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Weekly Trading Forecasts for Major Pairs (September 4 - 8, 2017)

3 September 2017 05:27 AM BDT
Weekly Trading Forecasts for Major Pairs (September 4 - 8, 2017)
Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

EURUSD is bullish in the long term and bearish in the short term. Price went upwards on Monday and Tuesday, testing the resistance line at 1.2050. After that, a serious bearish correction took place as price went down by roughly 200 pips after the aforementioned resistance line was touched. This week, any rallies would meet a strong opposition at that resistance line of 1.2050. On the other hand, price may also target the support lines at 1.1850 and 1.1800.

 

USDCHF

Dominant bias: Neutral

This pair has been consolidating for 5 week – hence the current neutral bias on the market. Price has oscillated between the support level at 0.9450 and the resistance level at 0.9650. For the current neutral bias to end, there is a need for price to either cross the resistance level at 0.9750 to the upside or move below the support level 0.9450, staying below it. Either of this is expected to happen this week, for there would be a rise in momentum.   

 

GBPUSD

Dominant bias: Bearish

GBPUSD is bearish in the long term, though it consolidated throughout last week. There is an expectation of some bearish movement this week, which may make price test the accumulation territories at 1.2900, 1.2850 and 1.2800. However, given the current price action, some bullish effort may enable price to go upwards by around 100 – 150 pips, but the upwards movement would be limited.

 

USDJPY

Dominant bias: Bearish

USDJPY us generally bearish, but the recent bullish effort has resulted in a threat to the bearish trend. Last week, price tested the demand level at 108.50 and then bounced upwards, reaching the supply level at 110.50. On Friday, the market closed above the demand level at 110.00, and this has become a threat to the bearish outlook on the market. A movement above the supply level at 111.00 would result in a bullish bias; while a movement below the demand level at 109.00 would lay more emphasis in the overall bearish outlook.

 

EURJPY

Dominant bias: Bullish

This cross pair went upwards last week to test the supply zone at 131.50. After that, price got corrected lower, closing below the supply zone at 131.00. However, there is still a Bullish Confirmation Pattern in the market, which cannot be rendered invalid unless price drops by 200 pips from its current location. The movement of the market for this week would largely be determined by whatever happens to Yen.

 

GBPJPY

Dominant bias: Bearish

Over the long term, GBPJPY is bearish, but a bullish signal has been generated in the 4 hour chart. The bullish signal was brought about by the fact that price gained about 230 pips last week, leading to a bullish outlook of this week. Further weakness in Yen may enable the supply zones at 143.50, 144.00 and 144.50, to be tested this week. Nonetheless, any display of stamina by Yen would impede the expected bullish movement.  

 

 

This forecast is concluded with the quote below:

 

“…The real Holy Grail in trading is proper risk management. All of the successful traders I know follow a few specific, even conservative, risk management rules.” – Rick Wright

 

Source: www.tallinex.com

 

 

 

 

 

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