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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
Within the first few trading days of the last week, this pair moved in a tight range. On April 23, there was a breakout in favor of the bulls, enabling price to go above the support line at 1.0850. It is possible for the resistance lines at 1.0900 and 1.0950 to the tested. However, there is a good possibility that the pair may become weak again before the end of this week, thus causing price to reach for the support lines at 1.0800 and 1.0750.
USDCHF
Dominant bias: Bearish
Here, the market moved upward on April 22, 2015, owing to the weakness of CHF at that time. In order to confirm this, you can check what happened to all CHF pairs on that very day. The weakness in CHF caused USDCHF to go above the 0.9700, threatening the extant bearish bias. On the following day, CHF eased, and as a result, the pair dropped by 180 pips, closing below the resistance level at 0.9550. This week, the movement on USDCHF would be largely determined by what happens to EURUSD. A drop in the latter could cause a rise in the former.
GBPUSD
Dominant bias: Bullish
This is a bull market – looking at the considerable stamina in GBP. The market went out of balance around the accumulation territory at 1.4900, trending upwards significantly. A movement of 300 pips has brought price to the distribution territory at 1.5200. The distribution territory itself may even be breached to the upside, as price targets another distribution territory at 1.5250. However, it should be noted that GBP may also ease this week, causing the market to start trending downwards. That could happen before the end of this week.
USDJPY
Dominant bias: Bearish
This currency trading instrument has been behaving in a dicey manner, while it remains volatile. Upward and downwards movements are short-term in nature, but the overall bias is bearish. There is a probability that the instrument would continue trending lower, testing the stubborn demand level at 118.50. There is a need for strong selling pressure to breach that demand level to the downside.
EURJPY
Dominant bias: Bullish
Just like EURUSD, this cross first moved in an equilibrium zone for a few days of the last week, before it broke upwards. While there is a possibility of further northward push, this would be limited, for there is a possibility that Yen would become strong, which could halt the present bullish attempts.
This forecast is concluded with the quote below:
“I’ve changed how I think about money from something I must strive for to knowing that I will have enough by simply making useful decisions. The process of learning to trade is changing from an arduous task to a fun challenge.” – Becky Iannini
Source: Tallinex.com
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
