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Saturday, January 7, 2017

Weekly Trading Forecasts on Major Pairs (January 9 - 13, 2017)

Here’s the market outlook for the week:
                                          
EURUSD
Dominant bias: Neutral   
In the past few weeks, this pair has not trended significantly in one direction. The bias has turned neutral and price would need to go upwards by about 200 pips before there can be a bullish outlook on the market. On the other hand, a movement below the support line at 1.0300 would bring about a clean bearish outlook. As long as price oscillates between the resistance line at 0.0700 and the support line at 1.0300, the bias would remain neutral.    


USDCHF
Dominant bias: Bullish
USD/CHF trended downwards last week, especially starting from January 3. There has been an upwards bounce, following the downwards movement, and price closed below the resistance level at 1.0200. What happened last week has become a serious threat to the extant bullish bias, which cannot be completely overturned until the psychological level at 1.0000 is breached to the downside. That is the only condition that can bring about a Bearish Confirmation Pattern in the market.

GBPUSD
Dominant bias: Bearish   
The short-term bullish attempt that was made by this market was foiled by what happened on Friday – a bearish correction. The bias on this market is essentially bearish and rallies should be approached with caution, because they would tend to be transitory. Before there can be a valid bullish outlook on the market, the distribution territory at 1.3000 would have to be breached to the upside, and this is something that would require a massive/protracted rally.    

USDJPY
Dominant bias: Neutral
USD/JPY has become neutral in the short-term (though it remains bullish in the long term). There would soon be an end to the ongoing choppy movement, as price assumes a strong directional movement. There is a need for price to go above the supply level at 118.00, or below the demand level at 115.00, before a logical bias can be assumed in the short-term. The most probable direction for this week is northwards.  
                                                                                                                               
EURJPY
Dominant bias: Neutral   
This cross pair has been consolidating since early December 2016; for price has not gone upwards or downwards significantly since then. Price is currently making a weak effort to go upwards: something that could end up being a fakeout unless it is able to reach the supply zones at 124.00, 124.50 and 125.00. A movement below the demand zone at 120.00 could result in a bearish signal.

This forecast is concluded with the quote below:


“I believe the best trading opportunities in the foreseeable future are in Forex.” – Dr. Van Tharp 



  

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