EURUSD
Dominant
bias: Bearish
This pair made some bullish attempt in the
first few days of last week. Price rallied 300 pips, testing the resistance
line at 1.0850, before it began a serious bearish movement. The bullish gains
that were initially made last week, were eventually lost as price plummeted, to
close just above the support line at 1.0550, after testing it. The market
outlook is bearish for this week, since EUR is expected to continue its
weakness while USD would continue gathering stamina. There is a possibility
that EUR would reach parity with USD in a foreseeable future.
USDCHF
Dominant bias: Bullish
Last
week, USD/CHF moved sideways from Monday till Wednesday, and then started
moving upwards on Thursday, in conjunction with the extant bullish bias. Price
tested the resistance level at 1.0200, and later closed below it. The outlook
on the market is bullish for this week; price could reach the resistance levels
at 1.0250 and 1.0300. However, it would also be seen that CHF is rallying
versus some major currencies, which may prove to be a challenge for the
bullishness of USDCHF.
GBPUSD
Dominant
bias: Bearish
Cable went upwards on Monday and Tuesday, reached the distribution
territory at 1.2750. Price attempted to stay above that distribution territory,
but the attempt was rejected as a southwards movement began, which eventually
posed a threat to any bullish signal in the market. Price would move further
southwards this week, going below one accumulation territory after the other.
The outlook on GBP pairs is bearish for the week.
USDJPY
Dominant bias: Bullish
USD/JPY consolidated from December 5 to 7,
and the rallied on December 8 and 9 (though the consolidation started earlier
than that). Since the low of November 9, the market has gone up by 1400 pips,
and this would continue. As it was forecast every week in the last three weeks,
the outlook on this market, and as well as other JPY pairs, remains bullish.
The supply levels at 115.50, 116.00 and 116.50 could be reached this week.
EURJPY
Dominant bias: Bullish
There is a conspicuous Bullish Confirmation Pattern on this
trading instrument, albeit it is currently volatile. Price has recently swung
up and down in the context of an uptrend, but the overall movement would be
bullish. The targets for the week are supply zones at 122.00, 122.50 and
123.00, which were all tested last week. The major reason why price is
generally bullish here is because there is a serious weakness in Yen, and as
long as the weakness continues, EUR (which is weak on its own), would manage to
keep on going upwards against it.
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
Buy and sell Neteller here; get funded quickly: www.ituglobalfx.com.ng
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