VantagePoint Forex Weekly Outlook for November 20th, 2017

VantagePoint Forex Weekly Outlook for November 20th, 2017

Forex Weekly Outlook for November 20th, 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:

The Dollar tends to put a bottom in around the 15th of the month. That has happened and has done nothing since. The medium-term difference has crossed above the long term, signaling a recovery down the road. Additionally, there is a high correlation between the S&P 500 and the US dollar Index. The S&P has started to recover, signaling that the Dollar will recover as well.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 93.999 and the VantagePoint PRSI is at 31.3.

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:

There was a bull trap with this pair. While everyone was getting long around the 15th, it immediately sold off after two days. The medium-term difference crossed below the long-term difference. While the market moved up, the VantagePoint indicators moved down. Traders should watch for a retracement and be careful with a false break about the 1.18 level.

What do the indicators say?

The predictive 18-day moving average is 1.1704 and the PRSI is at 66. The neural index is at a “zero” position indicating weakness over the next 48 hours.

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

Key Levels and market movement:

While the pair is pointing lower, the VantagePoint indicators are saying that move might not be that strong. If the global equity markets turn higher, so will this pair.

What do the indicators say?

The PRSI is at a 36.5 and the predictive 18-day moving average is at .9929. 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:

The medium-term has crossed above the long-term predictive difference, and above the zero line too. The pair is also breaking above the trend line, and closing above the key VantagePoint levels. This close higher should open up a bigger move to the upside.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 1.3173 and the PRSI is at 59.8.

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

Key Levels and market movement:

The pair broke below that channel that formed, but it’s still in the same range that it’s been in for a very long time, which is 111.50 and 114.50. If there is a rate hike in the future, it will send this pair higher. However, with the political uncertainty with a possible impeachment, it puts downward pressure on this pair.

What do the indicators say?

The PRSI is at 17.2 and the predictive 18-day moving average is at 113.277.

The Commodities Currencies

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

Key Levels and market movement:

As oil prices start to settle, this will send this pair higher. The medium-term crossed above the long-term difference, and the neural index is back at a “one” position. This makes it a very good long trade.

What do the indicators say?

The VantagePoint predictive 18-day moving average is 1.2726 and the PRSI is 60.

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

Key Levels and market movement:

The pair is starting to flatten out a bit, suggesting that the pair could get ready to turn back to the upside. If that happens, it’s likely corrective in nature and the pair should move to the .7656 area. However, the bias still remains to the downside.

What do the indicators say?

The predictive 18-day moving average is .7656 and the PRSI is 16.4.

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

Key Levels and market movement:

The pair continues to fall and the VantagePoint indicators support that as the pair remains under pressure. Historically speaking, there is increased volatility during the US Thanksgiving week. Traders should keep that in mind with this trade.

What do the indicators say?

The predictive 18-day moving average is .6899 and the PRSI is 19.3.

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

demo

By | 2017-11-20T16:43:14+00:00 November 20th, 2017|Forex|0 Comments

Leave A Comment