Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair trended downwards last week, testing the support line at
1.1850. Several attempts to breach the support line to the downside were not
successful, and as such price bounced upwards by 100 pips from the line. The
upwards bounce is seen as an opportunity to buy at slightly higher prices
because the outlook on the market remains bearish, and price may continue going
further downwards, eventually breaching the adamant support line at 1.1850 to
the downside.
USDCHF
Dominant bias: Bullish
In the context of an uptrend this trading instrument went sideways last
week, ranging between the resistance level at 1.0000 (previously a support
level) and the resistance level at 1.0050. Eventually, price closed below the
resistance level at 1.0000 on Friday, and it may even test the support levels
at 0.9950 and 0.9900. However, price would rise again, possibly reaching the
resistance level at 1.0000 and breaching it to the upside.
GBPUSD
Dominant bias: Bearish
The current bearish trend started in April 17, and
what happened last week was just a pause the bearish trend. The pause was a consolidation throughout last
week; thus a breakout is imminent, which would most probably favor bears. The
accumulation territory at 1.3500, which had been tested before, would soon be
breached to the downside, as price targets other accumulation territories at
1.3450 and 1.3400.
USDJPY
Dominant bias: Bullish
The bias on the market is bullish – and the trend is still in a precarious
position. Price did not go in a strong directional movement last week. It only
oscillated between the demand level at 109.00 and the supply level at 110.00. A
breach above the supply level at 110.00 is anticipated this week, although
bulls may not be able to enjoy that victory for a long time, because there is a
possibility of a fall back towards the demand level at 109.00.
.
EURJPY
Dominant bias: Bearish
In a bearish outlook, price trended downwards on Monday and Tuesday, and
then started to make a rally effort. It managed to close above the demand zone
at 130.50 on Friday, in the context of a downtrend. Unless the Euro gets
strengthened considerably, there might be a reversal in favor of bears, which
would enable the market to target the demand zones at 130.50, 130.00 and
129.50.
GBPJPY
Dominant bias: Bearish
This cross was characterized by a zigzag movement throughout last week,
although that did not affect the current Bearish Confirmation Pattern in the
market. This week, price is supposed to continue moving further and further
south (as soon as the current short-term trendlessness ends). The demand zone at 147.50 was tested last
week, before price rallied a bit further. The demand zones at 147.50, 147.00
and 146.50 may be tested this week
This forecast is concluded with the quote below:
“Of course, most traders enjoy the process of building up profits, the
satisfaction of adept trading, or simply outwitting the crowd. But it is not
just the outcome that is important, it is also the process.” – Andy Jordan
Trading realities: Traders realities
No comments:
Post a Comment