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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
In order to generate optimal profits, some tact is required in handling the market. This is a bull market but the bias is not very strong. The tug of war between the bull and the bear has resulted in serious upswings and downswings in the price. The bullish outlook would be particularly strong when the price closes above the resistance line at 1.3900. Should this happen, would the price then go towards the resistance line at 1.4000? This is not impossibility, but time would tell.
USDCHF
Dominant bias: Bearish
The recent precarious situation of the last bullish bias has finally led to a bearish indication in this market. The fact is this: the price has proven to be unable to go upwards determinedly and therefore, it must go downwards. However, the bearish trend is not yet very strong, unless the price succeeds in crossing the support level at 0.8750 to the downside and close below it. With that, the price may then target another support level at 0.8700.
GBPUSD
Dominant bias: Bullish
There is a Bullish Confirmation Pattern in the chart and the pair has been able to maintain it for weeks. As it was foretold last week, the price has been able to go further upwards – in a slow and tardy manner – towards the distribution territory at 1.6900. The distribution territory is under attack, since it has been tested several times. It would soon give way and the price would continue its northward journey. It may reach the distribution territory at 1.7000. This may look as impossibility, but it might happen.
USDJPY
Dominant bias: Neutral
This is one market that requires creative approaches to handle. This kind of current price action is suitable for scalpers and intraday traders, but it can test the patience of swing and position traders. There is no dominant bias, for the price has moved largely sideways so far. There would soon be a breakout in the market. For the expected breakout to be noteworthy here, it must either break above the supply level at 102.50 or break below the demand level 102.00. After this occurs, one may be able to take a position.
EURJPY
Dominant bias: Bullish
This is a bull market, but there is a need for it to either break above the supply zone at 142.00 or break below the demand zone at 141.50. Should the former occur, the next target would be at the supply zone of 143.00; and with the latter being fulfilled, the next target would be at the demand zone of 141.00.
This forecast is concluded with the quote below:
“Often best results come with the simplest strategies.” – Oscar Cuevas
Source: Tallinex.com
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
