Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair went upwards last week, creating a short-term bullish signal,
before price got corrected lower on Friday. This week, a movement above the
resistance line at 1.1900 would reinforce the bullish bias (an unlikely event).
On the other hand, a movement below the support lines at 1.1750 and 1.1700
would result in a bearish bias. The downwards movement is more likely because
the outlook on EUR is bearish for this week.
USDCHF
Dominant bias: Bullish
USDCHF is precariously bullish. Price did not do much last week, save
movement of about 50 pips to the downside. The situation of the market is
currently dicey, but price movement would be largely determined by whatever
happens to EURUSD. A weak EURUSD may cause the current bullish outlook on
USDCHF to be sustained; otherwise a smooth southward journey would be witnessed
this week.
GBPUSD
Dominant bias: Bullish
There is a “buy” signal on the Cable – with a
Bullish Confirmation Pattern in the market. Price gained over 210 pips last
week, and there is much room for price to go upwards this week, reaching the
distribution territories 1.3300, 1.3350 and 1.3400. The “buy” signal would not
become invalid unless the accumulation territories at 1.3150 and 1.3100 are
breached to the downside.
USDJPY
Dominant bias: Bullish
This instrument is bullish in the long-term, and bearish in the
short-term. Price went downwards last week but not much (closing below the supply
level at 112.00 on Friday). There would be a bearish signal when price goes
downwards by 200 pips – and that may also bring about a bearish bias in the
long-term as well. Should price go upwards from here, the extant bullish bias
would be sustained.
EURJPY
Dominant bias: Bullish.
The market went upwards in the last few days, testing the supply zone at
133.50. Then the market began to go downwards on Thursday, losing about 120
pips. The bias is bullish in the long-term, and would get strengthen as price
goes northwards. There are demand zones at 132.00, 131.50 and 131.00 which
would try to impede further bearish movement (for the bias would turn bearish
when price goes below the demand zone at 131.00).
GBPJPY
Dominant bias: Bearish
GBPJPY consolidated throughout last week, and the consolidation could go
on this week until there is a rise in momentum. Price would either go above the
supply zone at 150.00 (resulting in a bullish outlook); or price could go below
the demand zone at 147.00, staying below it (which would put more emphasis on
the bearishness of the market). As long as price stays below the aforementioned
supply zone or above the demand zone, it would be deemed that the consolidation
is ongoing, albeit in the context of an uptrend.
This forecast is concluded with the quote below:
“And if your trading
and investing goals aren’t written down (and reviewed regularly), then you have
a much lower probability of achieving them.” – D. R. Barton, Jr.
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