Weekly Trading Forecasts for Major Pairs (February 13 - 17, 2017)
12 February 2017, 20:49
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSD
Dominant bias: Bearish
Last week saw price slide below the resistance line at 1.0650. The trend this month has essentially been bearish, and could continue as the support lines at 1.0600, 1.0550 and 1.0500 are targeted this week. Price must break above the resistance line at 1.0800 to invalidate the current outlook.USDCHF
Dominant bias: Bearish
The bias is bearish in the medium term, but bullish in the short term. Price has already moved from the support level at 0.9900 towards the resistance level at 1.0050 (which generated a short-term bullish signal), and movement above the resistance level at 1.0150 will result in a Bullish Confirmation Pattern. It is important to note that price has breached the 1.0000 level, which makes more bullish activity very likely.
GBPUSD
Dominant bias: Neutral
Ignoring the volatility of February 7, price has entered an equilibrium phase after generally moving sideways last week. Although this phase could continue, there will almost certainly be a strong breakout by the end of this month - most probably downward, as the outlook for GBP pairs remains bearish and heavy selling pressure could manifest at any time.
USDJPY
Dominant bias: Bearish
Apart from a weak rally on Thursday, the bullish expectation for JPY pairs failed to materialize last week. The bias is still bearish, so attempts to test the demand levels at 112.50 and 112.00 are possible. However, the bullish expectation for JPY pairs generally still holds, so JPY pairs could begin strong rallies at any point this month, and drag this pair along for the ride.
EURJPY
Dominant bias: Bearish
Price dropped 180 pips between Monday and Wednesday, and tested the demand zone at 119.50. A negligible bullish attempt has occurred since then - rallying 170 pips before correcting lower on Friday. These kinds of alternating, transient victories between bulls and bears will continue until a protracted, directional movement occurs. This will most likely be upward, so short trades should not be held for too long.
I’d like to conclude this forecast with the following quote:
“By the way, the absolute best trading opportunities these days are in Forex.” - Dr Van K Tharp
Azeez Mustapha
Currency Analyst
Tallinex Limited
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