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Weekly Trading Forecasts on Major Pairs (June 30 – July 4, 2014)

Discussion in 'Technical Analysis' started by Currency Expert, Jun 27, 2014.

  1. Currency Expert

    Joined:
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    Here’s the market outlook for the week:

    EURUSD
    Dominant bias: Bullish
    This pair is now in an uptrend, though the movement is tardy and shaky. The price has been very volatile as the bulls and the bears fight for control. As a result of the Bullish Confirmation Pattern in the market, it is more likely that the pair would go further upwards. The resistance line at 1.3650 was tested and it could be tested again. It could even be breached to the upside.

    USDCHF
    Dominant bias: Bearish
    The USD/CHF has also been slow and tardy, but bearish in outlook. So far, the market has been able to maintain its bearish bias, going lower in a slow and steady manner. This downward move is also riddled with high volatility. Since the sellers have supremacy here, there is a possibility that the price may reach the support level at 0.8900.

    GBPUSD
    Dominant bias: Bullish
    Here, the barrier to further northward movement remains the distribution territory at 1.7050. The distribution territory was tested last week vigorously. It was tested this week as well; and up till now the price is yet to close above it. After suffering a transient setback, the price is now trying to go upwards to challenge the distribution territory again, which must be broken eventually, for the bullish outlook to hold onto its validity.

    USDJPY
    Dominant bias: Bearish
    On the USD/JPY, it is advised that short-term orders should be considered rather than long-term ones. This is because the recent signals have been short-lived. Right now, there is a bearish indication in the market: it makes sense to seek short trades.

    EURJPY
    Dominant bias: Bearish
    The recent ‘buy’ signal on this cross was weak and unsustainable. The bias has turned bearish because of the perceived strength in the Yen. The EUR’s position is too delicate, and this is quickly reflected in its weakness against the Yen. The price tested the demand zone at 138.00; and with renewed bearish effort, it could go lower to test the demand zone at 137.00.

    This forecast is concluded with the quote below:

    “It is the sum of all trades that is relevant for the trading result, not the single trade.” – Jens Klatt

    Source: www.tallinex.com
     
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