Weekly Trading Forecasts for Major Pairs (June 12 - June 16, 2017)
11 June 2017, 23:52
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
The bias on this pair remains bullish but under threat as price consolidated last week, moving between the resistance lines at 1.1200 and 1.1300 before closing below 1.1200 on Friday. The outlook on EUR pairs is bearish this week, so the support lines at 1.1150 and 1.1100 are immediate targets.
USDCHF
Dominant bias: Bearish
Price basically stayed between the resistance level at 0.9700 and the support level at 0.9600 last week, but Friday saw 0.9725 reached before finally closing below 0.9700. Despite the feint rally, the dominant bias remains bearish with further bearishness expected this week as USD will be weak against CHF, NZD and AUD. The only thing that can cause a decent bullish run is a major pullback of EURUSD.
GBPUSD
Dominant bias: Bearish
GBP pairs went through major pullbacks last week. A Bearish Confirmation Pattern has now formed after a decline of over 200 pips (the initial drop was about 300 pips, but price bounced back). Further bearish movement is anticipated this week.
USDJPY
Dominant bias: Bearish
The decline on Monday and Tuesday was followed by a climb through to Friday, which all happened in the context of a downtrend that should continue this week as JPY pairs are very bearish. The demand levels at 109.50. 109.00, and 108.50 should therefore be tested this week.
EURJPY
Dominant bias: Bearish
The long-term bullish outlook is now being threatened, and is bearish in the short term after a 150 pip drop last week that tested the demand zone at 123.00 before moving sideways for the rest of the week. Things are currently volatile, but further bearish movement is anticipated (as with other JPY pairs), so the demand zones at 123.00, 122.50 and 122.00 may be breached.
This forecast is concluded with the quote below:
“If you have a strategy that works, stick to it.” - James Altucher
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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