Here’s the market outlook for the week:
EURUSD
Dominant bias: Neutral
The market is generally, neutral. It initially made bullish effort last
week, reaching the resistance line at 1.2400, and then retraced towards the
south. Price is now below the resistance line at 1.2300, going towards the
support lines at 1.2250 and 1.2200. Any rallies could be contained at the
resistance line at 1.2400. There will not be much movements across the markets
this week. However, next week will witness a strong volatility.
USDCHF
Dominant bias: Bullish
In the medium-term, this market is bullish. Since the support level at 0.9200
was tested in February 16, 2018, price has rallied by over 300 pips, closing
above the support level at 0.9500 on Friday. There is a tendency for the market
to continue going upwards, especially when EURUSD shows signs of further
weakness. Thus the resistance levels at 0.9550, 0.9600 and, ultimately 0.9650,
could be reached this week.
GBPUSD
Dominant bias: Neutral
Cable has become neutral, particularly since a few
weeks ago. Last week, price rose above the accumulation territory at 1.3900,
and then moved sideways throughout the week. There is a distribution territory
at 1.4050, which must be broken to the upside, for a bullish bias to form.
There is also an accumulation territory at 1.3800, which must be broken to the
downside, to form a bearish bias.
USDJPY
Dominant bias: Bearish
Since January 8, 2018, this trading instrument has dropped 750 pips,
testing the demand level at 105.50 several times. Price has not been able to
stay below that demand level, but that does not rule out the possibility of
testing it again. The demand level at 105.50 would offer a stiff resistance to
further bearish movement. That means a strong selling pressure would be needed
for the demand level to be breached to the downside. Otherwise, a rally will
surface.
EURJPY
Dominant bias: Bearish
The market has been in a vivid bearish mode since February 2. The demand
zone at 129.50 was tested, and further bearish movement was restricted. A
period of consolidation and bullish attempt were witnessed, but price is
currently pointing southwards, now close to the demand zone at 130.00, which
would be breached to the downside as price goes towards another demand zone at
129.50, where bears will encounter fierce opposition.
GBPJPY
Dominant bias: Bearish
From the low of March 2, price has risen by roughly 450 pips. However in
the past few days, price has been coming downwards gradually. Further downwards
movement could result in confirmation of a new bearish outlook. There are
demand zones at 147.00, 146.50 and 146.00. The demand zone at 146.00 may do a
good job in preventing more southwards journey. A very strong rally is expected
before the end of this week.
This forecast is concluded with the quote below:
“Good trading times may
be just ahead. Are you ready? It's times like these when the right mental edge
can make all the difference…. It's vital that you approach trading with the
proper mindset. Be ready to work hard and do whatever it takes to come out a
winner. You can trade profitably if you put in the time and effort. Think
optimistically, work hard, and take home the profits!” –
Joe Ross
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