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Saturday, December 5, 2015
Tough week ahead on Forex markets
It will be a matter of watching to see how things play out in the next week and a half until the FOMC meeting. The weekly charts are looking very messy on the majors so there is no point preparing too much for the week ahead like I normally do with the FX trades. I will probably be looking to take advantage of moves on the small time frames. Draghi came out a day after pulling up short on taking action and said that he has no limit on what he can do and what tools are available. The euro didn't really react too much to his comment as yet. We have the BOE, SNB and RBNZ rates in the week ahead but there shouldn't be any surprise there.
As Chris Weston from IG said, the EUR/USD could get up around the 109.00 and then start to see some selling pressure. That is what has happened as you can see on the 2hr chart here.
USD/JPY daily is on the downtrend resistance.
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