Weekly Trading Forecasts for Major Pairs (May 1 - May 5, 2017)
30 April 2017, 19:53
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
Last week opened with a massive gap-up that also affected other EUR pairs. Price reached the resistance line at 1.0950 then consolidated until the end of the week. The gap created a bullish bias that will not last long as weakening is expected this week. With resistance lines at 1.1000 and 1.1050, the support lines at 1.0900, 1.0850 and 1.0800 will be tested this week.
USDCHF
Dominant bias: Bearish
Price consolidated last week in the context of a short-term bearish mode as the last several days have seen price unable to go above the resistance level at 1.0000 or below the support level at 0.9900. A move above the resistance levels at 1.0000 and 1.0100 will result in a Bullish Confirmation Pattern, and a move below the support levels at 0.9900 and 0.9800 will reinforce the existing bearish outlook.
GBPUSD
Dominant bias: Bullish
There was consolidation from April 24 to 26 prior to resuming the climb that began on April 10 and testing the distribution territory at 1.2950 before market close on Friday. Price has risen 570 pips since April 10, and is likely to continue given the strong Bullish Confirmation Pattern and the bullish outlook on GBP pairs for May. Bearish attempts may manifest, but the bullish bias could survive until the end of May.
USDJPY
Dominant bias: Bullish
As with other JPY pairs, the market opened with a gap up last week. The gap resulted in a bullish signal forming as price climbed further and tested the supply level at 111.50. The bullish bias might hold for a few more days, (reaching the supply levels at 112.00, 112.50 and 113.00 at most), but the outlook is bearish for this week and for May in general, so a major pullback will eventually happen.
EURJPY
Dominant bias: Bullish
Last week saw the market gap-up at the open, but the gap was not filled as price continued to climb on Tuesday - almost testing the supply zone at 122.00, then consolidating until the end of the week. Upward movement may still occur, though there is a high probability of strong selling pressure this week and for all of May that will override the current bullish signal. The outlook on JPY pairs is seriously bearish for May.
This forecast is concluded with the quote below:
“Today, I am a full-time active private trader and I am thankful that trading has eliminated the need for me to re-enter the corporate world. I’m also a full-time Mum to two fabulous kids who are benefiting from the time I’m now able to spend with them every single day… Really, this is a profession you can enter regardless of your educational background” - Louise Bedford
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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