EURUSD
Dominant
bias: Bearish
This pair dropped by 430 pips last week,
leading to a Bearish Confirmation Pattern in the chart.
The price has already tested the support
line at 1.1000, and it could test it once again, possibly breaking it to the
downside. The support lines at 1.0900 and 1.0850 are the probable targets for
this week, especially with the continuation of the current bearish bias.
USDCHF
Dominant bias: Bullish
The strength in the USD has enabled this
pair to go upwards from the support level at 0.9150, reaching the resistance
level at 0.9450. This is a movement of about 300 pips and there is a
possibility that price would continue its upwards journey, on the condition
that CHF does not become strong enough to make this difficult. Strength in CHF
has been expected since last week, and it is something that could happen this
week, affecting other CHF pairs as well.
GBPUSD
Dominant
bias: Bullish
The current price action on Cable is a threat to the recent bullish trend.
In fact, as soon as the accumulation territory at 1.5400 is breached to the
downside, the recent bullish trend would be render completely useless. Further
weakness may cause price to test the accumulation territories at 1.5350 and
1.5300. However, this does that mean that bulls would not make attempts to push
price towards the distribution territories at 1.5600 and 1.5650.
USDJPY
Dominant bias: Bullish
USDJPY broke
upwards significantly – an event that was long anticipated during the recent
protracted consolidation phase in the market. A break above the demand level at
120.50 shows that the consolidation phase is over, and from there, price moved
further north, testing the supply level at 121.50 (even breaching it to the
upside). More bullish movement is probable this week, and the bullish bias
would be valid as long as the demand level at 120.50 is not broken to the
downside.
EURJPY
Dominant bias: Bearish
The movement of this cross is now largely determined by
whatever happens to Euro; hence the present weakness of the cross. Price
dropped by over 250 pips last week, in spite of some sideways movement along
the way. The cross has closed below the supply zone at 134.00, and the next
target could be the demand zone at 133.00.
This forecast is concluded with the quote below:
“Michael
[Marcus] taught me one thing that was incredibly important... He taught me that
you could make a million dollars. He showed me that if you applied yourself,
great things could happen. It is very easy to miss the point that you really
can do it.” - Bruce Kovner (a billionaire trading veteran), not used
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
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