EURUSD
Dominant
bias: Bullish
In the context of a downtrend, EURUSD
consolidated throughout last week. One big formidable barrier to further
northward journey is the resistance line 1.1400 (though the resistance line at
1.1450 was also tested). Bulls were unable to breach the resistance line at
1.1400 to the upside in spite of many forays into it. This week would be
decisive for the pair. First, a breakout to the upside or the downside would
happen. It would most probably be to the downside, should bulls fail to push
price above the aforementioned resistance line. In case, price goes above the
resistance line and remain above it, it would spell a defeat for bears.
USDCHF
Dominant bias: Bearish
This pair experienced a flat movement last
week, not reaching, nor going below the support level at 0.9500 in spite of the
fact that the bias is bearish. By the indication in the chart, the market would
most likely go further south this week, which would be corroborated by the
ability of USDCHF to go below the support level at 0.9500. In case the pair
fails to achieve this, a considerable rally would be witnessed.
GBPUSD
Dominant
bias: Bearish
Cable
was very volatile last week – reaching a high of 1.4319 and a low of 1.4004.
The overall sentiment is negative, but bulls are not keeping their fingers
crossed in this situation, for they are making attempts to effect a rally. One
thing should be noted: The possibility of GBP gaining stamina is very high this
week. GBP might be seen strengthening versus other major pairs; an event that
could start this week. Therefore, the current bearish bias on the market might
be challenged and eventually invalidated.
USDJPY
Dominant bias: Bearish
Since March 29, 2016, USDJPY has dropped by nearly 600 pips. Last week
alone, price dropped by at least, 350 pips. This has caused a strong Bearish
Confirmation Pattern in the market. After all, it had been forecasted that that
JPY pairs might become weak before the end of this month, and the weakness
started earlier than anticipated. On USDJPY, bears are still determined to
reach the demand levels at 107.50, 107.00 and 106.50.
EURJPY
Dominant bias: Bearish
This cross dropped 450 pips last week alone, almost testing
the demand zone at 122.50. The shallow
northward effort that was witnessed around the end of the weak is cleanly
negligible, for price is expected to continue its southwards journey this week,
reaching the support zones at 122.50, 122.00 and 121.50. Long trades do not
look rational in the market, unless there is a clear sign of Yen easing.
This forecast is concluded with the quote below:
“When you take
action, and make enough trades, the odds may work in your favor, and you'll end
up with profits. So as you trade, take an action-oriented approach. As Mark
Douglas suggests in "Trading in the Zone," the more you find excuses
to avoid making trades, the less likely you'll be at actually taking home profits.
But if you look for an edge, and use this edge to make numerous trades, you'll
increase your chances of success. In trading, there are proven strategies that
work under specific market conditions. If you look hard enough, you'll find
them, and use them to your advantage.” – Joe Ross (Source:
Tradingeducators.com)
Source: www.tallinex.com
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