Monday, November 17, 2008

forecast for week Nov 17 - 21

looks like a week when the candles are generally advising a wait-and-see approach with only sterling offering a decent opening...

eur/usd 10-14 nov. a black spinning top with a bullish shadow spelling a third week of uncertainty for this most technical of pairs. Support at 1.25 continues to hold and I'd be looking for a breakdown of that before getting bearish. As far as the bulls go, wait for a close above 1.31 (at the very least) before risking Pamplona.

forecast: the candles are home, home in a range so you'll need to make your money in the channel. The eventual breakout, whether up or down, should be well worth the wait, mind.

usd/jpy 10-14 nov. At the bottom of a move this would be a hammer BUT it is in the second candle of consolidation after the failed piercing lines of 3-4 weeks ago. A white body would have given a slightly more bullish tone but as it is we are still waiting for direction on the yen. Support at 94 and resistance at 100.

forecast: the candles say that all things come to those that wait.

gbp/usd 10-14 nov. This long black continues a vigorous down move and closed below 1.50 to suggest there's more sterling weakness to come. Resistance at 1.50 with support at 1.42

forecast: if 1.50 holds, there's more downside to be found in the british pound.

usd/chf 10-14 nov. This long-ish white is a non-descript candle with its upper shadow mitigating any bullish promise. This shadow is also testing significant resistance at 1.20 and we see support coming around 1.1750.

forecast: the candles say sit this one out

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