Weekly Trading Forecasts for Major Pairs (April 24 - April 28, 2017)
23 April 2017, 19:40
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bearish
The trend upwards last week briefly broke the resistance line at 1.0750, then retraced. The support lines at 1.0700 and 1.0650 may try to impede bearish attempts this week, but the outlook holds until the resistance line at 1.0800 is breached, which may happen this week. The outlook on EUR pairs is bullish for this week.
USDCHF
Dominant bias: Neutral
Price has generally moved between the support level at 0.9900 and the resistance level at 1.0100 this month, bringing about a neutral bias. Moves above the 1.0000 level will cause short-term bullish signals, and moves below will result in short-term bearish signals. Although the long-term bias remains neutral, a drop to the support level at 0.9900 is expected this week, but protracted selling pressure will be needed to break below.
GBPUSD
Dominant bias: Bullish
As expected, a significant up-move occurred last week with a climb of 370 pips that approached the distribution territory at 1.2900. Price has moved sideways since then - likely a pause in an uptrend. The outlook for GBP pairs remains bullish, so the distribution territories at 1.2850, 1.2900 and 1.2950 are targets for this week.
USDJPY
Dominant bias: Bearish
Last week was a consolidation in a context of a downtrend. Movement above the supply level at 111.00 will result in a bullish signal as the current bias switches. Movement below the demand level at 108.00 will result in a clear Bearish Confirmation Pattern as price declines further.
EURJPY
Dominant bias: Bearish
Last week saw a rise from the demand zone at 115.00 that reached the supply zone at 117.50. However, the bullish effort was not strong enough to override the current outlook and there was some bearish correction on Friday, so the rise last week may be a good opportunity to sell short at better prices.
This forecast is concluded with the quote below:
“If we have trained properly, if we understand our planning, if we have done our preparation, our system execution should be a matter of routine.” - Ken Long
Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com
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