Welcome back to another week of FX Analysis!
I’m not sure with this week’s forecast, so all of the forecasts have [?] beside them. 3 of the pairs are currently at higher timeframe critical points.
We’re closing in on the end of the year so within a few weeks, I’ll stop making forecasts temporarily anyways. December 2nd will the last forecast I make for 2012 then I’ll take a month off (as most traders do due to winter holidays, liquidity is gone) and will be back on January 6th in the new year.
Commentary / Technical Forecast
Given that I have a busy day and I’m unsure with my forecasts this week, I have nothing much to say except to point out the levels to watch for.
USD/CAD [Short (?)]: It already flirted with the weekly trend line this week, waiting to see what happens going forwards.
AUD/USD [Long (?)]: This is simply correlated to the other pairs but is unsure as well given the other 3 are near higher time frame lines. But it’s coming up on the weekly trend line within 200 pips as well.
EUR/USD [Long (?)]: Already flirted with the daily support level, waiting to see what happens going forwards.
GBP/USD [Long (?)]: Coming up on the daily trend line, waiting to see what happens going forwards.
PS: Last week’s projections were pretty decent with the exception of AUD/USD, the other 3 took one of the projected paths that I drew….
Until next week, Trade Safe and Good Luck Trading!