Weekly Trading Forecasts on Major Pairs (April 13 - 17, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bearish This pair plunged by 400 pips last week, owing to the very weak condition of EUR. In fact, most EUR pairs are weak – hence the justification of the ongoing bearish movement. The market is expected to keep going further downwards next week, reaching the support lines at 1.0500 and 1.0450. On the upside, there are resistance lines at 1.0700 and 1.0800, which should challenge any rallies in the course of this week, for only a break above the resistance line at 1.0800 could threaten the current bearish outlook. USDCHF Dominant bias: Bullish USD is strong and CHF is generally weak. The USD/CHF pair was able to trend higher last week, rising from the support level at 0.9500 and reaching the resistance level at 0.9800. The expectation for this week is bullish, which may see price reaching other resistance levels at 0.9900 and 0.9950. The bears would not keep their fingers crossed, looking at this pair as it makes further bullish journey. However, the bears’ attempt to push the pair downwards may be frustrated at the support levels at 0.9700 and 0.9600. GBPUSD Dominant bias: Bearish The recent equilibrium phase on Cable came to an end as the market nosedived, testing the accumulation territory at 1.4600. Cable reached a high of 1.4980 and a low of 1.4586 last week. There is now a strong Bearish Confirmation Pattern in the market, and it is probable that further southwards movement could make price reach the accumulation territory at 1.4500. On the other hand, there is also a possibility that GBP itself could make visible effort to rally this week, so the distribution territories at 1.4850 and 1.4900 are being watched. USDJPY Dominant bias: Bullish The bias on this currency trading instrument is still bullish, though the bias is in a precarious position. The bulls are fighting desperately to sustain their hegemony, but price constantly threatens to break down. The only factor that keeps the bullish bias in place is the stamina in Greenback itself. Should Greenback experience any weakness, this trading instrument can tumble. The bulls might keep on struggling to maintain the bullish bias; which will not be truly over until the demand level at 119.00 is broken to the downside. EURJPY Dominant bias: Bearish A drop of more than 350 pips on this cross has been significant enough to bring about a confirmed bearish outlook on the cross. On Friday, April 10, 2015, price closed at 127.47, while the bias remains strongly bearish. This cross may continue going south this week, reaching the demand zones at 126.50 and 126.00. EUR is weak indeed. This forecast is concluded with the quote below: “Frankly, I don't see markets; I see risks, rewards, and money.”- Larry Hite Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (April 20 - 24, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish This pair moved upwards by over 260 pips last week. The bullish journey began at the support line of 1.0550, and price is now above the support line at 1.0800. The next targets for the bulls are located at the resistance lines of 1.0900 and 1.1000, but there must be an ongoing buying pressure for these targets to be reached. The current bullish outlook is delicate, because any weakness in the Euro could send the market tumbling, reaching the support lines at 1.0700 and 1.0600. USDCHF Dominant bias: Bearish USD/CHF nosedived by 300 pips last week. Price reached a high of 0.9862 and a low of 0.9494. The support level at 0.9500 has already been tested and it could be tested again (even breached to the downside). Ultimately, the support levels at 0.9400 and 0.9350 can also be tested. On the upside, there are resistance levels at 0.9650 and 0.9750. GBPUSD Dominant bias: Bullish Cable is now strong – the bullish effort that started recently having paid off. There is now a strong Bullish Confirmation Pattern in the market. Price moved upwards by over 400 pips, rising from the accumulation territory at 1.4600 and testing the distribution territory at 1.5050. In spite of the current shallow bearish retracement, Cable is normally expected to uphold its strength, attaining the distribution territories at 1.6000 and 1.0650. USDJPY Dominant bias: Bearish USDJPY has gone bearish, being able to go below the supply level at 119.00. Price has to maintain its position below that supply level for the bearish outlook to continue to make sense, for any movement above that supply level could put the bears in a defensive position. Should the market continue its weakness this week, the demand levels at 118.50 and 118.00 would be battered. EURJPY Dominant bias: Bearish Although this currency trading instrument rose by 200 pips last week (from the demand zone at 126.50 to the supply zone at 128.50), the bearish bias is still in place. Only a movement above the supply zone at 129.50 would render the current bearish bias invalid. Any journey below the current demand levels (127.50 and 127.00) would simply enforce the presence of the current bearish bias. This forecast is concluded with the quote below: “KISS”, keep it simple, means you start learning what really works for you, what is “true” for you and then translate that information onto the charts.”