Weekly Trading Forecasts for Major Pairs (September 4 - September 8, 2017)
3 September 2017, 19:26
0
74
Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
The outlook is bullish in the long-term but bearish in the short-term. Price went up on Monday and Tuesday and tested the resistance line at 1.2050 before a bearish correction that pulled price down roughly 200 pips. The resistance line at 1.2050 will offer strong opposition to rallies this week, so the support lines at 1.1850 and 1.1800 are potential targets.
USDCHF
Dominant bias: Neutral
Price has consolidated - oscillating between the support level at 0.9450 and the resistance level at 0.9650 for 5 weeks. For the bias to change, a break of the resistance level at 0.9750 or the support level at 0.9450 is needed, which is expected this week.
GBPUSD
Dominant bias: Bearish
Price consolidated last week, but is still bearish in the long term, so testing the accumulation territories at 1.2900, 1.2850 and 1.2800 is possible this week. However, given current price action, price may go up by 100 - 150 pips.
USDJPY
Dominant bias: Bearish
Recent bullish movement has threatened the current trend. Last week saw price test the demand level at 108.50 before bouncing to the supply level at 110.50 and closing above the demand level at 110.00 on Friday. Movement above the 111.00 supply level will result in a bullish bias while movement below the demand level at 109.00 will emphasize the current bias.
EURJPY
Dominant bias: Bullish
Price went up last week and test the supply zone at 131.50 before correcting and closing below the supply zone at 131.00. A Bullish Confirmation Pattern is still present and cannot be invalidated unless price drops to around 129.00. Movement this week will be determined by the Yen.
GBPJPY
Dominant bias: Bearish
Despite being bearish in the long term, a bullish signal has been generated on the 4-hour chart after price gained roughly 230 pips last week. This has resulted in a bullish outlook for this week. Weakness in the Yen may allow the supply zones at 143.50, 144.00 and 144.50 to be tested this week, but any hint of Yen strength will impede bullish movement.
This forecast is concluded with the quote below:
“The real Holy Grail in trading is proper risk management. All of the successful traders I know follow a few specific, even conservative, risk management rules.” - Rick Wright
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
Privacy: You have been sent this email because of your existing relationship with Tallinex Limited - a company registered in St Vincent and the Grenadines (No. 22199 IBC 2014). We will send you similar updates periodically.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
ADVISORY WARNING: Tallinex Limited provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects but does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and Tallinex Limited specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Tallinex Limited expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never guarantee of future results.
