Weekly Trading Forecasts for Major Pairs (October 3 - 7, 2016)
2 October 2016, 17:13
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Neutral
Nothing significant happened last week - just a brief move above the resistance line at 1.1250 and a test of the support line at 1.1150. The bias has become neutral in the short- and long-term, and will continue until price goes out of balance, which should occur within two weeks. The October outlook for most EUR pairs is bearish, so probability has price declining this month.
USDCHF
Dominant bias: Bearish
This pair is short-term bearish, but long-term neutral. Efforts were made to push price up last week, but were ultimately resisted and, although the short-term outlook is bearish, price did nothing more than test the resistance level at 0.9750 and the support level at 0.9650. Luckily, there should be a rise in momentum this week.
GBPUSD
Dominant bias: Bearish
The long- and short-term outlooks are bearish, but price simply moved sideways last week - despite Bearish Confirmation Patterns being visible on the 4-hour and daily charts. Bearish movement is anticipated this week, which should drive price towards the accumulation territories at 1.2900, 1.2850 and 1.2800. Rallies will invariably turn out to be bull traps that present good short-selling opportunities. The accumulation territory at 1.2950 is currently doing a good job preventing further downside, though it could give way very soon. With the October outlook strongly bearish for GBP, large downside movements should be expected for most GBP pairs.
USDJPY
Dominant bias: Neutral
The overall market condition throughout September has been a kind of consolidation. Further sideways movement will result in a neutral long-term bias, but there is a high possibility of price starting to trend seriously by the end of this week, which could result in a bearish or bullish signal forming on the 4-hour chart.
EURJPY
Dominant bias: Neutral
Similar to the conditions surrounding USDJPY, price consolidated between the demand zone at 112.50 and the supply zone at 114.00 last week, but this week should see a rise in momentum taking price out of that range and resulting in a bearish or bullish short-term bias.
I’d like to conclude this forecast with the following quote:
“I am now doing things I have a passion for and am full time trading.” - Stefan Carling
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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