ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

Weekly Trading Forecasts for Major Pairs (August 20 - 24, 2018)

Share On Facebook
share on Linkedin
Print

Here’s the market outlook for the week:

©

EURUSD
Dominant bias: Bearish
The market is bearish, and price went further downwards until it reached the support line at 1.1350. Further drop was rejected around the support level and a rally effort ensued. However, the rally effort was not serious enough to threaten the recent bearish outlook on the market. There is a need for price to go further upwards by another 200 pips before the bearish outlook can be rendered ineffectual.

USDCHF
Dominant bias: Neutral
The most probable direction for this pair is southwards, once a breakout occurs in the market. Right now, the situation remains unchanged. It is interesting that the bias on USDCHF remains neutral, just as it was last week. The neutrality in the market has been existing since June 2018. Normally, USDCHF should go upwards as EURUSD goes south, but the former has chosen to remain neutral as the latter goes south, hence showing the bulls’ apathy. Should EURUSD skyrocket (something that will eventually happen) there would be a smooth bearish movement on USDCHF.

GBPUSD
Dominant bias: Bearish
Cable went slight downwards from Monday to Wednesday (in conjunction with the downtrend), and then consolidated for the rest of last week (also in the context of a downtrend). The market has shed over 400 pips this month, and there seems it has much more room to go southwards. Nonetheless, the more the market goes bearish, the higher the chances of a strong bullish reversal when it does occur.

USDJPY
Dominant bias: Bearish
In the medium-term, a bearish signal has been generated on this pair. Although the situation in the market is quite choppy, a closer look reveals that bears have upper hands right now, and thus, the market may be able to test the demand levels at 110.00, 109.50 and 109.00. But that achievement will require a very strong bearish movement in the market. Bulls are also waiting for an opportunity to effect a reversal, pronged by a favorable fundamental factor.

EURJPY
Dominant bias: Bearish
The price moved sideways last week – in the context of a downtrend. Further bearish movement this week will result in a Bearish Confirmation Pattern in the market (which has already shown its existence). The outlook on JPY pairs is currently bearish but there is also a probability of a strong bullish breakout, which may become a threat to the existing Bearish Confirmation Pattern. Whatever the case may be, a strong movement will happen this week.

GBPJPY
Dominant bias: Bearish
This cross has dropped over 640 pips this month. It only consolidated last week, while the outlook on the market remains bearish. GBP is very weak and JPY is fairly strong; thus the bearish journey will likely continue this week when a breakout does occur. The targets for bears are the demand zones at 140.50, 140.00 and 139.50, which may be exceeded with enough bearish pressure.

This forecast is concluded with the quote below:

“Profits are an obvious and natural reward for trading efforts.” – Joe Ross

 

Source: www.tallinex.com

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com