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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair tested the resistance line at 1.2550 before further upward movement was rejected. From that resistance line, price went down by over 300 pips, closing below the resistance line at 1.2250. This has resulted in a strong Bearish Confirmation Pattern in the market and price is supposed to continued going further downwards this week, possibly reaching the support lines at 1.2200 and 1.2150 respectively.
USDCHF
Dominant bias: Bullish
USDCHF broke below the support level at 0.9600; but it was unable to stay below that support level. Price moved upwards significantly, moving far above the support level at 0.9800. This has resulted in a strong Bullish Confirmation Pattern in the market and price is supposed to continued going further upwards this week, probably challenging the resistance levels at 0.9850 and 0.9900 successively.
GBPUSD
Dominant bias: Bearish
This is a very volatile market, caused by the ongoing struggle between the bears and the bulls. Looking at the market more closely, it would be seen that the bears are winning the battle gradually and they can maintain their subtle supremacy within the next several trading days. The accumulation territory at 1.5550 is a formidable barrier to the interests of the bears. However, with a continuation of the strength in Greenback, that accumulation territory could be breached to the downside.
USDJPY
Dominant bias: Bullish
This currency trading instrument dipped seriously at the beginning of last week, going below the demand level at 116.00. After that, the bulls came in with fury and drove price northwards, making it to go above the demand level at 119.00. The supply level at 119.50 is currently being battered and there is a high chance that it would be breached to the upside, for price might target another supply level at 120.50 this week or next week.
EURJPY
Dominant bias: Bearish
This cross should normally go upwards; nevertheless, the weakness in EUR is too much to allow any significant bullish movement. In spite of desperate effort by the bulls, the outlook remains bearish. The demand zone at 145.00 has a high chance of being challenged, even if there would be a rally after that.
This forecast is concluded with the quote below:
“How do you make money in the market? It’s not by predicting. Instead, it’s by watching what the market is doing and then going with the flow.” – Dr. Van K. Tharp
Source: Tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
