EURUSD
Dominant
bias: Bearish
This pair fell 200 pips last week, almost
touching the support line at 1.1100. Afterwards, price bounced upwards by 180
pips and then got corrected lower. The price action in the market reveals that
bulls are still making noticeable effort to push the price upwards, all in the
context of a downtrend. This week, serious volatility would be witnessed as
bulls continue to make more bullish effort, which would not jeopardize the
extant bearish bias until the resistance line at 1.1300 is overcome.
USDCHF
Dominant bias: Bullish
USDCHF moved upwards in a directionally
mode last week, breaking above the resistance level at 0.9800, but closing
below it at the end of the week. The short-selling that occurred on September
24, 2015 simply provided an opportunity to go long at better prices. Unless
EURUSD experiences a significant bullish movement, USDCHF cannot plunge
significantly. So whatever would happen to USDCHF this week would be determined
by the movement of EURUSD.
GBPUSD
Dominant
bias: Bearish
Last week, this pair dropped almost 400 pips, testing the accumulation
territory at 1.5150. Last week, it was mentioned that the pair would have
difficulty going upwards: That statement is also valid for this week. Any
rallies that happen on this pair would be good opportunities to sell short at
better prices. Another southwards movement of at least, 200 pips, is expected
this week. So that accumulation territories at 1.5100 and 1.5000 are potential
targets.
USDJPY
Dominant bias: Neutral
There is not yet any directional movement
on this currency trading instrument and it would be nice for swing and position
traders to stay away from it until there is a strong breakout. However, this
instrument is currently great for scalpers and intraday traders. Before a
breakout can be termed as being strong here, there must be a bearish or a
bullish movement of at least, 300 pips. Most
of the month of September 2015 has been trendless.
EURJPY
Dominant bias: Bearish
EURJPY cross first moved downwards 200 pips, and then
started going upwards gradually on September 23. There is still a Bearish
Confirmation Pattern in the market, which cannot be violated as long as the
cross is unable to go above the supply zone at 136.00. Once that supply zone is
overcome, then things would be bullish; but until that is done, this is a bear
market. Any rally that is seen could thus be deceptive.
This forecast is concluded with the quote below:
“I do not trade for sport or hobby. I trade for a living.
So it is important for me to quantify trading opportunities and determine that
I do in fact have an edge before I enter a position.” –
Rob Hanna
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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