EURUSD
Dominant
bias: Bearish
Last
week, this pair moved largely sideways in the context of a downtrend. A break
out of the sideways movement should happen before the end of this week (or next
week), which would most probably favor bears. Although this pair is expected to
continue its bearishness, especially in December, some bullish effort would
take place, which may enable price to go upwards by 200 pips or more, before
seeing another bearish correction, eventually. Time would tell whether EUR
would reach parity with USD.
USDCHF
Dominant bias: Bullish
Just
like EURUSD, USDCHF also consolidated throughout last week, in a context of an
uptrend. A breakout should happen before the end of this week, ending the
current consolidation. Price is supposed to target the resistance levels at
1.0200 and 1.0300. On the other hand, bullish effort on the part of EURUSD might
force USDCHF to retrace temporally southwards, towards the support levels at
1.0100 and 1.0000.
GBPUSD
Dominant
bias: Neutral
GBPUSD went flat throughout last week. The flat movement started about
two weeks ago and it has resulted in a neutral bias in the near-term, while the
major trend in the market remains bearish. A rise in momentum is expected this
week, which would most probably favor the dominant bearish trend. The outlook
on GBP pairs is bearish for this week, and thus, further southwards movement is
expected on GBPUSD.
USDJPY
Dominant bias: Bullish
USDJPY is currently one of the strongest
moving currency pairs. Price went upwards 310 pips this week, topping at
113.89, before getting corrected a bit lower on Friday. Since November 9, price
has gone upwards by over 1200 pips; plus the outlook on the market is bullish
for this week, again (the outlook is also bullish on other JPY pairs).
Therefore, occasional pauses and corrections are supposed to be transitory this
week, as price goes further north.
EURJPY
Dominant bias: Bullish
This is also a bull market – owing to the strong Bullish
Confirmation Pattern present in it. Price went north 250 pips last week, after
consolidating on Monday and Tuesday. The supply zone at 120.00 has been tested,
and it might be broken to the upside this week, owing to the ongoing buying
pressure in the market, brought about by persistent weakness in Yen. After the
supply zone at 120.00 is overcome, the next targets would be the supply zones
at 130.00 and 140.00.
This forecast is concluded with the quote below:
“Trading and
markets have been a major part of my life for almost 60 years. Trading has been
the means through which my family and I have received many blessings.” – Joe Ross
Source: www.tallinex.com
Super Trading Strategies: http://www.advfnbooks.com/books/supertradingstrategies/index.html
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