The Tiger Forex Report – Week of 10/28 – 11/01/2024

The DXY is hovering at the upside target #1, and more Bullish strength is on the agenda.

Crude Oil is starting the week off slamming support. More downside action is likely.

30yr T-Bond Bears are stretching Yields, and more testing of support this week is likely.

EURUSD Weekly Outlook:

The EURUSD is bobbling below the monthly directional pivot level, and more weakness is expected. A sell rally outlook is the plan this week. If the market gets below last weeks low it would be a good indication that the Bears are going to make a run at the downside target level. This is all should occur to the downside, and a bounce for a profit taking move is lurking in the shadows.

A close above the monthly directional pivot level would be a good indication that the Bulls are going to try and get a profit taking rally going. This makes the upside correction zone a viable objective this week as well. That is all that is expected from the Bulls. Only a close above the upside breakout level would reverse this outlook, and extend any fresh Bullish strength.

GBPUSD Weekly Outlook:

Pound traders will be most likely scratching their heads for a few days as the market stabalizes and grapples with direction. It may be a choppy trade for a few days as the GBPUSD drifts in the downside correction zone. This area is expected to hold up. Do not try and catch a falling knife though. Trading under this area would be a negative signal that the Bears are going to try and press the slide all the way to the downside target level.

Sustained trading above the downside correction zone puts the breaks on the recent leg lower, and gives the Bulls a leg up. The upside correction zone is the objective, and it should cap a show of strength. However, it would be unwise to fight a move above this area. Fresh buying could cause a surge up to the upside target level especially if Yields begin to retreat.

USDCHF Weekly Outlook:

What a boring Bull this FX pair is. As long as Yields are pressing higher it is likely that this market will continue to grind through resistance. The upside target #1 is the objective if the trend remains intact. Watch the DXY this week, as long as it is positive it will be hard for the USDCHF to get any real sell off going. But do not have too much of an expectation for the Bulls this week.

If Yields start to reverse it should cause this market to slip back on support fast. The bearish correction band is the objective, and it is a very reachable destination. Remember this FX pair is in a Bear trend and it is ripe to slam support. If Yields turn sharply the USDCHF could be pressing the downside breakout level very quickly.

USDJPY Weekly Outlook:

USDJPY Bulls are riding newer move highs as Yields keep holding firm. Use caution. With Crude Oil in retreat this market could turn on a dime. Only a sustained trade above the extended upside target level would confirm the markets resolve to continue higher.

If Yields pull back it should get the Bears going fast. The monthly directional pivot level is the destination for a correction. If the DXY starts to correct it may help to add momentum to any fresh selling in this market. The downside correction zone is a viable sell off target, and this should set a floor if the trend is to remain intact. Trading below this area would be a negative indication that the USDJPY is ready to lose more ground.

AUDUSD Weekly Outlook:

The Bears are having a good time banging new lows every day lately. The monthly directional pivot level is now a viable target for the week ahead. As long as the DXY remains firm it is expected that the AUDUSD will continue to press support. The major trend support level is the extended downside target.

If there is a bounce it will be a grind higher. The Bulls may be able to get a spike into the upside correction zone. This is all that is expected. Only a close above the upside breakout level would change the outlook to a short-term Bull. If this occurs this week there will be an update.

NZDUSD Weekly Outlook:

The NZDUSD is hammering lows, and is ready to lean on the downside target level. Be careful trying to buy into this slide. Momentum is still in the hands of the Bears. The extended downside target is very reachable if the DXY and Yields remain firm.

Sustained trading above the downside target would be an indication that the market is set to digest the recent downtrend. Get ready for a choppy range trade. The critical correction band should be it if the Bulls can muster up a profit taking rally. Only a close above the upside breakout level would confirm the trend is changing and higher move highs are in the future.

USDCAD Weekly Outlook:

Wow the Bulls are not giving up on pressing through to newer move highs in the USDCAD. The upside target is now a viable objective this week as long as the DXY remains firm. Fundamentals in Canada are collapsing, and Interest rates are only one factor driving this market. Even in the USD falls into retreat it may not impact this FX pair too much. Be mindful of this.

If the market reverses gears, it will be viewed as a profit taking move. The downside correction band is all that is expected out of a correction. Although the USDCAD has been in a wide range trade for months it is most likely over. There are too many factors that are likely to outweigh any negative influences for this market. Only a close below the downside correction band would pull back the reins on this negative outlook for the Canadian Dollar overall.