Weekly Trading Forecasts for Major Pairs (March 6 - March 10, 2017)
5 March 2017, 17:43
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bearish
Last week saw a down move which tested the support line at 1.0500 and led to a significant rally on Friday that could prove a good opportunity to sell short at better prices (unless the resistance line at 1.0700 is breached, which would result in a bullish signal). However, the bias is still downward, so this week could see a test of the support lines at 1.0450, 1.0400 and 1.0350.
USDCHF
Dominant bias: Bullish
Although showing signs of weakness, price climbed above the support level at 1.0050 so, as long as EURUSD continues its downtrend, reaching the resistance levels at 1.0100 (which was tested and briefly breached last week), 1.0150 and 1.0200 should be possible. However if price moves below the support level at 1.0000 then the outlook will become bearish.
GBPUSD
Dominant bias: Bearish
Price fell 200 pips last week - briefly moving below the accumulation territory at 1.2250 before bouncing though, based on the bias, that reversal may be temporary. The accumulation territories at 1.2250, 1.2200 and 1.2150 are possible targets for this week and may see supportive declines by pairs such as GBPNZD and GBPAUD.
USDJPY
Dominant bias: Bullish
Price climbed 250 pips from the demand level at 112.00 to reach the supply level at 114.50. Since JPY is showing signs of weakness, it is possible that the supply levels at 115.00, 115.50 and 116.00 might be reached this week, and this would strengthen the bullish signal for this pair.
EURJPY
Dominant bias: Bullish
From the demand zone at 118.50, the market closed above the demand zone at 121.00 on March 3 - a gain of 270 pips. There is now a strong Bullish Confirmation Pattern on this pair that may see the supply zones at 121.50, 122.00 and 122.50 reached this week.
I’d like to conclude this forecast with the following quote:
“Traders, by their very nature, are optimistic risk takers. We believe we can make money. We say ‘Yes’ to risk. We say ‘Yes’ to learning about how to trade effectively. We say ‘Yes’ to a brighter future for ourselves and our family.” - Louise Bedford
Azeez Mustapha
Currency Analyst
Tallinex Limited
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