Here’s the market outlook for the week:
EURUSD
Dominant
bias: Bearish
It should be noted that the surge of
strength in the Greenback has resulted in new dominant biases in the markets. This
pair has been forced to show a Bearish Confirmation Pattern on it (the GBP/USD
has also gone bearish), while the USD/CHF has been showing some stable stamina.
This pair has been trading below the resistance line at 1.3800, going towards
the support line at 1.3700, which is our target for next week.
USDCHF
Dominant bias: Bullish
Recently, this pair was in a constant,
slow and steady bearish run, but the current strength in the Greenback has
changed the situation. There is now an established bullish signal on the pair,
and the price is trading above the support level at 0.8800. The ultimate target
is at the resistance level of 0.8900; which may even be breached to the upside,
provided that the buying pressure in the market is constant and strong enough.
GBPUSD
Dominant
bias: Bearish
The
Cable was in an equilibrium phase for a few weeks before the current breakout
to the downside came into effect. It was normally expected that the price would
relentlessly pursue the direction it took when it finally broke out. When the
Cable broke out of the equilibrium phase, it was towards the south. Since then,
the price has plummeted by over 150 pips. The bearish pressure is currently
strong and the price may end up testing the accumulation territory at 1.6400.
USDJPY
Dominant bias: Bearish
The condition
on the USD/JPY brought about a bogus bullish signal some days ago. Later the strength
of the JPY pair has proven too much for the pair to maintain its bullish stance,
thus making it difficult for the market to continue going further upwards. That
rally has even proven to be an excellent bearish signal. Should the market
close below the price level at 102.00, it would be easier for it to accelerate
towards the demand level at 101.50.
EURJPY
Dominant bias: Bearish
On March 17, 2014, there was a bullish attempt in the
context of a downtrend. It simply turned out that the bullish attempt was an
opportunity to sell short: from a weekly high of 141.96, the price on the cross
has dropped to test the demand zone at 140.50, which could eventually be
breached to the downside, as the price goes further bearish.
This forecast is concluded with the quote below:
“It’s always
about the long-term chance of making money by trading – not every day and not
even every week either but every year.” – Bill Hubard
Source: www.tallinex.com
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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