Tuesday, January 3, 2017

Weekly Trading Forecasts on Major Pairs (January 3 - 6, 2017)

Here’s the market outlook for the week:
Dominant bias: Bearish   
EURUSD moved sideways from Monday to Wednesday, and then started shooting upwards on Wednesday. Price topped at 1.0653, and then retraced on Friday. The outlook on the market remains bearish in spite of that, and price has already started coming downwards, with the possibility of reaching the support lines at 1.0450, 1.0400 and 1.0350 this week. Price needs to go above the resistance line at 1.0600 and stay above it before there can be a dependable bullish signal.   
Dominant bias: Bullish
From December 26 to 28, this pair made some effort to go further upwards. However, the effort was rejected as price started to nosedive on December 28. There was a bearish movement of 250 pips from the high of December 28. Price bounced upwards after that, by140 pips after the low of December 30.  The upwards movement might continue this week as price targets the resistance levels at 1.0300, 1.0350 and 1.0400. There cannot be a valid bearish outlook on the market until price is able to stay below the psychological level at 1.0000, which would require a heavy selling pressure.

Dominant bias: Bearish   
Cable moved south from Monday to Wednesday, and rallied by 170 pips from Wednesday to Friday. That was logically seen as a rally in the context of downtrend, as there is a possibility of a strong bearish movement this week. The accumulation territories at 1.2200 and 1.2100 and 1.2000 might be reached this week (these are the targets), owing to the Bearish Confirmation Pattern in the market.   

Dominant bias: Neutral
USDJPY has been consolidating in the last two weeks, oscillating between the supply level at 118.00 and the demand level at 116.00. As long as price oscillates between the aforementioned supply and demand levels, the consolidation phase would be in force. By the end of this week or early next week, price is expected to move out of this range, resulting in a strong directional movement that would most probably favor bears. 
Dominant bias: Neutral   
Just like its USDJPY counterpart, EURJPY has also been consolidating for the past two weeks. The market is quite choppy, but a strong directional movement is expected soon. A closer look at the market shows that, bulls are intent on pushing price northwards – a goal that would be achieved only when EUR gains enough stamina. Immediate supply zones are located at 123.50 and 124.00; and there are demand zones at 122.00 and 121.00.

This forecast is concluded with the quote below:

“2017 promises to be exciting and will offer many opportunities to trade yourself into wealth.” – Joe Ross

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