Here’s the market outlook for the week:
EURUSD
Dominant bias: Neutral
On September 18 and 19, this pair made a faint bullish attempt, only to
come down on September 20 (and then went upwards on September 21 and 22). Since
there is no conspicuous victory between bull and bear, the market remains in a
neutral region. There is a need for price to go above the resistance line at
1.2050 (staying above it); or go below the support line at 1.1850 (staying
below it). That is when there would be a directional bias.
USDCHF
Dominant bias: Bullish
This pair has generated a bullish signal, owing to a visible bullish
effort that was made last week. Price first consolidated in the first few days
of the week, and then rose upwards. Further rise is possible this week, as the
resistance levels at 0.9700, 0.9750 and 0.9800 are targeted. A drop below the
support level at 0.9650 would force the market back into a neutral territory,
while a drop below the support level at 0.9500 would end in a strong bearish
bias.
GBPUSD
Dominant bias: Bullish
GBPUSD consolidated throughout last week – albeit in
the context of an uptrend. Price has gained roughly 700 pips this month, and
there are chances to gain more. The distribution territory at 1.3650 (which was
tested last week) would be breached to the upside, as price goes for other
distribution territories for the rest of September. The outlook on GBP pairs
remain bullish for this week.
USDJPY
Dominant bias: Bullish
This trading instrument went upwards by 150 pips last week, testing the
supply level at 112.50 and then getting corrected a bit lower. There is a clean
Bullish Confirmation Pattern in the market, which signals further bullish
movement this week. The supply levels at 112.50, 113.00 and 113.50 might be
reached before the end of the month. The demand levels at 111.50 and 111.00
would impede bearish attacks along the way.
EURJPY
Dominant bias: Bullish
This cross has become bullish in the long-term and in the short-term.
Last week price went upwards by 190 pips, and then followed a shallow
correction on Friday. Following the shallow correction would be a rise towards
the north, as price slashes the supply zones at 134.00, 134.50 and 135.00 to
the upside (possibly exceeding them). The outlook on JPY pairs are strongly
bullish for this week.
GBPJPY
Dominant bias: Bullish
The market gained about 1,100 pips this month, before the bearish
correction that was witnessed on Friday. Further bearish correction could take
place, but it should not be significant enough to result in a bearish bias (JPY
pairs are mostly expected to go upwards this week). The bearish correction
would end up giving opportunities to join the existing bullish trend, at better
prices. A gain of 200 – 300 pips is anticipated before the end of September.
This forecast is concluded with the quote below:
“Trading goes best
when it is yoked to rewards… that are independent of the most recent trading
results.” - Brett Steenbarger, Ph.D.
Traders’ Mindset: Traders' Mindset
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