EURUSD
Dominant
bias: Bullish
This pair initially moved upwards last
week, but it could not reach the resistance line at 1.1500 before it got
corrected downwards. On Friday, price closed at 1.1348, though the bias is
bullish. The bullish bias will remain valid as long as the support line at
1.1250 is not broken to the downside. Any bearish attempts that are seen here
should be interpreted as an opportunity to go long, unless the aforementioned
support line is broken to the downside.
USDCHF
Dominant bias: Bearish
As long as EURUSD makes visible bullish effort,
USDCHF would not perform any meaningful rally. Price went south last week,
testing the support level at 0.9500 many times without being able to close
below it. On Friday, price closed below the resistance level at 0.9550. There is
a need to breach the support level at 0.9500 to the downside so that the bearish
trend could continue. There are resistance levels at 0.9600 and 0.9650, which
should try to defend the current bearish bias.
GBPUSD
Dominant
bias: Bullish
This currency trading instrument went sideways on Monday. It went south
on Tuesday, but rallied seriously on Wednesday in conformity to the existing bullish
outlook. Price headed into the distribution territory at 1.5500; being unable
to break above it. That distribution territory is now a challenge to bulls –
they must overcome it so that the current bullish outlook could continue to
make sense. The pair is supposed to continue moving upwards.
USDJPY
Dominant bias: Neutral
USDJPY experienced a bearish breakout last
week, and price went down 200 pips as a result of that. This would have led to
a Bearish Confirmation Pattern in the market, but the upwards bounce that
happened after that has pushed back the price into the recent neutral
territory. Price bounced upwards by 150 pips, just before the demand level at
118.00 could be tested. The condition for the end of the current neutral bias
is this: Price must either close above the supply level at 121.00 or below the
demand level at 118.00. That condition can still be fulfilled this month.
EURJPY
Dominant bias: Bullish
This cross moved sideways from Monday till Wednesday (October
12 - 14), and then performed a large pullback on Thursday, testing the demand
zone at 135.00. Unless the demand zone at 134.50 is breached to the downside,
EURJPY the uptrend would be rational. It is likely that EURJPY would go up this
week or next week. Most JPY pairs could also go up before the end of the month.
This forecast is concluded with the quote below:
“Your best bet
is to think like a four-year-old. When prices go up, I am bullish, and when
they go down, I am bearish.” –
Dennis Gartman
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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