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Sunday, January 15, 2017

Weekly Trading Forecasts on Major Pairs (January 16 - 20, 2017)

Here’s the market outlook for the week:
                                          
EURUSD
Dominant bias: Bullish
This pair sent upwards last week, generating a bullish signal. Price closed above the resistance line at 1.0600 on Friday, so there is a possibility that it may go further upwards this week reaching the resistance lines at 1.0650, 1.0700 and 1.0750 this week. It should be noted that the market is quite choppy (though bullish), which may cause some temporary downswings to form as further bullish attempts are made.   
USDCHF
Dominant bias: Bearish
 A bearish signal has formed on USDCHF, which usually goes in the opposite direction to EURUSD. From a weekly high of 1.0247, price has gone down 200 pips before undergoing the current shallow correction.  In spite of the weakness in this market, price is yet to breach the psychology level at 1.0000 to the downside, and that is what might be achieved this week, as the bearish journey continues. A breach of the level 1.0000 would make long trades completely illogical.




GBPUSD
Dominant bias: Bearish   
GBPUSD went sideways in the beginning of last week, made bullish effort in the middle of the week, to move sideways again at the end of the trading week. The outlook on the market is essentially bearish and what happened last week has shown that rallies in the market would always be temporary and they should be taken as opportunities to go short. The distribution territories at 1.2150, 1.2100 and 1.2050 might be breached this week.    

USDJPY
Dominant bias: Bearish
This trading instrument went downwards by 350 pips last week – a condition that has brought about a clear Bearish Confirmation Pattern on it. Price is expected to keep on making bearish effort this week, targeting the demand levels at 114.00, 113.50 and 113.00. It is possible that some rally attempts would be witnessed this week, but they should not invalidate the current Bearish Confirmation Pattern unless price goes above the supply level at 118.00, which is not currently likely.   
                                                                                                                               
EURJPY
Dominant bias: Bearish
EURJPY, which had been neutral for some weeks, tried to go seriously downwards last week. When compared to USDJPY, the bearish movement on EURJPY is not very strong, but a bearish bias is already in place. A movement above the supply zone at 123.00 would return the market into a neutral region. while a movement below the demand zone at 121.00 would put a greater emphasis on the currently nascent bearish bias.

This forecast is concluded with the quote below:

“Simple trading ideas work surprisingly well.” – Chris Tate







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