- Mercedes Oestermann van Essen Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (April 27 – May 1, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish Within the first few trading days of the last week, this pair moved in a tight range. On April 23, there was a breakout in favor of the bulls, enabling price to go above the support line at 1.0850. It is possible for the resistance lines at 1.0900 and 1.0950 to the tested. However, there is a good possibility that the pair may become weak again before the end of this week, thus causing price to reach for the support lines at 1.0800 and 1.0750. USDCHF Dominant bias: Bearish Here, the market moved upward on April 22, 2015, owing to the weakness of CHF at that time. In order to confirm this, you can check what happened to all CHF pairs on that very day. The weakness in CHF caused USDCHF to go above the 0.9700, threatening the extant bearish bias. On the following day, CHF eased, and as a result, the pair dropped by 180 pips, closing below the resistance level at 0.9550. This week, the movement on USDCHF would be largely determined by what happens to EURUSD. A drop in the latter could cause a rise in the former. GBPUSD Dominant bias: Bullish This is a bull market – looking at the considerable stamina in GBP. The market went out of balance around the accumulation territory at 1.4900, trending upwards significantly. A movement of 300 pips has brought price to the distribution territory at 1.5200. The distribution territory itself may even be breached to the upside, as price targets another distribution territory at 1.5250. However, it should be noted that GBP may also ease this week, causing the market to start trending downwards. That could happen before the end of this week. USDJPY Dominant bias: Bearish This currency trading instrument has been behaving in a dicey manner, while it remains volatile. Upward and downwards movements are short-term in nature, but the overall bias is bearish. There is a probability that the instrument would continue trending lower, testing the stubborn demand level at 118.50. There is a need for strong selling pressure to breach that demand level to the downside. EURJPY Dominant bias: Bullish Just like EURUSD, this cross first moved in an equilibrium zone for a few days of the last week, before it broke upwards. While there is a possibility of further northward push, this would be limited, for there is a possibility that Yen would become strong, which could halt the present bullish attempts. This forecast is concluded with the quote below: “I've changed how I think about money from something I must strive for to knowing that I will have enough by simply making useful decisions. The process of learning to trade is changing from an arduous task to a fun challenge.”- Becky Iannini Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (May 4 - 8, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish Last week, this pair moved north by over 420 pips. Price moved above resistance lines at 1.1250 and later fell below it, closing just below the resistance line at 1.12000. While it is not impossible for EURUSD to reach the resistance lines at 1.1300 and 1.1350, the outlook for this week (and this month) is bearish. This means that EURUSD might go further higher, but the risk of the beginning of a downward trend is very high this week. USDCHF Dominant bias: Bearish This currency trading instrument has been under bearish pressure as a result of the strong bullish trend on EURUSD. Price broke through the resistance levels at 0.9400 and 0.9350 last week, testing the support level at 0.9300. This instrument will remain under bearish pressure as long as EURUSD is strong. However, any significant weakness in EURUSD will cause USDCHF to jump seriously upwards, enabling price to go upwards by at least, 200 pips this week. GBPUSD Dominant bias: Bullish GBPUSD moved upwards by 300 pips last week, and later fell by 300 pips. This means that the gains made by the bulls have been forfeited to the bears. Although the extant bias is still bullish, any movement below the accumulation territories at 1.5050 and 1.4950 will result in a clean bearish signal in the market. This week – and this month – the outlook on GBPUSD, including some GBP pairs, is bearish. This is also true of most popular pairs and crosses; save anti-cyclical currencies like USD and JPY. USDJPY Dominant bias: Bullish There is now a bullish signal in this market. The bullish signal started on April 30, 2015, and the price has now crossed above the demand level at 120.00. The supply levels at 120.50 and 130.00 can also be tested, but one thing must be borne in mind; the market might tumble if Yen becomes strong. This is because the outlook on JPY pairs for this week, including this month, is bearish. Welcome to the month of the bears! EURJPY Dominant bias: Bullish This cross moved upwards by over 580 pips last week, due to the strength in Euro. EURJPY is known as one of the fastest moving among popular JPY pairs, hence the strong northward speed. Since the stamina in Euro can be depleted this week or next, EURJPY can begin a smooth journey to the south. Bulls, please take care. This forecast is concluded with the quote below: “I go with the flow of markets and manage risk along the way. Markets are like flowing water. It is better to use the flowing power in your favor than it is to work against it.”