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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
The dominant bias for this week has been the same for last week – it is unchanged. The bearish trend in the market is now particularly strong, and it may continue as such. The price may reach the support lines of 1.3500 and 1.3450 within the next several trading days. Meanwhile, there are possible rallies in the context of the downtrend, which may take the price towards the resistance lines at 1.3550 and 1.3600, respectively. Those resistance lines ought to act as a serious impediment to the rallies that may render the bearish bias invalid.
USDCHF
Dominant bias: Bullish
In contrast to what the EUR/USD is doing, this pair is in an uptrend. It is currently trading above the support level at 0.8950, and it should go further upwards, following the current shallow retracement in the market. However, it is very unlikely that the great resistance level at 0.9000 would be breached to the upside, and thus, the bulls may want to take their profits at that level. Should the price breach the resistance level at 0.9000 and succeed in closing above it, that would signify the continuation of the constant stamina in the market, and a continuation of the bullish bias.
GBPUSD
Dominant bias: Bullish
This currency trading instrument has been able to maintain its recent bullish outlook in spite of its present inability to go further upwards in a significant mode. The inability to go further upwards in a significant mode has also resulted in a great risk of the price sliding downwards. In fact, any movement below the accumulation territory at 1.7050 would mean the bullish outlook has been rendered totally useless. For the bullish outlook not to become useless, the price needs to stay above that accumulation territory, and better go upwards again.
USDJPY
Dominant bias: Bearish
The market is still able to maintain its bearish bias; as a result of the strength in the Yen. The bearish outlook is expected to continue, though things may not be a significant as the situation on other JPY pairs. The demand level at 101.00 should, at least, be tested.
EURJPY
Dominant bias: Bearish
The weakness of this cross, brought about by the weakness in the Euro versus the strength in the Yen, has resulted in a clean Bearish Confirmation Pattern. The price is expected to continue going downwards, though the probabilities of transitory rallies and consolidations cannot be ruled out along the way.
This forecast is concluded with the quote below:
“Some of the most famous hedge fund managers are renowned for being skilled risk takers from a young age.” – Bruce Bower
Source: Tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
