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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This market currently is one of the weakest among the majors, making lower highs and lower lows. The market proffers short opportunities with any short-term rallies that occur in it. The great support line at 1.0500 is being battered heavily by furious bears, and it may be breached to the downside, while price goes towards the support lines at 1.0400 and 1.0300. There is no big deal in EUR reaching parity with USD. If CAD, CHF and AUD could reach parity with USD, then why not EUR? Unless the resistance lines at 1.0700 and 1.0800 are overcome, the outlook this week is bearish.
USDCHF
Dominant bias: Bullish
The outlook on this pair is bullish – as long as EURUSD is weak. There is a Bullish Confirmation Pattern in the market, since price stays above the psychological support level at 1.0000. There is another important support level at 0.9900, and as long as price stays above these two important support levels, short trades would be irrational. The targets for buyers this week are located at 1.0150 and 1.0200.
GBPUSD
Dominant bias: Bearish
Last week, Cable dipped by over 300 pips, testing the accumulation territories at 1.4750 and 1.4700. Further bearish run is possible, which may make the market reach another accumulation territory at 1.4600. However, there could be a probable rally before the end of this week, which could be significant enough to jeopardize the existing bearish bias, especially in the near-term.
USDJPY
Dominant bias: Bullish
In spite of insignificant movement on this currency instrument, especially in recent times, the trend is still bullish. It is expected that there could an increase momentum in the market before the end of this week or early next week, which would favor bulls. Most JPY pairs could also experience the same upward movement within the stipulated period. USDJPY could thus reach the supply levels at 122.00 and 123.00.
EURJPY
Dominant bias: Bearish
Owing to the great weakness in the EUR, this cross also dropped further downwards last week. On Friday, March 13, 2015, price closed at 127.43, in the context of a downtrend. While the demand zones at 127.00 and 126.00 could be tried, there is also a rational possibility that the cross would rally before the end of this week.
This forecast is concluded with the quote below:
“I integrate trading as a part of my life. Trading doesn’t stress me out, so I don’t medicate the stress in any way. Trading actually promotes my health. It satisfies certain feelings in me that other activities do not.” – Mike Melissinos
Source: Tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
