EURUSD
Dominant
bias: Bullish
From Monday till Wednesday, this pair
moved south. Price broke upwards on Wednesday as it rose significantly by 280
pips that day and on Thursday. On Friday, price got corrected lower a bit,
closing at 1.1269. However, the outlook
on EUR is bearish for this week, and bulls would experience serious
difficulties in pushing price further upwards. This weakness could also be
witnessed on other EUR pair like EURCAD and EURNZD.
USDCHF
Dominant bias: Bearish
Last week, USDCHF took a serious battering
as prognosticated, given what also happened to USDCAD, EURUSD, GBPUSD, NZDUSD,
AUDUSD, etc. After consolidating from Monday to Wednesday, price dropped like a
stone on Wednesday and Thursday, testing the support level at 0.9650. While
further southward moved is not ruled out, the situation could change this week,
especially in the case of EURUSD, for USDCHF might rally considerably when
EURUSD trends downwards seriously.
GBPUSD
Dominant
bias: Bullish
Cable was subjected to strong movements last week. From Monday to
Wednesday, price dipped by 320 pips, later to rise on the same day. Within Wednesday
and Thursday, price went upwards 440 pips. But bulls have met a stubborn
opposition at the distribution territory of 1.4500; they could not push the
price beyond that accumulation territory. Should bulls succeed in pushing price
beyond 1.4500, the next targets would be the distribution territories at 1.4550
and 1.4600. There are also probabilities of pullbacks along the way.
USDJPY
Dominant bias: Bearish
USDJPY, which was quite choppy in the last few weeks, gave in to gravity
last week. Price dropped by 300 pips, ramming into the demand level at
111.00. Although there is a clean
Bearing Confirmation Pattern in the market, price could rally this week. After
all, price has been unable to close below the demand level at 110.00 as it
bounced off that level. JPY pairs are expected to rally this week, and USDJPY
may not be an exception. So it is rational to assume that the bearish journey
that occurred last week simply paved way for the bullish journey that could
occur this week.
EURJPY
Dominant bias: Bullish
This cross consolidated throughout last week, not moving
significantly upwards or downwards. This bullish outlook is still somewhat valid
despite the ongoing consolidation, though a breakout is imminent this week.
When a breakout occurs, it would most probably favor bulls, because the outlook
on JPY pairs is bullish for this week. Traders are advised not to trade against
JPY pairs this week.
This forecast is concluded with the quote below:
“We hope your
January through February proves to be profitable. After one more month, March,
you can evaluate your quarterly trades to make adjustments. If adjustments are
necessary, make sure that they align with your trading plans.” –
Tradingeducators
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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