Weekly Trading Forecasts for Major Pairs (April 17 - April 21, 2017)

16 April 2017, 20:14
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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 consolidation with a slight rally on Wednesday. A bearish outlook remains while the resistance line at 1.0800 is untouched - until breached, any rallies should be taken as good “sell” signals.

USDCHF
Dominant bias: Bullish
After consolidating last week, price remained above the support level of 1.0000 and maintained the bullish bias. The resistance levels at 1.0100 and 1.0150 will be tested this week, but movement is linked to EURUSD.

GBPUSD
Dominant bias: Bullish
Last week saw a climb of 190 pips which tested the distribution territory at 1.2550 before a shallow correction. The distribution territory at 1.2550 should be tested this week – if breached, price will proceed towards the other distribution territories at 1.2600, 1.2650 and 1.2700.

USDJPY
Dominant bias: Bearish
A drop of 290 pips last week ended the flat period and formed a clean Bearish Confirmation Pattern. With the bearish outlook on JPY pairs this month, the demand levels at 108.50, 108.00 and 107.50 should be tested this week.

EURJPY
Dominant bias: Bearish
After falling 270 pips last week (730 pips since March 13) and closing below the supply zone at 115.50, the demand zones at 115.00, 114.50 and 114.00 are targets for this week. Temporary bullish movement may also be seen.

This forecast is concluded with the quote below:

It feels good when I look at returns of big hedge funds, and see that I beat many of them almost every year.” - Roland Manuhutu

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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