Forex Weekly Outlook for November 5th, 2018
The Forex Weekly Outlook is designed to help traders remain aware of correlations in the global markets. Traders can become more profitable if they know how to get ahead of the trends. Utilizing the predictive indicators and correlated relationships in VantagePoint 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 heavy resistance around the 97.85 area. Last week, the dollar put a top in and started to back away. Until the dollar breaks above this key area, don’t expect it to move much higher.
What do the indicators say?
The VantagePoint key level is at 95.950 and the VantagePoint PRSI is at 56.7.
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. We analyze 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)
What do the indicators say?
The VantagePoint key level is at 1.1437 and the VantagePoint PRSI is at 49.1.
U.S. Dollar/Swiss Franc (USD/CHF)
What do the indicators say?
The VantagePoint key level is at 0.9964 and the VantagePoint PRSI is at 58.9.
British Pound/U.S. Dollar (GBP/USD)
What do the indicators say?
The VantagePoint key level is at 1.2944 and the VantagePoint PRSI is at 58.3.
U.S. Dollar/Japanese Yen (USD/JPY)
What do the indicators say?
The VantagePoint key level is at 112.49 and the VantagePoint PRSI is at 72.4.
The Commodities Currencies
U.S. Dollar/Canadian Dollar (USD/CAD)
What do the indicators say?
The VantagePoint key level is at 1.3075 and the VantagePoint PRSI is at 56.5.
Australian Dollar/U.S. Dollar (AUD/USD)
What do the indicators say?
The VantagePoint key level is at 0.7114 and the VantagePoint PRSI is at 83.1.
New Zealand Dollar/U.S. Dollar (NZD/USD)
What do the indicators say?
The VantagePoint key level is at 0.6532 and the VantagePoint PRSI is at 75.1.
