EURUSD
Dominant
bias: Bullish
EURUSD went north last week, closing above
the support line at 1.1350. This seems to have ended the recent choppy movement
in the market. By every indication, it is much more likely that the pair would
continue going upwards this week, breaking above the resistance lines at 1.1400
and 1.1450. The support lines at 1.1300 and 1.1250 should try to defend the
current bullishness in the market.
USDCHF
Dominant bias: Bearish
This market has become bearish, dropping
from the resistance level at 0.9750, and testing the support level at 0.9600. This
has led to a bearish signal in the market, which might enable price to continue
going further south. As long as EURUSD keeps on going up, USDCHF would be under
selling pressure. The support lines at 0.9600, which has already been tested,
could be re-tested. It could even be broken to the downside as price targets
another support line at 0.9500.
GBPUSD
Dominant
bias: Bullish
Contrary to the sideways movement that was witnessed two week ago, GBPUSD
performed some bullish movement last week. There is no longer a bearish outlook
on GBPUSD. Price rose from the accumulation territory at 1.5150 and closed
above the accumulation territory at 1.5300 (though it briefly went above the
distribution territory at 1.5350). For this week, the outlook on the pair is
bullish: something that is true of GBP pairs. We may thus see price attaining
the distribution territories at 1.5450 and 1.5500.
USDJPY
Dominant bias: Neutral
This currency trading instrument has not
yet made any serious direction movement, except that price vacillates between the
supply level at 121.00 and the demand level at 119.00. This has been going on
for several weeks. However one thing is sure: There would be an end to the
present consolidation in this month and it might happen this week. When a
breakout happens, it would most likely favor bulls.
EURJPY
Dominant bias: Bullish
The rally that happened on this cross has caused a nice
Bullish Confirmation Pattern on it. On Friday, price closed at 136.58; on a
bullish note. This means the cross is
much more likely to continue going further upwards and thus, a northward
movement of at least, 200 pips, could be witnessed this week. The outlook on
JPY pairs is bullish for this week; partly owing to the ongoing weakness in JPY.
This forecast is concluded with the quote below:
“The most important thing is to understand that the “holy
grail” in trading is the combination of discipline and a strategy with a
positive expected value. Once you have that, you just have to be successful.” – Oliver Klemm
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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