Weekly Trading Forecasts for Major Pairs (February 27 - March 2, 2017)
26 February 2017, 19:17
0
55
Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bearish
This pair headed south last week and tested the support line at 1.0500 before bouncing on Thursday and Friday. The bounce should provide good selling opportunities because price is expected to fall to the support line at 1.0500 again this week - possibly further. The outlook on EURUSD (and other EUR pairs) is strongly bearish for this week and the month of March.
USDCHF
Dominant bias: Bullish
There is a weak bullish signal because price has only moved up about 200 pips this month. There was a brief push above the resistance level at 1.0100 last week before the correction that started on Thursday, but there is still a tendency for price to continue upwards if EURUSD continues south.
GBPUSD
Dominant bias: Neutral
The bias remains neutral after at least three weeks of oscillating between the accumulation territory at 1.2350 and the distribution territory at 1.2600. There is a need for price to stay above that distribution territory or below that accumulation territory before the bias will change. GBP pairs could become considerably bearish during March, though some attempts to rally are likely at the end of the month.
USDJPY
Dominant bias: Neutral
The bias is neutral in the medium term and bearish in the short term. Consolidation early last week changed to decline on Thursday and Friday and resulted in a short-term Bearish Confirmation Pattern which may see price reach the demand levels at 111.50 and 111.000, but this does not exclude a rally since serious bullish effort is expected on most JPY pairs in March.
EURJPY
Dominant bias: Bearish
There is a strong bearish signal on this cross, which has already fallen 350 pips this month, and the drop of 150 pips last week saw the market close below the supply zone at 118.50 so the demand zones at 118.00 and 117.50 could be tested this week if serious weakness in the Yen does not cause price to jump - a possibility during March.
I’d like to conclude this forecast with the following quote:
“A good plan will include a well-tested strategy, a trading method, or a setup. Having a positive expectation should allow you to have the confidence to start trading your plan.” - Andy Jordan
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.
