Weekly Trading Forecasts for Major Pairs (June 8 - 12, 2015)
7 June 2015, 18:59
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Here’s the market outlook for this week:
EURUSD
Dominant bias: Bullish
The popular Non-Farm Employment Change and other employment figures coming out of the US and Canada caused significant impact on the markets on June 5, 2015. The figures had positive effects on USD and CAD - seriously affecting USD and CAD pairs in the near-term (please review your charts to see what happened). The effect on EURUSD (which was trying to remain bullish last week) was negative, but the bullish outlook remains intact unless the support line at 1.1000 is breached. The effect of the US employment figures has given potential buyers an opportunity to enter the market at better prices as an upwards bounce is possible. However, movement below the 1.1000 support line could signal the beginning of another bearish run.
USDCHF
Dominant bias: Bearish
The economic figures released on Friday had a positive impact on this pair. The bearish outlook is still valid, but precarious, as price threatens to break the resistance level at 0.9500. Should price close above the resistance level, it could lead to a ‘buy’ signal, but movement below the support level at 0.9300 will simply reinforce the existing bearish bias.
GBPUSD
Dominant bias: Bearish
This is a bear market. Although bulls made praiseworthy attempt to push price upwards last week (managing to get above the distribution territory at 1.5400 and eyeing the distribution territory at 1.5450), bullish energy was far outstripped by selling pressure; causing the bulls to forfeit their gains for the week. Cable needs to move above the distribution territory at 1.5450 before long trades make any sense now.
USDJPY
Dominant bias: Bullish
This pair has gained over 600 pips since the middle of May, but price began to move sideways last week in a bearish challenge to bullish supremacy. Ultimately, the fundamental figures released on Friday were the final blow that broke the bears’ obstinacy, so this pair could well continue trending upwards as the Yen is weak.
EURJPY
Dominant bias: Bullish
This cross moved upward very strongly last week and a weekly gain of 500 pips is significant enough to maintain a clean Bullish Confirmation Pattern in the market. The supply zone at 141.00 has been tested and may be tested again and/or breached this week. Even if some bearish correction occurs later this week or next, some initial northward attempt is likely.
I’d like to conclude this forecast with the following quote:
“If you diversify, control your risk, and go with the trend, it just has to work.” - Larry Hite
EURUSD
Dominant bias: Bullish
The popular Non-Farm Employment Change and other employment figures coming out of the US and Canada caused significant impact on the markets on June 5, 2015. The figures had positive effects on USD and CAD - seriously affecting USD and CAD pairs in the near-term (please review your charts to see what happened). The effect on EURUSD (which was trying to remain bullish last week) was negative, but the bullish outlook remains intact unless the support line at 1.1000 is breached. The effect of the US employment figures has given potential buyers an opportunity to enter the market at better prices as an upwards bounce is possible. However, movement below the 1.1000 support line could signal the beginning of another bearish run.
USDCHF
Dominant bias: Bearish
The economic figures released on Friday had a positive impact on this pair. The bearish outlook is still valid, but precarious, as price threatens to break the resistance level at 0.9500. Should price close above the resistance level, it could lead to a ‘buy’ signal, but movement below the support level at 0.9300 will simply reinforce the existing bearish bias.
GBPUSD
Dominant bias: Bearish
This is a bear market. Although bulls made praiseworthy attempt to push price upwards last week (managing to get above the distribution territory at 1.5400 and eyeing the distribution territory at 1.5450), bullish energy was far outstripped by selling pressure; causing the bulls to forfeit their gains for the week. Cable needs to move above the distribution territory at 1.5450 before long trades make any sense now.
USDJPY
Dominant bias: Bullish
This pair has gained over 600 pips since the middle of May, but price began to move sideways last week in a bearish challenge to bullish supremacy. Ultimately, the fundamental figures released on Friday were the final blow that broke the bears’ obstinacy, so this pair could well continue trending upwards as the Yen is weak.
EURJPY
Dominant bias: Bullish
This cross moved upward very strongly last week and a weekly gain of 500 pips is significant enough to maintain a clean Bullish Confirmation Pattern in the market. The supply zone at 141.00 has been tested and may be tested again and/or breached this week. Even if some bearish correction occurs later this week or next, some initial northward attempt is likely.
I’d like to conclude this forecast with the following quote:
“If you diversify, control your risk, and go with the trend, it just has to work.” - Larry Hite
