EURUSD
Dominant
bias: Bearish
This
pair moved sideways last week, with no major bearish or bullish movement,
though the overall bias remains bearish. There are support lines at 1.0000,
1.0950 and 1.0900. The support line at 1.1000 is a formidable barrier, and
should price go below it, the support lines below it could be tested. On the
other hand, there are resistance lines at 1.1150, 1.1200 and 1.1250, which
could also be tested when bulls become strong enough to effect any short-term
rally. The outlook on the market is bearish for this month; whereas that does
not rule out bullish attempts this week.
USDCHF
Dominant bias: Bullish
USDCHF
was able to move further upwards last week. Bulls achieved a feat when they
pushed price above the support level at 0.9800 (which used to be an obstacle to
them). Price was then pushed towards the resistance level at 0.9850, which has
already been tested. There two threats against the current bullish outlook: 1).
CHF could become strong any time this month. 2). USD may become weak versus
other major currencies before the end of this week. Until one of these two
threats materialize, USDCHF would continue trudging upwards.
GBPUSD
Dominant
bias: Bearish
This currency trading instrument is still in a major downtrend. Price
dropped 460 pips last week, reaching a low of 1.2796 and closing at 1.2951. The
market went sideways in the last few days of the week. This week, there is a
high probability that price would trend upwards (plus this could be witnessed
on some GBP pairs). GBP might gain some strength this week or next week, but it
is very much unlikely that the market would reach the high of June 23 anytime
soon. This means that, while there could
be a rally in the market, the dominant bias would continue to be bearish.
USDJPY
Dominant bias: Bearish
The market went down more than 250 pips last week, to close at 100.56 on
Friday. The outlook on the market, and of course, on other JPY pairs, remains bearish.
Price could trend further downwards, as it goes for the demand levels at
100.00, 99.50 and 99.00. The task is to break below the demand level at 100.00
first, after which it would be easier to reach other demand levels below it.
Any rallies in this market ought to be ignored.
EURJPY
Dominant bias: Bearish
The “sell” signal on EURJPY is still a valid thing, since
there is a Bearish Confirmation Pattern in the market. Price declined further
by 330 pips from Monday to Wednesday, and consolidated till the end of the
week. Like other JPY pairs, further decline is expected; and any rallied seen
here are essentially opportunities to seek short trades. There are intriguing
demand zones at 110.50, 110.00 and 109.50.
This forecast is concluded with the quote below:
“You know those
adages about smelling the roses and chasing butterflies? The markets are my
butterflies and my roses.” - Bill Gross
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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