EURUSD
Dominant
bias: Bullish
The popular Non-Farm Employment Change and
other employment figures coming out of the US and Canada caused significant
impact on the markets on June 5, 2015. The figures had positive effects on USD
and CAD and therefore, other USD pairs and CAD pairs were seriously affected in
the near-term (please see what happened to USD and CAD pairs). The effect on
EURUSD was negative, which was trying to make some bullish attempt last week.
There is a bullish outlook on this market unless the support line at 1.1000 is
breached to the downside. The effect of the US employment figures has given
potential buyers an opportunity to enter the market at better prices, because
there could be an upwards bounce. However, a movement below the aforementioned
support line could be a beginning of another bearish run.
USDCHF
Dominant bias: Bearish
The economic figures released on Friday
had a positive impact on this pair, but the bearish outlook is still in place.
The bearish outlook is now precarious, as price threatens to break the
resistance level at 0.9500 to the upside. Should price succeed in doing this,
it would close above the resistance level and that could lead to a ‘buy’
signal. A movement below the support level at 0.9300 would result in reinforcement
of the existing bearish bias.
GBPUSD
Dominant
bias: Bearish
This is a bear market. Last week, bulls made praiseworthy attempt to push
price upwards and the price moved above the distribution territory at 1.5400,
trying to go towards the distribution territory at 1.5450. But the bullish
energy is far outstripped by the selling pressure, which made the bulls to
forfeit their gains in the last week. There is a need for Cable to move above
the distribution territory at 1.5450 before long trades can make any sense
here.
USDJPY
Dominant bias: Bullish
This currency
trading instrument has moved upwards over by 600 pips since the middle of May
2015. Last week, price first moved sideways as bears began to challenge bull’s
supremacy, but the fundamental figures that came on Friday were a final blow
that broke the bears’ obstinacy. This trading instrument could thus continue
trending upwards as long as Yen is weak.
EURJPY
Dominant bias: Bullish
EURJPY cross moved upward very strongly last week. A weekly
movement of 500 pips is something that is significant enough to maintain a
Clean Bullish Confirmation Pattern in the market. Obviously, traders are more
benefitted by strong movements when compared to weak movements. The supply zone
at 141.00 has been tested. It could be tested again and breached to the
upside. Even if this cross would
experience some bearish correction later this week or next week, there could be
some initial northward attempt.
This forecast is concluded with the quote below:
“If you
diversify, control your risk, and go with the trend, it just has to work.” -
Larry Hite
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
No comments:
Post a Comment