Weekly Trading Forecasts for Major Pairs (July 10 - July 14, 2017)
9 July 2017, 22:22
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSD
Dominant bias: BullishA bearish correction occurred from Monday to Wednesday before rallying on Thursday and closing on a bullish note on Friday. This has put an emphasis on the bullish bias, so occasional corrections will often lead to further rallies. The outlook is bullish for EUR pairs this week with initial targets being the resistance lines at 1.1450, 1.1500 and 1.1550.
USDCHF
Dominant bias: Bearish
A bullish attempt was made early last week which breached the resistance level at 0.9650, but was not strong enough to pose a threat to the dominant bias and price nose-dived again on Thursday due to the renewed stamina of EURUSD. The outlook for USD is bearish this week - allowing for the support levels at 0.9600 and 0.9550 to be tested.
GBPUSD
Dominant bias: Bullish
This pair is bullish in the long-term and bearish in the short-term. Price dropped 110 pips last week and closed below the distribution territory at 1.2900. The outlook for GBP pairs is strongly bullish this week, which should allow price to test the distribution territories at 1.2900, 1.2950 and 1.3000 - possibly exceeding them.
USDJPY
Dominant bias: Bullish
After gaining 510 pips since June 14, price ended up close to the supply level at 114.00, which will likely be breached based on the clean Bullish Confirmation Pattern. Once that occurs, the next targets will be the supply levels at 114.50, 115.00 and 115.50, but with the outlook this month being bearish, those targets may not be reached.
EURJPY
Dominant bias: Bullish
Price moved sideways at the start of last week, but has gained 740 pips since June 15, and closed near the supply zone at 130.00 on Friday. This level will be easily breached as the supply zones at 130.50, 131.00 and 131.50 are now targets and, while EUR remains strong, bearish reversals should not occur.
This forecast is concluded with the quote below:
“There is time to go long, time to go short, and time to go fishing. A good signal jumps at you from the chart and grabs you by the face – you can’t miss it.” - Jesse Livermore
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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