EURUSD
Dominant
bias: Bullish
This pair consolidated from Monday to
Wednesday, breaking out northward on Thursday (March 10, 2016). On that day, price
first spiked downwards and then rallied significantly, testing the resistance
line at 1.1200. There is a Bullish Confirmation Pattern in the market and it is
possible that the price would continue going northwards this week, going above
the resistance line at 1.1200, and testing another resistance lines at 1.1250
and 1.1300.
USDCHF
Dominant bias: Bearish
USDCHF was merely consolidating between
the support level at 0.9900 and the resistance level at 1.0000. On Thursday, the
market performed a false breakout above the resistance level at 1.0000 and
later trended strongly downwards. This has led to a “sell” signal in the market,
which might continue this week. USD will be facing challenges from some major
pairs, like EUR and GBP (even NZD will rally this week, for it would be strong versus
other currencies). So USD is in for a serious battering this week.
GBPUSD
Dominant
bias: Bullish
As it was mentioned last week, this currency trading instrument rallied,
testing the distribution territory at 1.4400 and closing at 1.4383 on Friday.
Price is supposed to continue going upwards this week, targeting the
distribution territories at 1.4450 and 1.4500. Price might even move beyond
these distribution territories, but not without attacks from bears, who would
show enough desperation in dragging price south.
USDJPY
Dominant bias: Neutral
USDJPY went through a turbulent phase within March 7 and 11, with no
clear victory between bull and bear. On Monday and Tuesday, price moved
downwards. On Wednesday, it moved upwards, while Thursday was full of morbid threats
from bears. Bulls dared the bears’ threats on Friday, managing to push price
upwards slightly on Friday. What will happen next? The current price action
shows that price could continue moving upwards from here, although persistent
weakness in USD could cause the anticipated bullish movement to be somewhat
limited.
EURJPY
Dominant bias: Bullish
This cross consolidated on Monday, moved downwards on
Tuesday and began to rally Wednesday. In fact, the rally that happened on
Wednesday took the cross upwards by over 400 pips, as its price tested the
supply zone at 127.00. Bulls are still showing willingness to push the cross further
north; plus there is a bullish signal in the market. The potential targets for
the week are located at 127.50 and 128.00.
This forecast is concluded with the quote below:
“Effective
traders are willing to get out of their comfort zones and try new things. I
know it might be scary to go into the unknown, but to have more in life, you
must take smart risks.” – Louise Bedford
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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