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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD traded lower on Monday, and then moved sideways until Friday, when it traded further southward, closing at 1.0931. Altogether, price moved downwards close to 200 pips, while the outlook on the market is bearish. There are support lines at 1.0900 and 1.0850, which would attempt to challenge more bearish movement. This week, EURUSD may be seen making attempts to rally, which might become serious in case bulls are determined enough. In fact, all major pairs would been seen making short-term significant swings in the month of March.
USDCHF
Dominant bias: Neutral
This pair merely traded sideways last week, meandering its way between the support level at 0.9850 and the resistance level at 1.0000. There is going to be a break above that resistance level or below that support level this week, although a break below the support level is more likely, because the resistance level at 1.0000 is a great barrier and because EURUSD could be seen making some bullish attempt this week. Whatever happens this week should put an end to the current neutral bias on the market.
GBPUSD
Dominant bias: Bearish
GBPUSD dropped over 430 pips last week, almost testing the accumulation territory at 1.3850. Further bearish movement is possible this week and next week: Upwards bounces should be taken as short-selling opportunities. Just as it was predicted at the beginning of February 2016, GBP pairs are trending significantly downwards and they would remain under bearish pressure. However, around the end of March, GBP pairs would start rallying significantly.
USDJPY
Dominant bias: Bearish
In the middle of last week, this currency trading instrument started a bullish correction that has actually become a threat to the recent bearish outlook on the market. This trading instrument should continue going further upwards this week, until the recent bearish outlook is rendered completely invalid. On timeframes lower than the 4-hour chart, there are already bullish signals. The bullish correction is also visible on other JPY pairs, which would most probably be seen making commendable bullish efforts this week and next. The outlook on JPY pairs is bright for the month of March.
EURJPY
Dominant bias: Bearish
EUR/JPY cross moved lower last week, reaching the demand zone at 122.50 on Wednesday, February 24, 2016. Since then, price has gone up more than 200 pips – a sort of bullish correction that is also visible on other JPY pairs. Further northward movement of 250 pips would lead to a Bullish Confirmation Pattern in the market; otherwise price could test the demand zone at 122.50 again, owing to bearish reprisals (though it is unlikely that price would go below that demand zone).
This forecast is concluded with the quote below:
“I love the lifestyle of being a trader. I get to run my own business and set my own schedule. They say you should do what you love, and this is exactly what I love. What is there not to love? I wake up, take a few trades during the day, and I’m done! I can move on and enjoy the rest of my day. The best part of this life for me is that it allows me more time to spend with my children. I would not have this flexibility if I worked an 80-hour week in corporate America.” – Richard Mazur (Source: Collective2)
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
