Weekly
Trading Forecasts for Major Pairs (May 1 – May 5, 2017)
EURUSD
Dominant bias: Bullish
Last week, this pair opened with a massive gap-up, which also happened on
other EUR pairs. Price managed to reach the resistance line at 1.0950, and then
consolidated till the end of the week. The gap-up has forced a bullish bias to
appear, but this may not last long because EURUSD are expected to become weak
this week. While there are resistance lines at 1.1000 and 1.1050, the support
lines at 1.0900, 1.0850 and 1.0800 could be tested this week.
USDCHF
Dominant bias: Bearish
USDCHF is in a short-term bearish mode, and price consolidated last week
in the context of that short-term bearish mode. Within the last several days,
price has not been able to move above the resistance level at 1.0000 or below
the support level at 0.9900. A movement above the resistance levels at 1.0000
and 1.0100 would result in a Bullish Confirmation Pattern, while a movement
below the support levels at 0.9900 and 0.9800 would reinforce the existing
bearishness in the market.
GBPUSD
Dominant bias: Bullish
Last week, price consolidated from April 24 to 26
and then resumed its upwards journey, which was started on April 10 (although
the most significant bullish movement occurred on April 18). The distribution
territory at 1.2950 was tested on Friday before the market closed. Since April
10, price has gone upwards by 570 pips, and this is just the beginning, because
there is a strong Bullish Confirmation Pattern in the market, and because the outlook
on GBP pairs is also bullish for May. There may be some bearish attempts, but
the bullish bias might survive till the end of May.
USDJPY
Dominant bias: Bullish
USDJPY also opened with gap-ups at the beginning of last week, just as
other JPY pairs did. The gap-up forced a bullish signal to form as price went
further upwards, testing the supply level at 111.50. The bullish bias might
hold for a few more days, (reaching the supply levels at 112.00, 112.50 and
113.00 at most), but the outlook on USDJPY is bearish for this week and this
month. A major pullback would eventually happen.
EURJPY
Dominant bias: Bullish
Last week, the market opened with an upward gaps, which was not filled
because price even went further upwards on Tuesday, almost testing the supply
zone at 122.00 and consolidating till the end of the week. This cross might go
upward a bit further; though there is a high probability of strong selling
pressures occurring this week and this month, which would override the current
bullish signal. The outlook on JPY pairs is seriously bearish for May.
This forecast is concluded with the quote below:
“Today, I am a
full-time active private trader and I am thankful that trading has eliminated
the need for me to re-enter the corporate world. I’m also a full-time Mum to
two fabulous kids who are benefiting from the time I’m now able to spend with
them every single day… Really, this is a profession you can enter regardless of
your educational background.” – Louise
Bedford
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