Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
The EURUSD has been consolidating recently – neither going upwards nor downwards significantly. A breakout is expected very soon, which may likely be in the direction of the dominant bias. This southward break may take the price towards the resistance levels at 1.2850 and 1.2800 successively. However, a rally above the resistance lines at 1.3000 and 1.3050 could mean the beginning of a new bullish journey.
USDCHF
Dominant bias: Bullish
As long as the EURUSD is weak, the USDCHF is bound to be strong. The resistance level at 0.9400 is about to be tested and should that happen, a breach of that resistance level could cause the price to nose towards another resistance level at 0.9450. Along the way, a sudden pullback may also try to take the price towards the support level at 0.9250.
GBPUSD
Dominant bias: Bearish
This currency trading instrument remains bearish when looking at the big picture, but the recent rally in the market can pose a threat to the big picture, especially if it continues. As long as the price is under the distribution territory at 1.6350, the bearish outlook is valid. Only a break above that distribution territory would signify a new bullish signal. Further bearish continuation can push the price towards the accumulation territory at 1.6100, which was previously tested.
USDJPY
Dominant bias: Bullish
As it was forecasted, this market was able to move above the demand levels at 106.00 and 106.50. The price is currently trading above the demand level at 107.00 and the next target could be the supply levels at 107.50 and 108.00. There are barriers to bears’ machinations at the demand levels at 106.50 and 106.00. The bullish signal remains valid as long as the market is above these demand levels.
EURJPY
Dominant bias: Bullish
The weakness in Yen and the bullish determination in the EUR have enabled this cross to shoot skywards. In fact, the skyward movement has resulted in a clean Bullish Confirmation Pattern in the market. From the demand zone at 136.00, the price has skyrocketed by over 260 pips (most other JPY pairs are also bullish). With more weakness in the Yen, the price might reach the supply zone at 140.00 soon.
This forecast is concluded with the quote below:
“Trading has a poor image among the public, which I don’t think it deserves… Good trading principles are also helpful in normal life.” – Rene Wolfram
Source: Tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
