Here’s the market outlook for the week:
EURUSD
Dominant
bias: Bearish
The hope of the EURUSD going seriously
bullish in this month has been dashed. The
price broke down through one support line and another, as the forlorn bull
becomes listless. The price has closed below the resistance line at 1.2400, and
it may soon test the support line at 1.2350. With further weakness in the
market, the support line at 1.2300 may also be tested. The only thing that can change the situation
is the weakness in the Greenback.
USDCHF
Dominant bias: Bullish
This pair has been able to shrug off the
bearish pulls there were trying to weigh it down. The bearish effort has been
nullified and the strength in the market may continue into December 2014. The price
has now closed above the support level at 0.9650, threatening the resistance
level at 0.9700. That resistance level is now almost yielding and the next target
for the bull would be the resistance level at 0.9750.
GBPUSD
Dominant
bias: Bearish
This
is still a weak market – with no strong directional movement to the upside or
to the downside last within the last several trading days. The accumulation
territory at 1.5600 was tested last week and this week: it could be tested
again. However, it is unlikely that the accumulation territory would be breached
to the downside, and as a result of this, the price might make an attempt to
rally anytime.
USDJPY
Dominant bias: Bullish
This currency
trading instrument is very strong, with a Bullish Confirmation Pattern in the
market. Most JPY pairs have the potential to remain strong till the end of this
month, so it would be OK to look to buy on dips. The current shallow sale
should be seen as another opportunity to go long at a better price. There is a
supply level at 119.00, which could be reached and breached as the price
resumes its northward journey.
EURJPY
Dominant bias: Bullish
From the supply zone at 149.00, the EURJPY plummeted by
roughly 300 pips, closing below the supply zone at 146.50. The short-term outlook
is bearish, but the dominant bias remains bullish, unless the price breaks the
demand zone at 144.50 to the downside. A break below that demand zone would
mean the end of the bearish outlook on this cross; otherwise the price can
still resume its upwards journey.
This forecast is concluded with the quote below:
“Professional
traders and institutional investors… use the odds offered by the markets to
secure regular and, in particular, consistent incomes.” – Jens Rabe
Source: www.tallinex.com
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