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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair plunged by 400 pips last week, owing to the very weak condition of EUR. In fact, most EUR pairs are weak – hence the justification of the ongoing bearish movement. The market is expected to keep going further downwards next week, reaching the support lines at 1.0500 and 1.0450. On the upside, there are resistance lines at 1.0700 and 1.0800, which should challenge any rallies in the course of this week, for only a break above the resistance line at 1.0800 could threaten the current bearish outlook.
USDCHF
Dominant bias: Bullish
USD is strong and CHF is generally weak. The USD/CHF pair was able to trend higher last week, rising from the support level at 0.9500 and reaching the resistance level at 0.9800. The expectation for this week is bullish, which may see price reaching other resistance levels at 0.9900 and 0.9950. The bears would not keep their fingers crossed, looking at this pair as it makes further bullish journey. However, the bears’ attempt to push the pair downwards may be frustrated at the support levels at 0.9700 and 0.9600.
GBPUSD
Dominant bias: Bearish
The recent equilibrium phase on Cable came to an end as the market nosedived, testing the accumulation territory at 1.4600. Cable reached a high of 1.4980 and a low of 1.4586 last week. There is now a strong Bearish Confirmation Pattern in the market, and it is probable that further southwards movement could make price reach the accumulation territory at 1.4500. On the other hand, there is also a possibility that GBP itself could make visible effort to rally this week, so the distribution territories at 1.4850 and 1.4900 are being watched.
USDJPY
Dominant bias: Bullish
The bias on this currency trading instrument is still bullish, though the bias is in a precarious position. The bulls are fighting desperately to sustain their hegemony, but price constantly threatens to break down. The only factor that keeps the bullish bias in place is the stamina in Greenback itself. Should Greenback experience any weakness, this trading instrument can tumble. The bulls might keep on struggling to maintain the bullish bias; which will not be truly over until the demand level at 119.00 is broken to the downside.
EURJPY
Dominant bias: Bearish
A drop of more than 350 pips on this cross has been significant enough to bring about a confirmed bearish outlook on the cross. On Friday, April 10, 2015, price closed at 127.47, while the bias remains strongly bearish. This cross may continue going south this week, reaching the demand zones at 126.50 and 126.00. EUR is weak indeed.
This forecast is concluded with the quote below:
“Frankly, I don’t see markets; I see risks, rewards, and money.” – Larry Hite
Source: Tallinex.com
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