Weekly Trading Forecasts for Major Pairs (April 3 - April 7, 2017)
2 April 2017, 20:50
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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 this pair climb, testing the resistance line at 1.0900 before dropping by almost 250 pips. Price closed near the support line at 1.0650, which will be breached, testing the other support lines at 1.0600 and 1.0550. The outlook for this pair and other EUR pairs is bearish for this month, although there will be visible rally attempts.
USDCHF
Dominant bias: Bearish
This pair went up last week after first moving briefly below the support level at 0.9850, then climbing for the rest of the week and closing above the support level at 1.0000. Movement above the resistance level at 1.0050 will pose a threat to the recent bearish bias; while movement above the resistance level at 1.0100 will result in a bullish bias. Price action this month will be largely determined by what happens to EURUSD.
GBPUSD
Dominant bias: Bullish
An upward move last week tested the distribution territory at 1.2600 before dropping to the accumulation territory at 1.2400. There were several unsuccessful attempts to breach that accumulation territory before climbing towards the distribution level at 1.2550. The distribution territories at 1.2600 and 1.2650 will be tested this week as the market moves up. There will be very strong bearish and bullish movements this month (which is also true for other GBP pairs).
USDJPY
Dominant bias: Bearish
This pair climbed last week, but not enough to override the current bearish bias. Price reached the supply level at 112.00 and later closed below the supply level at 111.50. There was an expectation of a very strong bullish move last week and close to 170 pips was achieved. Price may continue to climb, but not strongly. The outlook on JPY pairs is bearish for this month.
EURJPY
Dominant bias: Bearish
The market consolidated for most of last week, in the context of a downtrend. That started on March 22 and ended on March 31 when price dropped and closed below the supply zone at 119.00. There are immediate targets at the demand zones of 118.50 and 118.00, but they may be exceeded. The outlook on JPY pairs is bearish for this month and as EUR becomes weaker the market will continue to move down.
This forecast is concluded with the quote below:
“A trading strategy is defined by a set of rules. It is following these rules that give the system it’s ‘edge’ over a period of time. This edge produces a result that is better than random, and most importantly produces a profit.” - Jasper Lawler
Azeez Mustapha
Currency Analyst
Tallinex Limited
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