Forex Weekly Outlook November 25-29 2013

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Forex Weekly Outlook November 25-29 2013
Forex Weekly Outlook November 25-29 2013

Forex Weekly Outlook November 25-29 2013

Euro

The euro erased its losses of the past week, as it closed well above the critical level of 1.3480 on Friday, and is currently trading at 1.3502 where its next support levels are 1.3490 and 1.3473, below which sellers would become confident to short the pair.

The fundamentals to look forward to this week include the U.S. pending home sales, building permits, CB Consumer confidence, core durable goods orders, and unemployment claims. On the other hand, the economic indicators of the Eurozone include the German consumer climate, prelim CPI, unemployment change, and the European unemployment rate.

Pound

After gaining notably last week against the greenback, the British pound has lost around 70 points on Monday where it is trading at 1.6163 where it has strong support at 1.6145 level, sustaining below which would make it bearish for the short-to-medium term as the sellers would try entering the market frequently.

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The economic indicators to look forward to this week are inflation report hearings, second estimate GDP, CBI realized sales, and consumer confidence data. The overall outlook is currently bullish but significant losses due to some bad outcome of fundamentals could drag down the pair where it may target 1.6000 and 1.5890 in near term.

Aussie

Australian dollar is doing pretty well for the sellers in achieving its target of 0.9000 where it further dropped down on Monday and tested the 0.9114 support area after which it took correction and is trading at 0.9159. Sellers are still comfortable as they are aiming for more 100 points in achieving their take profit levels as the pair is expected to rebound from 0.9000 which is its psychological support level.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com