📶 Forex Trading Signals using Trading Center's Technical Analysis System (TCI)

🌐 EURUSD -The Euro against the US Dollar

Currently, EURUSD is trading at 1.34874, correcting from its recent high of 1.38314 reached on October 25, 2013. In two recent Forex Signal articles, we predicted that EURUSD would form a new mid-term high in late October, with the 23rd of October indicated as a possible date using TCI. In reality, EURUSD reached its high two days later, on October 25. Considering the forecast was made on October 13, this was a reasonably accurate prediction.

Using Price Action and TCI, we will now analyze what may happen next for EURUSD and AUDUSD.

📈 EURUSD Price Action

The current EURUSD price action is clearly bearish on both the H1 and H4 charts, with confirmation on the D1 chart as well. However, the longer-term charts, W1 and M1, still show a bullish channel that appears to be undergoing a correction.

It’s worth noting that November and December have historically been strong months for EURUSD. Based on daily data since 2000, here are some key statistics on EURUSD monthly returns:

■ November: +4.93% on average (7 bullish years ↑ and 6 bearish years ↓)

■ December: +20.7% on average (8 bullish years ↑ and 5 bearish years ↓)

Of course, these are just statistical trends and should not lead to hasty conclusions. Below is the TCI data table starting from October 18, including the forecast for the upcoming weeks.

⚙️ EURUSD TCI Analysis

🌐 AUDUSD -The Australian Dollar against the US Dollar

AUDUSD was featured in our latest Forex Signal on October 20th. At that time, AUDUSD was trading at 0.96752, and we forecasted a continuation of the bullish trend. Indeed, AUDUSD rose to 0.97562 by October 23. Since then, however, the trend has reversed, and AUDUSD is now in a short-term downtrend, currently at 0.94359.

Below is the TCI data for AUDUSD, along with a forecast for the upcoming weeks.

⚙️ AUDUSD TCI Analysis

The most likely scenario for the week ahead is a short-term turnaround. EURUSD is expected to form a new regional low (↓) on Monday, November 4th, followed by an uptrend (↑) lasting at least several days. A similar pattern is anticipated for AUDUSD, which is also expected to form a new regional low on Monday, November 4th, before moving upward for a few days.

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TradingCenter.org (November 3rd, 2013)

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