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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair made further bullish attempt last week, though the bears are trying hard to frustrate the attempts. The price is now above the support line at 1.1150. There are other support lines at 1.1100 and 1.1050, which should act in support of the current bias. Any movement below these support lines, especially the support line at 1.1050, would result in a beginning of a nice bearish outlook. There is a high probability that this pair may become weak this week or this month.
USDCHF
Dominant bias: Bearish
USDCHF is now trying to rally in the context of a downtrend. Last week, price dived by over 200 pips, slamming into the support level at 0.9100, before rallying by up to 200 pips, closing at 0.9303. Unless there is a significant weakness in the EURUSD, this rally would turn out to be a temporary bullish effort, which may allow sellers to go short when the price is higher in the context of a downtrend. USD/CHF would remain under selling pressure as long as EURUSD is strong. Without a movement above the resistance level at 0.9500, this would remain a truly bearish market.
GBPUSD
Dominant bias: Bullish
Last week, Cable consolidated from Monday to Wednesday, but it broke upwards in favor of the bulls on Thursday. Price moved from the accumulation territory at 1.5200 to the distribution territory at 1.5500. This is a movement of at least, 300 pips, owing to optimism and positive sentiments behind GBP. Nevertheless, the outlook on this market is bearish for this month: a bearish movement can start this week or this month.
USDJPY
Dominant bias: Bullish
One thing must be noted, this currency trading instrument is currently great only for scalpers and intraday traders. It is not currently great for swing and position traders, for the upswings and downswings in the market are short-term and erratic. The overall bias is, however, bullish and this may hold until Yen becomes seriously strong.
EURJPY
Dominant bias: Bullish
The fate of this cross is being determined by the strength of Euro. Should Euro become weak, the cross would plummet. Should Euro become strong, the cross would rally. There is a Bullish Confirmation Pattern in this market, which would be violated once the cross drops below the demand zone at 132.00.
This forecast is concluded with the quote below:
“In order to consistently make money in the markets, traders need to learn how to identify an underlying trend and trade around it accordingly.” – Joey Fundora
Copyright: Tallinex.com
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