EURUSD
Dominant
bias: Bullish
This
pair consolidated on Monday and went further upwards on Tuesday. Price moved
upwards 130 pips, testing the resistance line at 1.1200, to close above the
support line at 1.1150. Bulls might push price further upwards this week;
however, there is a possibility of a bearish movement on EURUSD, since EUR
could become weak versus other majors, save GBP, which is currently weaker than
EUR. The current bullish effort would end once price goes below the support
line at 1.1050.
USDCHF
Dominant bias: Bearish
There
is a “sell” signal on USDCHF, especially in the near-term. There are support
levels at 0.9700 and 0.9650, which could be tested this week. Nonetheless, the
expected bearish movement on EURUSD might enable USDCHF to stop moving south,
and assume a rally that would bring about a Bullish Confirmation Pattern in the
market. Without EURUSD getting weak this week, USDCHF would have to continue
moving southwards.
GBPUSD
Dominant
bias: Bearish
As it was forecast, this market went further south last week, declining
by 170 pips and closing below the distribution territory at 1.2950 on Friday. Just like other GBP pairs (except EURGBP), the
outlook on the market is bearish for this week, which means that the
accumulation territories at 1.2900, 1.2850 and 1.2800 could be tested this
week. The only factor that can reverse the current weakness in the market is an
expected or unexpected fundamental factor that proves very favorable to GBP or
very unfavorable to USD.
USDJPY
Dominant bias: Bearish
According to expectation, this
currency trading instrument was able to maintain its bearishness throughout
last week, scuttling bulls’ effort to effect a protracted rally. Whenever price
rallied, bears would come in to push it downwards again, thereby preserving the
current bearish bias on the market. This week, the bearish bias could continue
as price goes for the demand levels at 100.50 and 100.00. On the other hand, a
possibility of a strong reversal exists, in case JPY gathers strength.
EURJPY
Dominant bias: Bearish
The movement on EURJPY was essentially flat last week,
though that has not overridden the current downtrend. Price would need to
consolidate further for another week or two before the bias can turn neutral,
otherwise, we would witness a continuation of the southward movement or a
temporary reversal that would threaten the current bearish bias. A bullish
reversal may occur, but it would not last very long, because of a bearish
outlook on JPY pairs, and because EUR itself is expected to be weak this
week.
This forecast is concluded with the quote below:
“Good trading
habits are an important factor in successful trading.” - Gabriel Grammatidis
Source: www.tallinex.com
Super Trading Strategies: http://www.advfnbooks.com/books/supertradingstrategies/index.html
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