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The reversals that started recently have succeeded in establishing themselves as new biases. The new biases are supposed to continue.
Here’s the market outlook for this week:
EURUSD
Dominant bias: Bullish
The reversals that started recently have succeeded in establishing themselves as new biases. The new biases are supposed to continue. Since a bullish signal formed in this market, there has been one significant pullback that nearly saw the loss of over 100 pips. However, the bullish outlook is not yet over and the price has been making attempts to recover its losses. With a continuation of the buying pressure, the price could reach the resistance line at 1.3750.
USDCHF
Dominant bias: Bearish
Since a bearish signal formed in this market, there has been one significant rally that nearly saw a gain of close to 100 pips. However, the bearish outlook is not yet over and the price has been making attempts to go further south. With a continuation of the selling pressure, the price could reach the support level at 0.8900. It is also probable that the price may reach another support level at 0.8850 this month.
GBPUSD
Dominant bias: Bullish
With an upward move of over 250 pips from the accumulation territory of 1.6400, the Cable has trended northward in a significant manner. The price territory at 1.6650 was challenged and has been overcome, as the Cable goes toward the next distribution territory at 1.6750. The Bullish Confirmation Pattern in the chart ensures that the bulls are in the right direction as long as the price does not retrace southward toward the accumulation territory at 1.6500.
USDJPY
Dominant bias: Bullish
Despite being bullish, the USDJPY has been consolidating to the downside. The present bearish threats in the market are considered to be bogus, except the price could cross the demand level at 101.00 to the downside and maintain its movement below it. Unless this condition happens, there could soon be a northward breakout in the market, and the price could go on towards the supply level at 104.00 within the next several days.
EURJPY
Dominant bias: Bullish
This cross is a strong market but it has not gone upwards very significantly. Nevertheless, the bullish bias in the market is still valid and the market should be able to maintain its presence above the price zone of 140.00. Since the indicators in the market show that the bulls reign, it is possible for the cross to reach the supply zones at 141.00 and 141.50 respectively. Any possible pullback along the way could then be halted at the demand zone of 139.00.
This forecast is concluded with the quote below:
“This process of getting the results you want is not driven by money but by a desire to gain mastery over what it takes to be consistently successful…where success is defined as an unwavering commitment to and follow-through of trade planning and rule based protocols.” – Dr. Woody Johnson
Source: Tallinex.com
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
