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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair trended downwards on March 13 and 14, testing the support line at 1.0600. From the support line, price rose by 180 pips, going briefly above the resistance line at 1.0750 and then closing below it on Friday. The bullish signal is still in place, and further rise in price may be witnessed this week, which would enable price to go above the resistance line at 1.0750 again. However, it is also possible that EURUSD would trend downwards before the end of this week.
USDCHF
Dominant bias: Bearish
As it was forecast last week, the weakness in greenback has caused USD/CHF to fall (as well as the bullishness of EURUSD). Price consolidated from Monday to Wednesday, and later plummeted on that day, to form a strong Bearish Confirmation Pattern in the market. The support level at 0.9950 has already been tested. As long as EURUSD is going up, USDCHF would be going down. On the other hand, whenever EURUSD showcases conspicuous weakness, USDCHF would rally seriously (something that may happen this week or next).
GBPUSD
Dominant bias: Bullish
The main reason why Cable was able to rally last week was because USD became week. Before that, bears had met some impediment at the accumulation territory of 1.2150; a territory from which price rose 250 pips to test the distribution territory at 1.2400. There is already a bullish outlook on the market – which would continue to hold out as long as USD is weak enough to allow further rally. Any show of strength in USD would send Cable tumbling.
USDJPY
Dominant bias: Bearish
In the last weekly forecast, it was mentioned that any show of weakness in USD would render bullish effort invalid in this market. That was exactly what happened: From the beginning of the week till March 15, price was consolidating. However, price began to trend downwards as USD became weak. There was an overall bearish movement of almost 250 pips last week, between the supply level at 115.00 and the demand level at 112.50. This week, further downwards movement is possible, but not without a possibility of a rally this week or next.
EURJPY
Dominant bias: Neutral
Last week, this cross moved slightly southward by some 150 pips. This contrasted with the recent bullish bias, thus creating a short-term neutral bias on the cross. On Friday, the cross closed around the demand zone at 121.00. Further southward effort may bring price towards another demand zones at 120.50 and 120.00. But it should be noted that the outlook on JPY pairs is bullish, and they would rally before the end of March 2017, especially when JPY itself becomes weak.
This forecast is concluded with the quote below:
“Isn’t it time you took control of your own trading? Somewhere inside you there is a brilliant trader wanting to come out.” – Louise Bedford
Source: www.tallinex.com
Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html
