EURUSD
Dominant
bias: Bullish
As it was mentioned in the last forecast,
bulls made effort to push EURUSD upwards, and they were successful in doing
that. Before this, the market consolidated for the first few days of the last
week and then broke upwards, giving the resistance line at 1.1350 a close
marking. In case the resistance line is broken to the upside, the next targets
for bulls are located at the resistance lines at 1.1450 and 1.1500.
USDCHF
Dominant bias: Bullish
This currency trading instrument moved
largely sideways last week, not going above the resistance level at 0.9800 or
going below the support level at 0.9650. Bulls made futile attempts to go above
the resistance level at 0.9800, and also, bears were unable to dominate the
market. Looking more closely at the current price action, it can be seen that
the market has started threatening to break down. Nonetheless, the impending
breakdown would not be taken serious unless the support level at 0.9600 is
breached to the downside. Two factors will determine the direction on this
currency trading instrument this week: What happens to EURUSD (which will most
probably move further north) and/or the situation around CHF (which could make
it strong this month).
GBPUSD
Dominant
bias: Bullish
GBPUSD made sincere effort to go upwards last week – with a measure of
success. It is possible that the pair would continue moving upwards this week,
owing to the presence of a Bullish Confirmation Pattern in the market. The
distribution territory at 1.5450 has already been tested and it could be broken
to the upside. GBPUSD could move further north by at least, 200 pips this week.
USDJPY
Dominant bias: Neutral
Apart from a slight upward movement, there
was no clear direction on USDJPY last week. Price closed at 120.57 on Friday,
in a consolidating mode; and there can be a breakout in any day of this week.
Price would either break above the supply level at 121.50 or break below the
demand level at 119.50. That is when there will be a directional movement.
EURJPY
Dominant bias: Bullish
This EURJPY cross is now one of the most predictable
instruments among the majors which moved in a directional mode last week. The
EURJPY cross moved north by 400 pips, now close to the supply zone at 137.00.
Given the ongoing weakness in Yen and strength in EUR, there is a high
possibility that the uptrend would continue, enabling the supply zone at 139.00
to be attained before the end of this week.
This forecast is concluded with the quote below:
“I have
everything that I need to live well, that is true, but I enjoy the mental
stimulation and the challenge [trading offers]. I can see myself still trading
when I turn 100.” –
Paul Nojin
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: Super Traders
No comments:
Post a Comment