Weekly Trading Forecasts for Major Pairs (July 3 - July 7, 2017)
2 July 2017, 20:28
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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 bullish breakout last week put an end to the neutral bias that had been in place since June 12 as price climbed more than 250 pips and almost reached the resistance line at 1.1450 before closing above the support line at 1.1400. A Bullish Confirmation Pattern has formed, making further bullish movements a possibility. The outlook on EUR pairs is bearish for this week, with a bearish run being likely before the end of this week.
USDCHF
Dominant bias: Bearish
There was a quick drop last week which tested the support level at 0.9550 before closing near the resistance level at 0.9600. The bias is currently bearish, but may change if EURUSD drops this week. The support levels at 0.9550 and 0.9500 may be tested, as may the resistance levels at 0.9600, 0.9650 and 0.9700.
GBPUSD
Dominant bias: Bullish
This pair rose 310 pips last week and closed above the accumulation territory at 1.3000 on Friday. Further gains are possible, but may be hindered since the outlook for this and certain other GBP pairs is bearish this week. A serious correction may occur before the end of the week as a result of strong July volatility for GBP pairs.
USDJPY
Dominant bias: Bullish
There was a slow climb last week - testing the supply level at 112.50, but failing to close above it. Since June 14, roughly 340 pips have been gained (resulting in the current bullish bias), but that may soon end as the outlook for JPY pairs is bearish for this month.
EURJPY
Dominant bias: Bullish
Price rapidly climbed around 400 pips from the demand zone at 124.50 and tested the supply zone at 128.50. There is a significant Bullish Confirmation Pattern present, so short trades are not currently encouraged until a deep correction occurs - it will happen eventually due to a bearish outlook on JPY pairs in July.
This forecast is concluded with the quote below:
“Independence has a slightly different meaning when it comes to the world of trading, but it is an important one. Trading gives us the independence from having to have a “9-5” job. It gives us the freedom to work from just about anywhere in the world (thanks, in part, to technology). We can choose what we want to trade, how much we want to trade and even take breaks whenever we want. It’s one of the best “jobs” you can have.” - TradingEducators
Azeez Mustapha
Currency Analyst
Tallinex Limited
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