Weekly Trading Forecasts for Major Pairs (June 5 - June 9, 2017)
4 June 2017, 20:12
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
After consolidating for the first few days of last week, a small up move led to price closing above the support line at 1.1250 and targeting the resistance line at 1.1300. With the bearish outlook on EUR pairs this week, a serious pullback may occur.
USDCHF
Dominant bias: Bearish
After turning bearish last week and dropping at least 110 pips (460 pips since May 11), a Bearish Confirmation Pattern has formed. June 2nd saw price close below the resistance level at 0.9650 while heading for the support level at 0.9600. That is the first target for the week - the second being the support level at 0.9550. Further decline is expected unless EURUSD shows signs of a pullback.
GBPUSD
Dominant bias: Bullish
The outlook is bullish in the long term, but neutral in the short term as price fluctuates without taking a specific direction. For a directional bias to occur, either the distribution territory at 1.3050 or the accumulation territory at 1.2700 must be breached.
USDJPY
Dominant bias: Bearish
Price went sideways last week, but turned conspicuously bearish on Friday. This may lead to the demand levels at 110.00, 109.50 and 109.00 being tested, although rally attempts may occur in the process. If so, they should be transient, because the general outlook for JPY pairs is bearish this month.
EURJPY
Dominant bias: Bullish
This pair is bullish in the long-term, but neutral in the short-term. After going up in May, the demand zone at 123.50 was tested last week before climbing 180 pips and briefly breaching the demand zone at 125.00 before closing below it on Friday. While EUR is strong in itself, some form of bullishness will be maintained.
This forecast is concluded with the quote below:
“If you haven’t already experienced sideways market types for yourself, you will soon discover that they occur a lot more frequently and go for longer periods of time than most new traders realize. If you know how to trade in sideways conditions, you will find plenty of opportunity and you’ll also dramatically boost your chances for long term trading success.” - Dr. Van Tharp
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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