Weekly Trading Forecasts for Major Pairs (April 10 - April 14, 2017)
10 April 2017, 08:35
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bearish
Last week saw price move sideways from Monday to Friday before falling and closing below the resistance line at 1.0600 (almost reaching the support line at 1.0550). Although rallies may occur, they will only be temporary. A Bearish Confirmation Pattern remains, and will lead to the support lines at 1.0500 and 1.0450 being tested this week.
USDCHF
Dominant bias: Bullish
After consolidating at the start of last week, there was a climb of 80 pips (270 pips since March 27). This week will see the resistance levels at 1.0100 and 1.0150 tested, but the support levels at 1.0050 and 1.0000 might impede short-term pullbacks. There cannot be a decline in this pair without a strong EURUSD uptrend.
GBPUSD
Dominant bias: Neutral
With no directional movement last week, an equilibrium phase will continue while price stays between the accumulation territory at 1.2300 and the distribution territory at 1.2600. A strong bullish trend is forecast for GBP pairs, so a break upwards may be seen before the end of the week.
USDJPY
Dominant bias: Bearish
This pair consolidated last week between the supply level at 111.50 and the demand level at 110.00. With the bearish outlook for JPY pairs this month, further decline can be expected once the demand level at 110.00 is breached.
EURJPY
Dominant bias: Bearish
After dropping 110 pips last week (roughly 500 pips since March 13), the demand zone at 117.50 was tested. If the demand zone at 117.50 is breached then the demand zones at 117.00, 116.50 and 116.00 will be tested.
This forecast is concluded with the quote below:
“At the moment I am able to live from my trading income and I hope I can do this for the longer term.” - Matthias Knopf
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
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