Forex Daily Forecast, Analysis and Prediction

Range bound trading continues. It is especially obvious when MA is moving horizontal. Notice on the daily Cable chart below that the 50 SMA has been horizontal since late July while the 100 SMA turned horizontal in late September.

The Bollinger Bands, Full Stochastics and RSI are venturing above their centerline on the one day charts while the StochRSI is remaining close to it's centerline.

The EUR is sputtering once again after failing twice to gain momentum after breaching 1.50. We are closing in on some very pivotal handles on the EUR. Moving Averages are important not only because what they represent but also because they are very closely monitored by forex traders. The implication of investors all buying or selling based on a particular occurrence is that price will move substantially, such that significant PNL can be generated.

Recent one day chart price action for the EUR/USD has show the pair has a affinity for the 1.4920 area. With no hard hitting news for this pair on November 20th the EUR/USD is likely to stay surely under the 1.5000 line.

EURUSD bears and bulls calmed down, at the moment situation is very silent with low movements. However, according to bulls activity, they do struggle to reach resistance level. For now waiting action remains for this pair.

EURUSD stays positive, however bulls are struggling to reach new highs, resistance level stays still active. However, further jumping is expected, but while support line holds – bulls have chances to recover. For now waiting is better option.

Price action on the daily chairts for the EUR/USD is not revealing anything. The Unemployment Claims news should get things moving on the 19th though. The forecast for those claims is not looking good for the dollar.

EURUSD bulls did manage to recover once again, support level stands as strong barrier which keeps bulls side from further falling. Buying options still remain for this pair, just below support – bulls are in danger.

The Yen has lost ground to every other currency in the G-10 except the Dollar, since March of 2009. The BOJ has always favored a weak currency as it supports their large export business which accounts for over 20% of their GDP.

All four technical indicators, Bollinger Bands, Full Stochastics, StochRSI and RSI don't seem to have anything in store for the 18th trading day on the one day charts. Price action on the one day charts seems to suggest a upward movement that many fundamental traders agree with. One day technicals though, want a range bound market on November 18th.

EURUSD despite the extreme spike low, bulls did manage to recover. Flag pattern formed after downswing, it can suggest another short term downswing, however this pair is looking positive and resistance line can be tested today.

The Aussie continues to strengthen against the Greenback and is now retesting short term resistance at .9343.

A doji candlestick on November 15 makes it clear 1.5000 still holds some strength as a resistance pointb if it was not clear already.

EURUSD bears didn't manage to enter below support zone, this action influenced bulls to step up and rebound occurred which is moving towards resistance level.

The EUR continues to struggle to break the 1.50 handle. Last week, the EUR on a daily chart, completed the formation of a double top just above resistance at 1.50 [shown in the red boxes in the chart below]