Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair has been going upwards since June 27, and the bullishness has
been maintained. Price also went upwards last week, though in a zigzag manner,
closing above the support line at 1.1450 on Friday, and trying to go for the
resistance line at 1.1500 (the initial target for this week). Other targets are
located at the resistance lines at 1.1550 and 1.1600, which would require a
strong buying pressure to reach.
USDCHF
Dominant bias: Bearish
The market is bearish in the long-term and neutral in the short-term. While
the overall bias is bearish, price has not really assumed any protracted
movement in the last two weeks. For the short-term neutrality to end, price
needs to move above the resistance level at 0.9750, which would threaten the
ongoing bearish outlook; or price would need to move below the support line at
0.9550, which would help emphasize the bearish outlook. As long as price does
not move above the aforementioned resistance level or below that support level,
the neutrality in the market would persist.
GBPUSD
Dominant bias: Bullish
GBPUSD moved upwards last week, gaining about 240
pips. The movement in the first few days of the week was flat, prior to the
strong bullish movement that was witnessed on July 14. The market is intent on
going further upwards, having tested the distribution territory at 1.3100. The
distribution territory would be breached to the upside, for price would move
further upwards by at least, 200 pips this week. The outlook on certain other
GBP pairs is also bullish for this week.
USDJPY
Dominant bias: Bullish
Although it is currently being threatened, the bias on this trading
instrument is still bullish. The movement last week was essentially bearish,
and as soon as price goes below the demand level at 111.50, things would go
completely bearish (a Bearish Confirmation Pattern in the market). Only a
strong rally from here can remove the threat on the current bullish bias. It
should be borne in mind that the outlook on JPY pairs is bearish for July.
EURJPY
Dominant bias: Bullish
The movement on EURJPY cross was bearish last week – in the context of an
uptrend. Price first attempted to go upwards, but the attempt was halted as
soon as the supply zone at 130.50 was reached. From that point, price got
corrected by 180 pips, but it could not go below the demand zone at 128.50. For
the bias to turn bearish, price would need to cut the demand zone at 128.50,
while going further downwards. This is the expectation for this week, which
could, however, be scuttled by incessant bouts of energy in Euro.
This forecast is concluded with the quote below:
“I believe a winning
trading strategy should be easy to learn and apply in the real world.” - Jack Loftis
Quantum Binary Signals
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