EURUSD
Dominant
bias: Bearish
This pair trended downwards on Monday and
Tuesday, and then began to make some bullish attempt, all in the context of a downtrend.
A strong movement is not anticipated this week (although it is a possibility),
for the market may not do more than it did last week. No matter what happens,
there is not going to be an end to the current bearish outlook this year. In
fact, price may test the support lines at 1.0400 and 1.0350.
USDCHF
Dominant bias: Bullish
USDCH
merely zigzagged throughout last week, with no directional movement. The
overall bias is bullish, and thus, when momentum returns to the market, it may
be in favor of the bias. Just like EURUSD, strong movement is not expected this
week (but it can happen). There are resistance levels at 1.0300 and 1.0350. As
long as price does to go below the psychological level at 1.0000, the outlook
on the market would remain bullish.
GBPUSD
Dominant
bias: Bearish
GBPUSD dropped 250 pips last week, giving more and more emphasis on
current weakness in the market. Price closed below the distribution territory
at 1.2300 on Friday, targeting the accumulation territories at 1.2250, 1.2200
and 1.2150. There are huge Bearish Confirmation Patterns in the daily and
4-hour charts, which make long trades illogical at the present. A very strong
bearish movement may be witnessed on GBPUSD before the end of the year.
USDJPY
Dominant bias: Bullish
The market consolidated throughout last
week. The major bias is bullish, and that is supposed to continue till the end
of this year. There may be a rise in momentum, which may push price towards the
supply levels at 117.50, 118.00, and 118.50. These supply levels were previously
tested this month, and they could be tested again. Only a movement of about 200
pips to the south could threaten the current bias.
EURJPY
Dominant bias: Bullish
This currency instrument trended downwards on Monday and
then moved sideways till the end of the week, closing at 122.515 on Friday. There
would soon be a directional movement in the market, but right now, it is better
to stay away until that happens (unless scalping is being done in the market).
A movement below the demand zone at 120.50 would end the bullish bias, while a
movement above the supply zones at 123.50 and 124.00 would strengthen it.
This forecast is concluded with the quote below:
“[In trading] I
choose joy over disappointment and contentment rather than instant
gratification.” - D. R. Barton,
Jr.
Source: www.tallinex.com
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