Weekly Trading Forecasts for Major Pairs (May 8 - May 12, 2017)
8 May 2017, 08:22
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
Monday to Wednesday saw price go sideways before climbing on Thursday and almost reaching the resistance line at 1.1000. This week may see gaps on EUR pairs due to the French presidential election and, should this occur, high volatility and strong movements will follow. Although the resistance lines at 1.1000, 1.1050 and 1.1100 may be tested, the chance of considerable pullbacks within the next several days are very likely.
USDCHF
Dominant bias: Bearish
Last week saw price drop - moving between the resistance level at 0.9950 and the support level at 0.9850 and leading to a bearish bias. Further decline is expected while EURUSD continues up, but USD will gain strength by the end of this week (or early next) and reverse the trend. Movement above the resistance level at 1.0000 will threaten the bearish bias.
GBPUSD
Dominant bias: Bullish
After consolidating until Wednesday in the context of an uptrend, price continued to climb - closing above the accumulation territory at 1.2951 and targeting the distribution territory at 1.3000. Given that the market remains bullish, once 1.3000 is breached, distribution territories at 1.3050 and 1.3100 will become the next targets.
USDJPY
Dominant bias: Bullish
The 140 pip climb last week (300 pips since April 24) resulted in a clean Bullish Confirmation Pattern. The supply level at 113.00 has been tested and will be likely breached as price starts targeting the supply levels at 113.50 and 114.00. This month could see JPY pairs turn bearish, which will change the current bullish bias.
EURJPY
Dominant bias: Bullish
Price gained 250 pips (500 pips since April 24) last week and tested the supply zone at 124.00. Once breached the supply zones at 124.50, 125.00 and 125.50 will be targeted. Temporary pullbacks are likely, but will need to exceed 300 pips to overturn the current bullish bias.
This forecast is concluded with the quote below:
“I trained myself to think of trading as an endeavor in which I strive to make points. Only later are those points translated to dollars. In that sense, for me trading is making point.” - Joe Ross
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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