Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
The popular Non-Farm Employment Change and other employment figures coming out of the US and Canada caused significant impact on the markets on June 5, 2015. The figures had positive effects on USD and CAD and therefore, other USD pairs and CAD pairs were seriously affected in the near-term (please see what happened to USD and CAD pairs). The effect on EURUSD was negative, which was trying to make some bullish attempt last week. There is a bullish outlook on this market unless the support line at 1.1000 is breached to the downside. The effect of the US employment figures has given potential buyers an opportunity to enter the market at better prices, because there could be an upwards bounce. However, a movement below the aforementioned support line could be a beginning of another bearish run.
USDCHF
Dominant bias: Bearish
The economic figures released on Friday had a positive impact on this pair, but the bearish outlook is still in place. The bearish outlook is now precarious, as price threatens to break the resistance level at 0.9500 to the upside. Should price succeed in doing this, it would close above the resistance level and that could lead to a ‘buy’ signal. A movement below the support level at 0.9300 would result in reinforcement of the existing bearish bias.
GBPUSD
Dominant bias: Bearish
This is a bear market. Last week, bulls made praiseworthy attempt to push price upwards and the price moved above the distribution territory at 1.5400, trying to go towards the distribution territory at 1.5450. But the bullish energy is far outstripped by the selling pressure, which made the bulls to forfeit their gains in the last week. There is a need for Cable to move above the distribution territory at 1.5450 before long trades can make any sense here.
USDJPY
Dominant bias: Bullish
This currency trading instrument has moved upwards over by 600 pips since the middle of May 2015. Last week, price first moved sideways as bears began to challenge bull’s supremacy, but the fundamental figures that came on Friday were a final blow that broke the bears’ obstinacy. This trading instrument could thus continue trending upwards as long as Yen is weak.
EURJPY
Dominant bias: Bullish
EURJPY cross moved upward very strongly last week. A weekly movement of 500 pips is something that is significant enough to maintain a Clean Bullish Confirmation Pattern in the market. Obviously, traders are more benefited by strong movements when compared to weak movements. The supply zone at 141.00 has been tested. It could be tested again and breached to the upside. Even if this cross would experience some bearish correction later this week or next week, there could be some initial northward attempt.
This forecast is concluded with the quote below:
“If you diversify, control your risk, and go with the trend, it just has to work.” – Larry Hite
Source: Tallinex.com
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
