Daily Trading Forecasts - 18/11/2013

The Cable is now trading above the accumulation territory of 1.6100, in what is called a bullish mode. This week, the price may reach the distribution territory of 1.6200, even possibly breaching it to the upside.

EURUSD: There is not yet a clear signal on the EURUSD, but it is much more likely that the price is poised for a renewed upward journey. When the condition for a bullish signal is met, you would see the price trading above the EMA 56 and the EMA 11 has also crossed the EMA 56 to the upside.

USDCHF: There is not yet a clear signal on the USDCHF, but it is much more likely that the price is poised for a renewed downward journey. When the condition for a bearish signal is met, you would see the price trading below the EMA 56 and the EMA 11 has also crossed the EMA 56 to the downside. But right now, it is not safe to go short until the above condition is met. Should there be any failure in meeting the above condition, then the price may bounce upwards.

GBPUSD: The Cable is now trading above the accumulation territory of 1.6100, in what is called a bullish mode. This week, the price may reach the distribution territory of 1.6200, even possibly breaching it to the upside.

USDJPY: This currency trading instrument closed at 100.21 on Friday (also in a bullish mode). The supply level at 100.50 is an easy target for the bulls, plus the demand level at 101.00 is also a possible target for this week.

EURJPY: This market trended very strongly last week, closing at 135.17. At that price zone, some may think that the price has long been overbought. But the price is not overbought if the bulls are still interested to purchase the EURJPY at that price zone, for the market might still go further upwards this week.

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