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Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair showcases a seriously struggle between the bull and the bear, as price remains volatile. The bull is making attempt to push price upwards but now and then, this is being thwarted by the bear. Before it can be said that the bias has turned bullish, the pair must go above the resistance line at 1.2600. On the other hand, a movement below the support line at 1.2400 would signify the strengthening of the extant bearish bias.
USDCHF
Dominant bias: Bullish
As long as EURUSD is bearish, USDCHF will be bullish. In fact, it is very much likely that USDCHF would remain bullish for the rest of the year 2014, and therefore, one could look forward to buying short-term pullbacks. Pullbacks into the support levels at 0.9600 and 0.9550 could be good entry signal for buyers, especially when bullish candles form after these support levels are tested. Only a break below the support level of 0.9550 would mean the end of the bullish outlook, providing that price closes below that level.
GBPUSD
Dominant bias: Bearish
The weakness in the Cable is more pronounced than the weakness in EURUSD. Short trades are not currently recommended in this market, for price could test the accumulation territories at 1.5600 and 1.5550. The distribution territories at 1.5750 and 1.5800 should challenge any rallies that may want to start in the context of this downtrend. The idea of long trades may not be entertained until the distribution territory at 1.5800 is breached to the upside.
USDJPY
Dominant bias: Bullish
This currency trading instrument has not reached the supply level at 119.00, but it is now close to reaching it. With the presence of the Bullish Confirmation Pattern in the market, it is likely that the supply level would be breached to the upside, as price targets another supply level at 119.50. Bearish retracements that take price into 118.00 and 117.50 temporarily would offer good opportunities to buy.
EURJPY
Dominant bias: Bullish
EURJPY cross trended upwards at the beginning of this week and later moved sideways for a few days, forming a short-term base. On Friday, November 28, 2014, price broke upwards from the base – poised to go further upwards. The base is now a barrier to bearish retracements, being located around the demand level at 146.00. Price may now target the supply zone at 149.00.
This forecast is concluded with the quote below:
“Without the discipline to follow a plan, your trading results will be random at best.” – Dave Landry
Source: Tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
