Weekly Trading Forecasts for Major Pairs (March 27 - March 31, 2017)
26 March 2017, 21:16
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
This pair still managed to hold out with a bullish signal last week, given the current short-term consolidation in the market. Price reached the resistance line at 1.0800 and moved sideways untill Friday. There were many unsuccessful attempts to breach that level but price could not stay above it. This week, may have more luck. A strong possibility of weakness remains in the market, unless USD continues to show weakness versus EUR.
USDCHF
Dominant bias: Bearish
After a 70 pip drop last week, which tested the support level at 0.9900, a level that will most likely be breached this week (while selling pressure remains in the market). Since price fell below the psychological level at 1.0000, it will be difficult for it to go above that level again. There are potential targets at the support levels of 0.9850 and 0.9800 this week, which could be reached as long as this pair continues to show weakness.
GBPUSD
Dominant bias: Bullish
After reaching the distribution territory at 1.2500; this pair consolidated untill the end of the week. A strong Bullish Confirmation Pattern remains in the market, while the outlook on GBP pairs continues to be bullish, with further bullish movement to be expected this week. This pair will continue to climb by a minimum of 150 pips, testing the distribution territories at 1.2550, 1.2600 and 1.2650.
USDJPY
Dominant bias: Bearish
With a 160 pip drop last week (430 pips since March 10), this led to a strong bearish bias on the market, which will continue as long as this pair remains weak. The demand level at 111.00 was tested several times last week, but price managed to close above it. This week, further down movement can be expected, once the demand level at 111.00 is breached. However, there is an indication of possible rallies on JPY pairs before the end of the month, which will also affect this pair.
EURJPY
Dominant bias: Bearish
Last week saw a 180 pip drop (310 pips since March 13), which tested the demand zone at 119.50. There is currently a “sell” signal in the market, which may enable the demand zones at 119.00 and 118.50 to be reached, however there could be a rally before the end of the month which is also expected on other JPY pairs.
This forecast is concluded with the quote below:
“It is critical to develop a well thought out and organized trading plan. It is then important to have the discipline needed to follow it… Trading should bring fulfillment of your business and personal goals.” - Andy Jordan
Azeez Mustapha
Currency Analyst
Tallinex Limited
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