Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair has become bearish, especially in the short-term. Last week,
price went sideways from Monday to Wednesday and then dropped sharply on
Thursday and Friday. The drop was 170 pips, and it was enough to bring about a
near-term bearish outlook on the market. This week, the bearishness could
continue as the market is projected to drop at least, another 100 pips, which
would enable the support line at 1.1500 to be reached.
USDCHF
Dominant bias: Bullish
There is a Bullish Confirmation Pattern on USDCHF, brought about by the
strength in the Greenback (and the bearish run on EURUSD). The rate at which
USDCHF has gone upwards is faster and more serious that the rate at which
EURUSD has come downwards. Price gained 230 pips last week, ending the recent
bearishness in the market and ending September 28 on a bullish note. The
outlook on the market is bullish for this week.
GBPUSD
Dominant bias: Bearish
In the first 3 weeks of September, Cable made commendable effort to bring
about a sustainable bullish signal in the market. Nevertheless, the downward
movements that was witnessed on September 21, 27 and 28, have rendered the
bullish effort useless. In fact, the bias on the market is now bearish and the
accumulation territories at 1.3000, 1.2950 and 1.2900 could be tested before
the end of the week.
USDJPY
Dominant bias: Bullish
This is a bull market, with a clean Bullish Confirmation Pattern. The
strength of USD, plus the perceived weakness in JPY, has helped the buying
pressure in the last few weeks. Since September 7, the market has gained about
320 pips, and it might gain at least, another 200 pips within the next 2 weeks.
This week is going to be volatile for JPY pairs, as it is the new week of the
October.
EURJPY
Dominant bias: Bullish
On September 24 and 25, this cross went sideways. From September 26 to
28, it began to pull back. The pullback was not significant enough to bring
about a bearish signal in the market, unless price falls by another 200 pips.
From this point, price has a higher probability of going upwards than going
downwards, and as a result of this, the supply zones at 132.00, 132.50 and
133.00 might be attained before the end of this week.
GBPJPY
Dominant bias: Bullish
There is a valid bullish outlook on this trading instrument, irrespective
of the fact that the market movement was flat throughout next week. It is
possible that the flatness in the market could continue for a few more days,
before there is a breakout in the market. When the breakout occurs eventually,
it would end the current flatness in the market and most probably favor bulls.
The expected bullish movement could even become significant, especially when
GBP finally begins to gather strength.
This forecast is concluded with the quote below:
“…The good thing is
that there is no age limit when it comes to trading and, unlike the Olympics,
you don't have to worry so much about the physical part as you can go for gold
from the comfort of your chair.” – TradingEducators
