EURUSD
Dominant
bias: Neutral
All
bearish pulls EURUSD experienced last week were rendered useless by bullish
effort. Price did not go above the resistance line at 1.1300 last week; nor did
it stay below the support line at 1.1150. The impasse between bulls and bears
has enforced the neutrality of the market, and unless price goes above the
resistance line at 1.1400 (causing a bullish bias), or goes below the support
line at 1.1100 (causing a bearish bias), the neutrality of price would
continue. This week, there is going to be strong moment on EURUSD, which would
most likely favor bears. This pair is quite choppy right now.
USDCHF
Dominant bias: Bearish
This
pair moved sideways last week – performing only upswings and downswings in the
context of a downtrend. The support level at 0.9550 ought to be breached to the
downside for the bearish journey to continue. However, further decline on
EURUSD would trigger a rally on the pair, which would result in a Bullish
Confirmation Pattern when price goes above the resistance level at 0.9800. A
strong buying pressure is required for this to happen.
GBPUSD
Dominant
bias: Bearish
This week, there would not be any unprecedented movements on GBP pairs
(just like Grexit caused no special movements in the markets), save strong
movements that are not more than anything that has been witnessed so far this
year. Surprise movements do not usually happen when they are anticipated. What usually
cause extremely serious movements in the markets are events that happen
unexpectedly. Likely effects of Brexit have been anticipated, as well as likely
effects of Bremain. Therefore, they would not cause any movements stronger than
what we have seen on GBP pairs this year. Throughout Thursday, June 23, GBPUSD
(and most other GBP pairs) will go in one direction with little or no reversal,
but there would be nothing graver than normal. The outlook on the pair is
bearish and further southward movement could possibly be witnessed this week.
USDJPY
Dominant bias: Bearish
Just as it was forecasted, USDJPY declined further by 300 pips last week,
going below the demand level at 104.00, before things went sideways again. Price
has dropped 550 pips since the beginning of this month, and the downtrend is
likely to continue, as price targets the demand levels at 103.50 and 103.00.
EURJPY
Dominant bias: Bearish
This is a bear market, just like most other JPY pairs. There
is a Bearish Confirmation Pattern in the market, giving a possibility of price
reaching the demand zones at 117.00, 116.00, and 115.00 this week or next. The
demand levels at 117.00 and 116.00 were tested last week, and they could be
retested this week. One thing should be noted, bearish pressure on EUR would
make it difficult for EURJPY to make any significant rally this week.
This forecast is concluded with the quote below:
“You don't have
to trade perfectly. You just have to trade profitably. Put a single trade in
perspective. It's just one trade of the many trades you will make in your
lifetime. You may lose or you may win, but the outcome of a single trade does
not matter. What matters are your overall profits across a series of trades,
not just a single trade.” – Joe Ross
Source: www.tallinex.com
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