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Weekly Trading Forecasts on Major Pairs (March 14 - 18, 2016)

Discussion in 'Technical Analysis' started by Currency Expert, Mar 12, 2016.

  1. Currency Expert

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    Here’s the market outlook for the week:



    EURUSD

    Dominant bias: Bullish

    This pair consolidated from Monday to Wednesday, breaking out northward on Thursday (March 10, 2016). On that day, price first spiked downwards and then rallied significantly, testing the resistance line at 1.1200. There is a Bullish Confirmation Pattern in the market and it is possible that the price would continue going northwards this week, going above the resistance line at 1.1200, and testing another resistance lines at 1.1250 and 1.1300.


    USDCHF

    Dominant bias: Bearish

    USDCHF was merely consolidating between the support level at 0.9900 and the resistance level at 1.0000. On Thursday, the market performed a false breakout above the resistance level at 1.0000 and later trended strongly downwards. This has led to a “sell” signal in the market, which might continue this week. USD will be facing challenges from some major pairs, like EUR and GBP (even NZD will rally this week, for it would be strong versus other currencies). So USD is in for a serious battering this week.


    GBPUSD

    Dominant bias: Bullish

    As it was mentioned last week, this currency trading instrument rallied, testing the distribution territory at 1.4400 and closing at 1.4383 on Friday. Price is supposed to continue going upwards this week, targeting the distribution territories at 1.4450 and 1.4500. Price might even move beyond these distribution territories, but not without attacks from bears, who would show enough desperation in dragging price south.


    USDJPY

    Dominant bias: Neutral

    USDJPY went through a turbulent phase within March 7 and 11, with no clear victory between bull and bear. On Monday and Tuesday, price moved downwards. On Wednesday, it moved upwards, while Thursday was full of morbid threats from bears. Bulls dared the bears’ threats on Friday, managing to push price upwards slightly on Friday. What will happen next? The current price action shows that price could continue moving upwards from here, although persistent weakness in USD could cause the anticipated bullish movement to be somewhat limited.





    EURJPY

    Dominant bias: Bullish

    This cross consolidated on Monday, moved downwards on Tuesday and began to rally Wednesday. In fact, the rally that happened on Wednesday took the cross upwards by over 400 pips, as its price tested the supply zone at 127.00. Bulls are still showing willingness to push the cross further north; plus there is a bullish signal in the market. The potential targets for the week are located at 127.50 and 128.00.


    This forecast is concluded with the quote below:


    “Effective traders are willing to get out of their comfort zones and try new things. I know it might be scary to go into the unknown, but to have more in life, you must take smart risks.” – Louise Bedford


    Source: www.tallinex.com
     
  2. farhan khan

    farhan khan New Member

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    Epic Research Closing Bell : The market ended lower on Mauritius tax treaty. The Sensex slipped 175.51 points or 0.7 percent at 25597.02, and the Nifty ended 38.95 points or 0.5 percent at 7848.85. About 1103 shares have advanced, 1446 shares declined, and 158 shares are unchanged. Axis Bank, Asian Paints, Maruti, NTPC and L&T were gainers while Bharti Airtel, SBI, Dr Reddy's Labs, Tata Motors and BHEL were losers in the Sensex.
     
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