– Markham Gross Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (May 11 - 15, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish This pair made further bullish attempt last week, though the bears are trying hard to frustrate the attempts. The price is now above the support line at 1.1150. There are other support lines at 1.1100 and 1.1050, which should act in support of the current bias. Any movement below these support lines, especially the support line at 1.1050, would result in a beginning of a nice bearish outlook. There is a high probability that this pair may become weak this week or this month. USDCHF Dominant bias: Bearish USDCHF is now trying to rally in the context of a downtrend. Last week, price dived by over 200 pips, slamming into the support level at 0.9100, before rallying by up to 200 pips, closing at 0.9303. Unless there is a significant weakness in the EURUSD, this rally would turn out to be a temporary bullish effort, which may allow sellers to go short when the price is higher in the context of a downtrend. USD/CHF would remain under selling pressure as long as EURUSD is strong. Without a movement above the resistance level at 0.9500, this would remain a truly bearish market. GBPUSD Dominant bias: Bullish Last week, Cable consolidated from Monday to Wednesday, but it broke upwards in favor of the bulls on Thursday. Price moved from the accumulation territory at 1.5200 to the distribution territory at 1.5500. This is a movement of at least, 300 pips, owing to optimism and positive sentiments behind GBP. Nevertheless, the outlook on this market is bearish for this month: a bearish movement can start this week or this month. USDJPY Dominant bias: Bullish One thing must be noted, this currency trading instrument is currently great only for scalpers and intraday traders. It is not currently great for swing and position traders, for the upswings and downswings in the market are short-term and erratic. The overall bias is, however, bullish and this may hold until Yen becomes seriously strong. EURJPY Dominant bias: Bullish The fate of this cross is being determined by the strength of Euro. Should Euro become weak, the cross would plummet. Should Euro become strong, the cross would rally. There is a Bullish Confirmation Pattern in this market, which would be violated once the cross drops below the demand zone at 132.00. This forecast is concluded with the quote below: “In order to consistently make money in the markets, traders need to learn how to identify an underlying trend and trade around it accordingly.”- Joey Fundora Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (May 18 - 22, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish Against all odds and contrary expectations, EURUSD went further upwards last week. From around the support line at 1.1150, price went upwards towards the resistance line 1.1450 (a movement of at least, 300 pips). The next targets for the bulls are located at the resistance lines at 1.1500 and 1.1550. In the meantime, any bearish corrections in the market would be taken as opportunities to buy long when things are on sale and in the context of an uptrend. USDCHF Dominant bias: Bearish The existing bearish bias, owing to the weakness of USD, and further expectation of considerable stamina in CHF this week, would help keep USDCHF under selling pressure. The support level at 0.9100 was tested last week: it could be tested and breached to the downside this week, as price targets further support lines at 0.9050 and 0.9000. The possible strength in CHF would also have impact on other CHF pairs. GBPUSD Dominant bias: Bullish Cable continues to meander its way upwards, as positive sentiment and optimism behind the currency keeps on having bullish effects. This week, certain fundamental figures emanating from the UK would have a noteworthy impact on the Cable (plus other GBP pairs as well). Should the bullish outlook continue to hold out, the distribution territories at 1.5800 and 1.5900 would be attained this week. Please note the distribution territory at 1.5800 was tried last week. USDJPY Dominant bias: Bearish This is currently not a market in which buyer should hold onto their long positions for too long. In fact, the market is only great for intraday traders and scalpers, as it was mentioned last week. Upswings and downswings