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Weekly Trading Forecasts on Major Pairs (October 21 – 25, 2016)

Saturday, November 19, 2016 6:10
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(Before It's News)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair went downwards last week, going below the resistance lines at 1.0650 and 1.0600. Since November 9, price has come down more than 700 pips, leading to a very strong bearish bias on the market. There is a possibility of further downwards movement, which could enable price to reach for the support lines at 1.0550, 1.0500 and 1.0450. This expectation would hold only as long as USD does not showcase any noticeable weakness.

USDCHF
Dominant bias: Bullish
USDCHF moved upwards by 215 last week. Price managed to go above the psychological level at 1.0000, now at the resistance level of 1.0100. Price has gone upwards reluctantly so far, and there is a possibility that it would make further bullish effort this week. There is another potential target at the resistance level of 1.0200, but the further the market goes upwards, the higher the chances of a large pullback. The bullish bias would hold as long as USD does not lose stamina.

GBPUSD
Dominant bias: Bearish
GBPUSD underwent a vivid bearish correction throughout last week – an action that has resulted in a bearish signal in the short and long terms. Long trades are currently not prudent in this market, unless price action reveals that things are conspicuously bullish. Right now, the market is in a downtrend, and only short trades should be sought. Rallies would offer opportunities to go short at better prices.

USDJPY
Dominant bias: Bullish
There is a strong Bullish Confirmation Pattern on USD/JPY. Since the low of November 9, the pair has shot skywards by over 960 pips. Apparently, this is one of the strongest directional movement in recent months, and the supply levels at 111.00, 111.50 and 112.00 could be attained this week. The outlook on JPY pairs remains bullish for this week (just as bullish movements were forecast for most JPY pairs last week).

EURJPY
Dominant bias: Bullish
This cross also went bullish last week, fuelled by the buying pressure in the market, and as a result of weakness in Yen. Because Yen is so weak that, even weak currencies like EUR and GBP could manage to rally versus it. In case a currency is strong in its own right, just like the case of USD, the rally against Yen would be strong and fast indeed. As long as Yen does not become strong conspicuously, the northward movement on EURJPY would continue. The supply zones at 118.00 and 118.50 are being watched this week.

This forecast is concluded with the quote below:

“YOU are the biggest factor in your trading success…” – Dr. Van. Tharp

Source: www.tallinex.com

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