Weekly Trading Forecasts for Major Pairs (October 2 - October 6, 2017)
4 October 2017, 17:23
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Content courtesy of Tallinex Limited https://www.tallinex.com
Here is the market outlook for this week:EURUSD
Dominant bias: Bearish
Price fell around 200 pips last week - briefly dropping below the support line at 1.1750 before rising to close above the support line at 1.1800. With a Bearish Confirmation Pattern present, further downwards movement is possible, so targets for this week are the support lines at 1.1800, 1.1750 and 1.1700. The shallow rally on Thursday and Friday should be a good opportunity to go short at slightly higher prices as the outlook on EUR pairs is strongly bearish for October.
USDCHF
Dominant bias: Bullish
The short-term bullish outlook should be maintained this week as EURUSD slides southwards. CHF may strengthen over the next two weeks (which would make a smooth bullish run more difficult), but USD should gain strongly around the end of October to overcome any indecision.
GBPUSD
Dominant bias: Bearish
September was bullish, but the bearish correction last week (a drop of around 150 pips) has resulted in a “sell” signal. The outlook on GBP pairs is bearish for this week so long trades are not recommended. Reaching the accumulation territories at 1.3350, 1.3300 and 1.3250 is possible over the next few trading days.
USDJPY
Dominant bias: Bullish
Over 450 pips were gained since September 11, but further movement will be largely determined by what happens to USD this month. A strong USD will continue the climb, while weakness may cause a reversal of at least 200 pips over the next few weeks.
EURJPY
Dominant bias: Bullish
The drop on Monday and Tuesday was followed by consolidated for the rest of the week. A closer look reveals that bulls have subtly moved price in their favor – resulting in invalidation of recent bearish efforts. Movement above the supply zone at 134.00 will strengthen the bullish bias but movement below the demand zone at 131.50 will result in a bearish bias.
GBPJPY
Dominant bias: Bullish
Price climbed 1,100 pips in September before correcting on the 29th after almost a week of consolidation, so any additional gains will be limited due to expected GBP weakness in October. A decline of at least 400 pips is anticipated this month, which will invalidate the current bullish bias.
This forecast is concluded with the quote below:
“Successful trading careers start with plans that specify objectives, which in turn lead to success. There are psychological benefits to establishing objectives and developing plans to reach them.” - Joe Ross
Azeez Mustapha
Currency Analyst
Tallinex Limited
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