Weekly Trading Forecasts on Major Pairs (October 12 - 16, 2015)

analyst75 · 2015-10-10T08:02:54+00:00

Heres the market outlook for the week: EURUSD Dominant bias: Bullish EURUSD went north last week, closing above the support line at 1.1350. This seems to have ended the recent choppy movement in the market. By every indication, it is much more likely that the pair would continue going upwards this week, breaking above the resistance lines at 1.1400 and 1.1450. The support lines at 1.1300 and 1.1250 should try to defend the current bullishness in the market. USDCHF Dominant bias: Bearish This market has become bearish, dropping from the resistance level at 0.9750, and testing the support level at 0.9600. This has led to a bearish signal in the market, which might enable price to continue going further south. As long as EURUSD keeps on going up, USDCHF would be under selling pressure. The support lines at 0.9600, which has already been tested, could be re-tested. It could even be broken to the downside as price targets another support line at 0.9500. GBPUSD Dominant bias: Bullish Contrary to the sideways movement that was witnessed two week ago, GBPUSD performed some bullish movement last week. There is no longer a bearish outlook on GBPUSD. Price rose from the accumulation territory at 1.5150 and closed above the accumulation territory at 1.5300 (though it briefly went above the distribution territory at 1.5350). For this week, the outlook on the pair is bullish: something that is true of GBP pairs. We may thus see price attaining the distribution territories at 1.5450 and 1.5500. USDJPY Dominant bias: Neutral This currency trading instrument has not yet made any serious direction movement, except that price vacillates between the supply level at 121.00 and the demand level at 119.00. This has been going on for several weeks. However one thing is sure: There would be an end to the present consolidation in this month and it might happen this week. When a breakout happens, it would most likely favor bulls. EURJPY Dominant bias: Bullish The rally that happened on this cross has caused a nice Bullish Confirmation Pattern on it. On Friday, price closed at 136.58; on a bullish note. This means the cross is much more likely to continue going further upwards and thus, a northward movement of at least, 200 pips, could be witnessed this week. The outlook on JPY pairs is bullish for this week; partly owing to the ongoing weakness in JPY. This forecast is concluded with the quote below: The most important thing is to understand that the holy grail in trading is the combination of discipline and a strategy with a positive expected value. Once you have that, you just have to be successful. Oliver Klemm Source: www.tallinex.com

Thread starter analyst75
Start date Oct 10, 2015

analyst75

JF-Expert Member

Oct 10, 2015

Geofrey_GAMS

JamiiForums uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.

Accept Learn more…

Back

Top Bottom

Forums

New posts