Weekly Trading Forecasts on Major Pairs (March 2 - 6, 2015)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This market, which was in an equilibrium phase for a few weeks, experienced further weakness last Thursday. Price dropped by 180 pips, closing below the resistance line at 1.1200. While price might saunter into the territory below the resistance line at 1.1100, it may not be able to go down further from there. The outlook for the EUR is bullish for this week, and therefore, price may rally by 100 – 200 pips any day in the week.

USDCHF
Dominant bias: Bullish
One would expect that USDCHF would go northward seriously, just as EURUSD went southward seriously. However, the bullish movement on USDCHF has been limited, for bears are making effort to drag the pair lower. Should price fail to go above the resistance level at 0.9550, it may experience some bearish correction which may take the pre lower towards the support levels at 0.9500 and 0.9450.

GBPUSD
Dominant bias: Bullish
The outlook on Cable is bullish and it went upwards at the beginning of last week, reaching the distribution territory at 1.5550. Price failed to close above that distribution territory and got corrected downwards, testing the accumulation territory at 1.5400. There is a possibility that Cable may test the accumulation territories at 1.5300 and 1.5250 this week, thus rending the Bullish Confirmation Pattern in the market useless.

USDJPY
Dominant bias: Neutral
This currency trading instrument has not moved upwards or downwards in a significant mode so far. Price gallivants between the demand level at 119.00 and the supply level at 120.00. One thing is noteworthy: this instrument may trend higher from here, breaking the aforementioned supply level to the downside, and thus targeting another supply level at 130.00. The outlook for all JPY pairs for this week and for the rest of the month of March 2015, is bullish.

EURJPY
Dominant bias: Bearish
Owing to the recent weakness on EUR, this cross experienced a moderate bearish trend. Price moved downwards but further downwards movement was rejected at the demand zone of 133.50. On Friday, February 27, 2015, price closed at 133.93, making a weak bullish effort. As it has been mentioned before, Yen is supposed to be weak this week (and for the most part of this month). Short trades are not recommended on JPY pairs – including EURJPY. A rally is expected on this cross any day.

This forecast is concluded with the quote below:

“Obviously, I need to do something with regards to the markets. That’s my passion. Trading is the best way to be connected with the market…” – Julian Marchese

Source: Tallinex.com

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