would continue to be transitory as price oscillates between the demand level at 118.50 and the supply level at 120.50. A break below that demand level or above that supply level could result in a strong directional movement. EURJPY Dominant bias: Bullish The Bullish Confirmation Pattern on this cross shall continue to exist as long as there is strength in EUR. This week, the direction on the EURJPY cross would be determined largely by what happens to EUR, and therefore the supply zones at 137.00 and 138.00 are being targeted by the bulls. On the other hands, the demand zones at 135.00 and 134.00 are being watched, for they should try to obstruct the efforts of the bears. This forecast is concluded with the quote below: “One of the many terrific things about being a profitable (self-employed!) trader is the fact that you can do what you want with your time… Successful traders are technically their own boss.” -Rick Wright Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (May 25 - 29, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bearish This pair dropped by 430 pips last week, leading to a Bearish Confirmation Pattern in the chart. The price has already tested the support line at 1.1000, and it could test it once again, possibly breaking it to the downside. The support lines at 1.0900 and 1.0850 are the probable targets for this week, especially with the continuation of the current bearish bias. USDCHF Dominant bias: Bullish The strength in the USD has enabled this pair to go upwards from the support level at 0.9150, reaching the resistance level at 0.9450. This is a movement of about 300 pips and there is a possibility that price would continue its upwards journey, on the condition that CHF does not become strong enough to make this difficult. Strength in CHF has been expected since last week, and it is something that could happen this week, affecting other CHF pairs as well. GBPUSD Dominant bias: Bullish The current price action on Cable is a threat to the recent bullish trend. In fact, as soon as the accumulation territory at 1.5400 is breached to the downside, the recent bullish trend would be render completely useless. Further weakness may cause price to test the accumulation territories at 1.5350 and 1.5300. However, this does that mean that bulls would not make attempts to push price towards the distribution territories at 1.5600 and 1.5650. USDJPY Dominant bias: Bullish USDJPY broke upwards significantly – an event that was long anticipated during the recent protracted consolidation phase in the market. A break above the demand level at 120.50 shows that the consolidation phase is over, and from there, price moved further north, testing the supply level at 121.50 (even breaching it to the upside). More bullish movement is probable this week, and the bullish bias would be valid as long as the demand level at 120.50 is not broken to the downside. EURJPY Dominant bias: Bearish The movement of this cross is now largely determined by whatever happens to Euro; hence the present weakness of the cross. Price dropped by over 250 pips last week, in spite of some sideways movement along the way. The cross has closed below the supply zone at 134.00, and the next target could be the demand zone at 133.00. This forecast is concluded with the quote below: “Michael [Marcus] taught me one thing that was incredibly important... He taught me that you could make a million dollars. He showed me that if you applied yourself, great things could happen. It is very easy to miss the point that you really can do it.”- Bruce Kovner (a billionaire trading veteran) Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (June 1 - 5, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bearish EURUSD dropped below the support line at 1.0850 last week, but it could not stay below that line. From there, price rallied by over 150 pips, testing the resistance line at 1.1000. The overall bias remains bearish and it would be so, unless price is able to breach the resistance lines at 1.1100 and 1.1200 to the upside; a feat that would not be easy for bulls to achieve because the current bearish outlook may last longer than imagined. Without the aforementioned resistance lines being breached to the upside, any upwards bounces (like the current one) would be taken as short-selling opportunities. USDCHF Dominant bias: Bullish This pair first went upwards last week, moving above the resistance level at 0.9500. However, as it was mentioned last time in May 25 – 29 forecasts, CHF gained considerable stamina and this halted further upwards movement on USDCHF. This is what is partly responsible for the visible bearish correction in this market. The stamina in CHF can also be seen on other CHF pairs(for example, check GBPCHF, CHFJPY, NZDCHF etc.). Though bulls forfeited the gains they made last week, the overall outlook is still bullish. The bullish outlook would be rendered useless as soon as the support level at 0.9300 is breached to the downside, and the possibility of