Weekly Trading Forecasts for Major Pairs (July 24 - July 28, 2017)
Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSD
Dominant bias: Bullish
Price went up 210 pips last week (470 pips since June 27), closed above the support line at 1.1650, and is looking to test the resistance lines at 1.1700, 1.1750 and 1.1800 this week. However, the more the market goes up, the higher the chance of a reversal, which is likely to happen before the end of the month.
USDCHF
Dominant bias: Bearish
Price slid roughly 200 pips last week (600 pips since May 12) and closed above the support level at 0.9450 - forming a huge Bearish Confirmation Pattern in the process. Further decline is expected this week – likely testing the support levels at 0.9450, 0.9400, and 0.9350, but if USD gains strength then it will cause a reversal.
GBPUSD
Dominant bias: Neutral
This pair is bullish in the long term, but neutral in the short term. Price tested the distribution territory at 1.3100 last week before correcting back to the accumulation territory at 1.2950. Movement above the distribution territory at 1.1300 will help restore bullish confidence, but movement below the accumulation territory at 1.2800 will result in a bearish bias. Activity between the distribution territory at 1.3050 and the accumulation territory at 1.2900 will keep the short-term neutrality.
USDJPY
Dominant bias: Bearish
Price dropped 140 pips last week (330 pips since July 11), tested the demand level at 111.00, and will most likely breach it this week. Other bearish targets are located at the demand levels of 110.50, 110.00 and 109.50. There is a strong bearish outlook on JPY pairs this week, so long trades are not recommended.
EURJPY
Dominant bias: Bullish
After consolidating last week, further consolidation may result in short-term neutrality. Euro strength has allowed the bullish bias to hold but, this week, the supply zones at 130.50 and 131.00 will be tested (though a strong pullback is likely before the end of the month due to the bearish outlook on JPY pairs).
This forecast is concluded with the quote below:
“Trading is a great business for those who master it, and those who master it are traders who have mastered themselves.” - Joe Ross
Azeez Mustapha
Currency Analyst
Tallinex Limited
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