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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
The currency pair opened up the market with a bullish candlestick but after its four-hour formation started falling to the support price line at around 1.1654. After a while, price strived to push upwards towards the first immediate resistance found at 1.1750. Soon afterward, the pair started reversing again with a formation of a top shadow Japanese candlestick and three top shadow Japanese bearish candlesticks and those formations eventually led pair to be driven past the last support line to find another support at 1.1620. The assumption remains that in the next trading days, decent bearish entries are most likely to be favored.
USDCHF
Dominant bias: Neutral
This currency pair opened with a bearish Japanese candlestick within its four-hour trading period. The next candlestick formation, made the pair to see different of upward movement corrections that have now created first resistance at around 0.9980. The last support is located at 0.9900. The pair seems to have made the two levels its trading confinement area for now. As a result, the bias in this market is neutral. Nevertheless, the strong probability is been put in the southbound movements of this pair.
GBPUSD
Dominant bias: Bearish
The bias is neutral in the short-term, but bearish in the long-term. Some months back, this pair was seen trying to break past the strong resistance of 1.4380 in the long-term trading chart. But in April, it clearly resumed a decline until now. This week, it opened with a bullish candlestick, and a few hours later, it started reversing southbound in other to prepare a grand to locate a genuine resistance level at 1.3215 of the market. It has now been closely observed that bullish reversal movements are making better entries for the bears to come into play in the market. Another –important fact of this market, is that its support level has been located at 1.3065
USDJPY
Dominant bias: Bearish
The market is bearish, especially in the short-term. A “sell” signal has already been generated. This pair managed briefly to rally from the last week lowest price towards the distribution territory at 110.55. It made certain northward driving attempts but the bears’ presence made them abortive. There has been much stronger market driving strength possessed by the bears currently. The bullish market will briefly experience an up-rise in its movements over a short time a bit above the resistance level at 111.55 and will eventually allow a free fall of the pair past the accumulation territory of 110.50. But a strong break out above the distribution territory of 111.55 could lead to driving the pair further a bit above the distribution of 112.00.
EURJPY
Dominant bias: Bearish
There has been a steady decline in the market of this pair since the beginning of this week. And, this declining state seems to be in a continuation of the last week. Being as it is, this currency pair has now been found surrendering easily to the bears each time they make a presence in the market. The bulls have only been making little ineffective efforts that the bears have been easy taking for a serious ride in their direction. This current bearish directional movement is expected to continue in the coming week. Though, a slight ranging movement cannot be overruled between the distribution territory of 130.00 and the accumulation of 129.00.
GBPJPY
Dominant bias: Bearish
The weaknesses of the GBP have made the JPY remained stronger in the market of the currency pair. Since last week, there have strong fall-offs in the market value of GBPJPY. It has strived to retrace towards the resistance level at 146.55. Thereafter, it resumed falling gradually southwards to encounter a support level at 145.20. The market price action may soon experience a range bound for a while. More bearish movements are still been expected to play out in this market as the horizontal line at 147.00 tends to remain the critical resistance level that the bulls are not expected to drive the market past easily in the next coming week.
Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html
Source: www.tallinex.com
