key Levels and market movement:

As gold comes under pressure, it is setting up this pair for a nice short trade. The PRSI is failing at the 40 level and the predictive differences are starting to turn down.

What do the indicators say?

The predictive 18-day moving average is .7706 and the PRSI is 37.1.

New Zealand Dollar/U.S. Dollar (NZD/USD)

Key Levels and market movement:

Just like the previous pair, this one is tangled up at the key VantagePoint level and the predictive differences are starting to point lower. Traders should be cautious of a bull trap forming here.

What do the indicators say?

The predictive 18-day moving average is .6945 and the PRSI is 44.5.

Are you ready to trade the currency markets using the power of Artificial Intelligence in VantagePoint?

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By | 2017-11-16T08:54:28+00:00 November 13th, 2017|Forex|0 Comments

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