Weekly Trading Forecasts for Major Pairs (May 28 - June 2, 2017)
28 May 2017, 23:47
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
There was consolidation last week as price moved between the support line at 1.1150 and the resistance line at 1.1250 (which was tested several times, but remained unbroken). A breakout above 1.1250 is anticipated before the end of the week, but the outlook is bearish for June.
USDCHF
Dominant bias: Bearish
Activity was sideways last week in the context of a downtrend - price oscillated between the resistance level at 0.9800 and the support level at 0.9700 that was tested several times but held firm. A weak Greenback and a strong Swissy will provide a decline, with the support level at 0.9700 likely to be broken. This trend will reverse when EURUSD plummets in June.
GBPUSD
Dominant bias: Bullish
This pair is bullish in the long term, but bearish in the short term. The market was caught in an equilibrium phase from Monday to Wednesday before heading south on Thursday and Friday with a 200 pip drop from the distribution territory at 1.3000 to the accumulation territory at 1.2800 (a well-anticipated occurrence). The outlook on GBP pairs is bearish for this week and the rest of June.
USDJPY
Dominant bias: Neutral
With no significant movement last week, the outlook remains neutral in the long-term, but bearish in the short-term. The demand level at 111.00 was tested several times, so the most probable direction is south as the demand levels at 111.00, 110.50 and 110.00 are breached.
EURJPY
Dominant bias: Bullish
Last week saw no significant moves - just a slight bearish movement on Friday in the context of an uptrend. June is likely to be quiet, but the outlook for JPY pairs is bearish in general. A drop of at least 300 pips is likely within the next two weeks, which will end the current bullish bias.
This forecast is concluded with the quote below:
“My personal definition of successful money management is to limit losses while at the same time providing you with an adequate opportunity to realize a profit from the trade.” - Andy Jordan
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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