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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair is still currently bearish, but it is forming a base. A base is a kind of consolidation that precedes a breakout. With more weakness in the Euro, the price could reach the support lines at 1.3100 and 1.3050. Meanwhile, any rallies along the way might be contained at the resistance lines of 1.3250 and 1.3300. Any movement above the resistance line at 1.3300 would mean the end of the bearish bias, especially when the price closes above the line.
USDCHF
Dominant bias: Bullish
This pair is still currently bullish, but it is highly volatile. With more strength in the USD, the price could reach the resistance levels at 0.9200 and 0.9250. This is not what the bulls would find very easy to achieve, however. Meanwhile, any pullbacks along the way might be contained at the support levels of 0.9100 and 0.9050. Any movement below the support level at 0.9050 would mean the end of the bullish bias, especially when the price closes below that level.
GBPUSD
Dominant bias: Bearish
The Cable is also forming a base – and thus a breakout is normally expected. This week, the market (whose bias is still logically bearish) has not gone downwards significantly. In fact, the market has been consolidating to the upside. The price could go further downwards, testing the accumulation territories at 1.6550 and 1.6500. Possible rallies could push the price upwards to the distribution territories at 1.6650 and 1.6700. Should the price close above the distribution territory at 1.6700, it would mean a clean bullish signal.
USDJPY
Dominant bias: Bullish
This currency trading instrument has not been able to move upwards significantly recently. In fact, the bears are threatening the situation, which has already become precarious. Nevertheless, the price ought to breach the demand level at 103.00 before the bullish bias can be rendered useless. For the bullish bias to continue to be valid, the price needs to go further upwards, going towards the supply level at 104.50.
EURJPY
Dominant bias: Bearish
The weakness in the Euro as compared to the strength in the Yen has forced this cross to form a Bearish Confirmation Pattern in the market. It may be possible that the Euro would be strong somewhere else, but as long as the JPY is stronger than it, the confirmed bearish outlook may continue to hold, taking the price towards the demand zone at 136.00
This forecast is concluded with the quote below:
“Forex offers a level playing field for a wide variety of market participants — be it newbies or veterans, small or large accounts, full-time or part-time traders. Forex allows you to choose what fits you best: your time of the day, your preferred holding period, your trading style, your account size and your leverage.” – Gabriel Grammatidis
Source: Tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
