Weekly Trading Forecasts for Major Pairs (April 11 – 14, 2017)

Here’s the market outlook for the week:

EURUSD

Dominant bias: Bearish

In the context of a downtrend, this pair moved sideways from Monday till Friday, trending south on Friday. Price closed below the resistance line at 1.0600, going towards the support lines at 1.0550. Rallies in the market are supposed to be temporary in most cases. There remains a bearish Confirmation Pattern in the market, and there are additional bearish targets at the support lines at 1.0500 and 1.0450.  

USDCHF

Dominant bias: Bullish

USDCHF consolidated in the first few days of last week and then trudged northwards. Price moved upwards 80 pips last week (having gone upwards by 270 pips since March 27). The support levels at 1.0050 and 1.0000 might try to impede short-term pullbacks as price noses towards the resistance levels at 1.0100 and 1.0150 this week. There cannot be a change in the trend unless EURUSD trends upwards significantly.  

GBPUSD

Dominant bias: Neutral   

The market did not make any directional movement last week, save a shallow bearish movement that was seen on April 7. The market would remain in this newly established equilibrium phase as long as it moves between the accumulation territory at 1.2300 and the distribution territory at 1.2600. A movement above the aforementioned distribution territory or below the accumulation territory would mean a beginning of another bias on the market. However, the most likely movement is towards the north. It is borne in mind that the outlook on GBP pairs is strong bullish for this week – so a bullish breakout may be witnessed on this market before the end of the week.

USDJPY

Dominant bias: Bearish

This trading instrument also consolidated throughout last week, neither moving above the supply level at 111.50 nor moving below the demand level at 110.00. The bias on the market is bearish; plus the outlook on JPY pairs remains bearish for this week and this month. Therefore, when momentum rises in the market, it would most possibly be in favor of bears. Most probably, price would move further downwards once the demand level at 110.00 is breached to the downside.   

EURJPY

Dominant bias: Bearish   

EURJPY dropped 110 pips last week, testing the demand zone at 117.50 (which was tested several times, though without success). Since March 13, price has dropped roughly 500 pips, and more decline is anticipated this week. One factor aiding the bearishness in this market is the weakness in EUR itself. Once the demand zone at 117.50 is breached to the downside, price could make effort to reach other demand zones at 117.00, 116.50 and 116.00 this week.

This forecast is concluded with the quote below:

“At the moment I am able to live from my trading income and I hope I can do this for the longer term.” - Matthias Knopf

Source: www.tallinex.com

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