Weekly Forex Review – 17th to the 21st of October

Welcome back everyone to another edition of the Weekly Forex Outlook and Review, this edition this week for the 17th to the 21st of October Forex Market. Analyzing multiple markets this week in the review including highlighting potential opportunity zones, areas to look for evidence and moves in the market, management points and targets. Also in the review, I take a look at how price action moved last week on many markets and my thoughts on GBPUSD after it’s recent decline.

Pairs and Markets Analysed this Week: EURUSD, AUDUSD, NZDCHF, USDCHF, AUDCHF, GBPUSD, EURCAD, CADJPY, AUDJPY, NZDCAD and Gold.

Both high probability trend continuation type zones and counter trend zones highlighted this week in the review.

 
Above Video – Weekly Forex Outlook and Review for the 17th to the 21st of October Forex Market.

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eurusd daily zones this week

Above – Highlighting on EURUSD this week a potential pullback area on this market, that area is the 1.1140 zone, a great area to the upside on this market to look for bearish evidence and a potential move to the downside on this market.

Notes: EURUSD may go through a period of weakness in my opinion due to the recent decline in the British Pound. If however the pound can recover some of it’s weakness with a decent retrace higher, then I would expect the Euro to be less effected.

usdchf daily zones this week

Above – Highlighting USDCHF this week two potential zones:

  1. The 0.9830 zone as a potential bullish evidence area, a great area on this market to look for bullish evidence and a potential move to the upside from this area.
  2. The 0.9950 zone as a potential bearish evidence area, a great area on this market to look for bearish evidence and a potential move to the downside from this area.

cadjpy daily zones this week

Above – Highlighting on CADJPY this week a potential pullback area on this market, that area is the 0.7992 zone ( the 0.80 zone ), a great area to the upside on this market to look for bearish evidence and a potential move to the downside on this market.

nzdcad daily zones this week

Above – Highlighting on NZDCAD this week a potential pullback area on this market, that area is the 0.9280 ( the 0.93 zone ), a great area to the downside on this market to look for bullish evidence and a potential move to the downside on this market.

gbpusd daily zones this week

Above – Highlighting on GBPUSD this week in the review a potential pullback area to the upside on this market, that area is the 1.2860 zone, a potential bearish evidence area on this market.

Notes: The process for Britain leaving the EU is set to start by the end of March 2017 with the triggering of Article 50 of the Lisbon Treaty. Once Article 50 is triggered, it then can take up to two years ( or longer ) for the process to completely transition.

Midweek Forex Reviews

Come back and check this space for potential upcoming Midweek Reviews in the week ahead. They will be added here.
Have a great trading week everyone and Happy Trading.

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.

Comments

  1. Thanks so much for the review, well appreciated and well detailed.

  2. Thank you Timon for an excellent weekly review. Grateful to you for highlighting EURNZD last week which I hope will continue down to the 1.5131 zone to give an excellent trade. Pleased you reviewed the GBP which I think has now found fresh support at the 1.20 level. Cheers mate JOhnR

    • You’re welcome John, thanks. Yeah, EURNZD was a great performer last week from the important zone, expecting more downward pressure on that market this week ( NZD strength against the Euro ).
      As for GBPUSD, the price action is quite sideways on this market at the moment since the recent crash and yeah I agree, the 1.2150 level ( the 1.2150 to 1.2070 zone area ) is a support structure at the moment on this market.
      ( The 1.2150 zone area to the downside and the 1.2860 zone area to the upside. )
      Regards,

  3. Thanks Timon, great stuff, have a good week.

  4. Ellis russell says:

    Although I agree with the pairs for pullbacks, some of my pullback areas are as much as 50 pips different. I use Fibonacci for my pullback zones, and obviously a different broker. How can we be so far different in our analyses? Does that mean I am dealing with a flawed chart and I can never be right?

    • Hey Ellis, it is normal for zoning areas to be a slight bit different ( 20 to 50 pips ) as they are areas of support or resistance and not a set price.
      Also, my zoning areas are based on candlestick closes.
      Regards,

  5. Annkristin Lindskog says:

    Thank you once again, I look forward to this week!

  6. Thanks for the review Timon.
    Appreciated.

  7. Thanks Timon, good review.
    As a thought, can you see EURGBP retracing back to the 0.8700 area in line with a GBPUSD pull back?
    Thanks again as I do study these reviews very closely.

    • You’re welcome Simon, thanks.
      Yes, it is very likely in my opinion that this market will retrace to those previous highs ( the 0.87 zone ).
      It may take a while for the pullback however.

      Above – EURGBP Daily Chart – click for larger view

  8. Thank you Timon, for the review.

    I am really thankful that you reviewed gold this week. There are large volumes I am holding since 2 weeks back. Will add more If there is Engulfing candle according to your Engulfing Trader Lessons. Placing my stops at 1230.

  9. Raymond Rugunda says:

    Hi Timon,

    Thanks for the update.
    What is your take on

    1. USDJPY : is it worth looking for bearish evidence at 104 or wait for 107/108?
    2.USDCAD : is it in a bullish trend and should we be only looking for buys on pullbacks?

    • Hey Raymond,
      You’re welcome.
      1. The 104 zone is a valid bearish evidence area on this market. I am however expecting a deeper pullback on this market and prefer the 106 zone ( 106 to 107 zone area ) as a bearish evidence area on this market. The 106 zone is a stronger exhaustion point on this market.
      2. USDCAD is still testing the 1.3170 zone, while it is still testing this area bearish bias is preferred.

      Above – USDCAD Daily Chart showing the 1.3170 zone area – click for larger view

  10. Thanks for the review Timon, the review on Sterling pound I liked the best it’s so over sold and the Bears in control.

  11. Thanks Timon for this week trading analysis. I’m looking for a great trading week, especially for NZDCAD setup for bullish move.

  12. Thank you Timon for your time to make another great video.

    Bye.

  13. Hi Timon

    Well articulated indeed. Been EURCAD selling. What’s your view with USDCAD?

  14. Thank you Timon, I watch all of your work closely. Excellent work and much appreciated. Robin.

  15. Frank Nilson says:

    Hi Timon, thanks for the reviews. It is appreciated.

  16. Thank you! Timon

  17. Thank you, Tim, for the great reviews.

  18. Andrew Williams says:

    Thanks Timon for the review, enjoying it and look forward to next weeks review.

  19. HELLO

    GOOD ANALYSIS OF GOLD, GOT BUY SIGNAL IN H4 ACCORDING TO TSCF SO WE MUST TAKE TRADE BASED ON TSCF? NEED YOUR SUGGESTION OR ENGULFING CANDLE IS ENOUGH FOR ENTRY.

    • Am I correct mr Timon?

    • Hey Gopal,
      Thanks for the comment. I assume you are referring to the pullback test of 1250 zone and aligning Fibonacci Retracement confluence on pullback test of this important area, yes that was a good setup that one last week.
      That bullish pin bar was a good signal at that zone as well..
      Regards,

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