Breaking News

Short-Term Currency Outlook: November 26, 2012

By Trend RecognitionForexNov 26, 2012 02:46AM ET
Short-Term Currency Outlook: November 26, 2012
By Trend Recognition   |  Nov 26, 2012 02:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
<span class=
EUR/USD" title="EUR/USD" width="600" height="600" />
EUR/USD: 1.2972

Short-Term Trend: Uptrend

Outlook: I thought wave (F) of the Diametric formation from the July 2008 top was going to develop as a Flat pattern and that was the reason I expected a decline toward 1.2500 and below last week. But the last week's rally signals the structure of the suspected wave (F) will be different (not clear yet) and it seems the larger uptrend from the July 2012 low has already resumed. If correct, gains toward 1.3520 will be seen in the next couple of months. With this in mind I favor the long side here against the 1.2670 key Fibonacci level....

Strategy: Longs favored at 1.2870. Stop=1.2670. Target=1.35000

<span class=
GBP/USD" title="GBP/USD" width="600" height="600" />

GBP/USD: 1.6025

Short-Term Trend: Weak uptrend

Outlook: The last week's strong rally suggests wave D is already over and if that's the case, wave E of the suspected Neutral Triangle from June's low is already under way. Thus, one can favor the long side. The problem however is that I do not expect a huge upmove from here. My upside target is just above the 1.6300 level. So, I personally prefer to stay neutral.

On the downside, below 1.5880 negates, signals wave D is still under way....

Strategy: Stand aside.

<span class=
USD/JPY" title="USD/JPY" width="600" height="600" />
USD/JPY: 82.38

Short-Term Trend: Uptrend

Outlook: USD has continued its move higher and thus further confirms our long-term bullish idea here. Now, what we need, is a firm move above 83.800/84.10 area. Once we see such a move, the weekly chart will become positive as well (now the weekly chart is still neutral as long as below 84.10).

On the downside, the 80.60 level should provide strong support if a pullback develops from here. If the prices move back below 80.60, that will negate the afore-said bullish idea.

Strategy: Holding long from 81.30 is favored. Stop=80.30.
Short-Term Currency Outlook: November 26, 2012

Related Articles

Short-Term Currency Outlook: November 26, 2012

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: The services provided by Trend Recognition Ltd are intended for informational and educational purposes only. While a course of conduct regarding investments can be formulated from the presented analysis, at no time will Trend Recognition make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. The service is not a recommendation to buy or sell securities or an offer to buy or sell securities. The publishers of Trend Recognition website are not brokers or registered investment advisors and are not acting in any way to influence the purchase or sale of any security and/or its derivatives. The data for information provided by this website is obtained from sources deemed reliable but is not guaranteed as to accuracy, or completeness. The use of Trend Recognition services is done so at your own risk. Trading and investing in any financial markets, including, but not limited to the stock market, options market, futures market, bond market, and/or the commodities market involves serious risk of loss, and in some cases, greater loss than the amount invested. You should not rely solely on the information provided on this site in trading. Use of this site is your agreement to assume full responsibility for any losses, and your acknowledgment that we do not guarantee any results or information provided in this site and that you acknowledge that you are forming an independent opinion based upon your own research and resources, and not on the information contained herein. Trend Recognition recommends that you do your own due diligence and research when considering placing any kind of transaction. It is possible at this or subsequent date, the publishers of Trend Recognition may own, buy or sell the securities discussed therein or their derivatives. Trend Recognition or its publishers are not liable for any losses or damages, monetary or otherwise, that result from trading the securities and/or derivatives discussed within the Trend Recognition website. The publishers of the Trend Recognition recommend that anyone trading securities and/or derivatives should do so with caution and consult with an experienced broker and/or investment advisor before doing so. Past performance of Trend Recognition may not be indicative of future performance and does not guarantee future results.
Continue with Google
Sign up with Email