this happening is strong, especially if CHF maintains its current stamina. GBPUSD Dominant bias: Bearish This is a weak market: price went downwards by 200 pips last week. It is currently illogical to seek long positions here until price actions justify that. It is possible that Cable will rally in the month of June, but until then, the current bias is bearish. USDJPY Dominant bias: Bullish Since May 18, 2015, this currency trading instrument has moved upwards by 450 pips. This has caused a clean Bullish Confirmation Pattern in the market, and thus, further upwards movement is possible, largely as Yen continues to be weak. On Friday, May 29, 2015, price closed above the demand level at 124.00. The possible targets for this week are situated at the supply levels of 124.50 and 125.50. EURJPY Dominant bias: Bullish This interesting cross has assumed a strong northwards push, moving north from around the demand zone at 133.00 and going near the supply zone at 136.50. More northwards movement is expected this week, which could cause bulls to gain another 200 pips. Generally, the outlook on JPY pairs is bullish for the month of June 2015, though there might be a few exceptions. This forecast is concluded with the quote below: “There are abundant opportunities to make a profit in the markets, but you need to work hard and diligently to find them. It can be done. There are many traders who make profits day after day. The decision you have to make, however, is whether you want to sit on the sidelines and say, "It couldn't be done," or jump in, resolute and confident, and work tirelessly until you achieve enduring financial success.”– Joe Ross Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (June 8 - 12, 2015) 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 benefitted 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 Copyright: Tallinex.com
Weekly Trading Forecasts on Major Pairs (June 15 - 19, 2015) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish This pair is still in a bullish mode in spite of the effort of bears to pull price down. There are support lines at 1.1100 and 1.1050 and a downside breach of the support lines would result in a new bearish outlook. There are also resistance lines at 1.1400 and 1.1450: an upside breach of those resistance lines would result in further confirmation of the existing bullish mode. However, even if the market moves further upwards, it is more likely that it would become weak by the end of this week or before the end of this month. USDCHF Dominant bias: Bearish On USDCHF, last week was characterized by desperate struggles between the bull and the bear. The bear is still strong enough to check the bull from realizing his objectives and as such, the bias on the market remains bearish. A movement below the support level at 0.9250 would result in a stronger bearish propensity, especially when price closes below the support level and moves further south towards another support level at 0.9200. This is because price could not close below the support level at 0.9250 last week, and a movement below it would mean that the bear is stronger. However, any significant weakness in EURUSD, which may happen before the end of this month, would cause USDCHF to rally seriously. GBPUSD Dominant bias: Bullish Cable rallied by 300 pips last week, rising from the accumulation territory at 1.5250 and closing above the accumulation territory at 1.5550. Further upward movement is possible, enabling price to reach the distribution territory at 1.5700. However, a strong bearish trend is anticipated on Cable (and other GBP pairs) before the end this week or this month. This bearish trend might also be in force in most of July 2015. USDJPY Dominant bias: Bearish This currency trading instrument has already gone bearish – though the bulls are fighting a losing battle to reverse the trend. Price tested the demand level at 122.50, and then bounced upwards. Though a movement above the supply level at 125.00 could challenge that new bearish signal, the upward bounce could also bring an opportunity to sell short at a better price. In case of further southward movement, price could breach the demand levels at 122.50 and 121.50 to the downside. EURJPY Dominant bias: Bullish On Friday, June 12, 2015, this cross closed at 139.00. The outlook on the market is currently bullish, though threatened. Price needs to move upwards in order to save the bullish outlook. A breach of the demand zone at 138.00 could result in a Bearish Confirmation Pattern, and as such, price should not go below that demand zone; otherwise the recent bullish outlook would be rendered invalid. This cross, plus other JPY pairs, has a high probability of becoming weak by the end of this month and in most of July 2015. This forecast is concluded with the quote below: “…The only truth is the chart. Don't ever listen to the news without looking hard and long at the chart. The chart is the truth. Nothing else is the truth.” – Scott Brown Copyright: Tallinex.com