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Sunday, June 18, 2017

Weekly Trading Forecasts for Major Pairs (June 19 - 23, 2017)

Here’s the market outlook for the week:


EURUSD
Dominant bias: Bullish
The market largely consolidated last week – in the context of an uptrend. A movement below the support line at 1.1100 could trigger a bearish signal, and that exactly is what is expected this week, for the outlook on EURUSD (and some EUR pairs) is bearish. The targets for the week are located at the support lines of 1.1050 and 1.1000. However, there would not be a real threat to the current bullish outlook until the support line at 1.1100 is breached to the downside.

USDCHF
Dominant bias: Bearish
Despite the little bullish effort that was made in the last few days of last week, the bias on USDCHF is essentially bearish. The bias would, nevertheless, turn bullish, once the resistance level at 0.9900 is breached to the upside. That is a huge possibility this week, because EURUSD is expected to trend south (thereby helping USDCHF upwards), and CHF is also expected to be somewhat weak, which would enable USD to rally versus it.



GBPUSD
Dominant bias: Neutral   
This is a volatile market, which has put the recent bullish outlook in a precarious situation. A protracted directional movement is needed before a new bias can be determined in the short-term. There is a need for the accumulation territory at 1.2600 to the breached to the downside before the bias can turn bearish, and there is a need for the distribution territory at 1.2900 to be breached to the upside before the bias can turn bullish. Until one of these two things happen, the bias would remain neutral.  

USDJPY
Dominant bias: Bearish
This trading instrument is trying to make some bullish effort in the context of a downtrend. Last week, price consolidated and then made a faint bullish effort on Thursday and Friday, as it closed above the demand level at 110.50 on Friday.  The outlook on JPY pairs is again, bearish for this week, and as a result of this, any rallies perceived in the market should be disregarded, since they would turn out to be short-selling opportunities.   

EURJPY
Dominant bias: Bullish   
The bias on EURJPY remains bullish, although that may change at any time.  Price closed above the demand zone at 124.00 and it may hit the supply zones at 124.50 and 125.00, before turning south. Any gains in the Yen would cause JPY pairs to tumble, and EURJPY is no exception. Nevertheless, there is a need for price to go below the demand zone at 121.00 before the bias can really turn bearish.

This forecast is concluded with the quote below:

“I’ve reached the point where I can now support myself with my trading profits.” – Dr Jack Loftis


  


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