Weekly Trading Forecasts for Major Pairs (June 19 - June 23, 2017)
19 June 2017, 07:22
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
This pair consolidated last week in the context of an uptrend. The outlook on this and certain other EUR pairs is bearish this week, and movement below the support line at 1.1100 will threaten the current bullish outlook. The targets this week are at the support lines at 1.1050 and 1.1000.
USDCHF
Dominant bias: Bearish
Regardless of the minor bullish effort made at the end of last week, the bias will remain bearish unless the resistance level at 0.9900 is breached (very likely since EURUSD is expected to drop and CHF is also likely to weaken - helping USD to rally against it).
GBPUSD
Dominant bias: Neutral
This is a volatile market that has put the recent bullish outlook in a precarious situation. A directional move is needed before a new bias can be determined in the short-term. Breaching the accumulation territory at 1.2600 will result in a bearish signal, and breaking the distribution territory at 1.2900 will result in a bullish signal. Until then, the bias will remain neutral.
USDJPY
Dominant bias: Bearish
Price consolidated at the start of last week before a faint bullish effort on Thursday and Friday that allowed price to close above the demand level at 110.50. The outlook for JPY pairs is bearish this week, so any rallies should be disregarded and treated as short-selling opportunities.
EURJPY
Dominant bias: Bullish
The bias remains bullish, but may change at any time. Price closed above the demand zone at 124.00 so could reach the supply zones at 124.50 and 125.00 before dropping. Any Yen strength will cause JPY pairs to tumble, but price will need to break the demand zone at 121.00 before the bias turns bearish.
This forecast is concluded with the quote below:
“I’ve reached the point where I can now support myself with my trading profits.” - Dr Jack Loftis
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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