Weekly Trading Forecasts for Major Pairs (June 26 - June 30, 2017)
25 June 2017, 19:03
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Neutral
After moving between the resistance line at 1.1250 and the support line at 1.1100, no other significant movement was seen last week. This led to a neutral bias that will hold until that range is breached. An up-move is most likely this week.
USDCHF
Dominant bias: Bearish
There was no significant movement last week. Price tested the resistance level at 0.9750 and later closed below the resistance level at 0.9700 on Friday - maintaining the long-term bearish bias. Further bearish activity is anticipated this week - especially with EURUSD expected to rise. The targets for this week are at the support lines at 0.9650, 0.9600 and 09550.
GBPUSD
Dominant bias: Bearish
The bearish signal that started on June 9 is continuing. Price dropped to test the accumulation territory at 1.2600, and later bounced up, to close above the accumulation territory at 1.2700. Regardless, the outlook for this and certain other GBP pairs remains bearish for this week. Price may reach the accumulation territories of 1.2700, 1.2650 and 1.2600 - all of which were tested last week.
USDJPY
Dominant bias: Neutral
After consolidating last week, the outlook is now neutral. The bullish signal generated on June 15 was rendered ineffectual owing to an inability to push price upwards, and may result in a smooth bearish run before the end of this week as the outlook for JPY pairs is bearish.
EURJPY
Dominant bias: Bullish
Bullishness has been maintained, despite the odds against it. Price oscillated between the demand zone at 123.50 and the demand zone at 124.50 (formerly a supply zone) last week and, since price closed above 124.50, imminent bullish intent has been revealed.
This forecast is concluded with the quote below:
“Regular and honest self-assessment of your trading performance is crucial to your long-term success… It’s never comfortable to review a scenario and admit your mistakes, but doing so leads to massive personal growth as a trader — and in life too.” - Deron Wagner
Azeez Mustapha
Currency Analyst
Tallinex Limited
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PO Box 362, Kingstown, VC0100
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https://www.tallinex.com
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