Weekly Trading Forecasts for Major Pairs (August 21 - August 25, 2017)
20 August 2017, 23:30
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
The last 2 weeks have seen price move between the resistance line at 1.1850 and the support line at 1.1650, which has left the outlook neutral in the short term but bullish in the long term. Movement above 1.1850 will strengthen the current bias, but movement below 1.1650 will result in a bearish outlook - the latter being more likely due to expected weakness in the Euro this week.
USDCHF
Dominant bias: Neutral
The outlook is now neutral due to a lack of directional movement since early August. Price will now need to exceed the resistance level at 0.9750 (creating a Bullish Confirmation Pattern), or drop below the support level at 0.9600 (creating a Bearish Confirmation Pattern). An up move is more likely due to expected weakness in CHF and strength in USD.
GBPUSD
Dominant bias: Bearish
The accumulation territory at 1.2850 was tested last week, but not breached. This week, the outlook for GBP pairs is bearish so, once 1.2850 is breached, the next targets will be the accumulation territories at 1.2800, 1.2750 and 1.2700.
USDJPY
Dominant bias: Bearish
August 14 to 16 saw price climb 160 pips - almost reaching the supply level at 111.00 before dropping 220 pips and closing above the demand level at 109.00 on Friday. The targets this week are the demand levels at 109.00, 108.50 and 108.00.
EURJPY
Dominant bias: Bearish
The first few days of last week saw a rally in the context of a downtrend that tested the supply zone at 130.00 before dropping 200 pips and closing above the demand zone at 128.00. Further decline is expected this week and should allow the demand level at 128.00 to be breached.
This forecast is concluded with the quote below:
“20+ years ago I knew I wanted to live life on my terms, I just didn’t know how to create the income that would allow that. That desire drove my focus on trading and still does today.” - Sam Seiden
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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