Weekly Trading Forecasts for Major Pairs (July 17 - July 21, 2017)
16 July 2017, 20:48
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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 has been climbing since June 27 (maintaining its bullishness), and continued to zig-zag up last week to close above the support line at 1.1450 on Friday. The targets this week are the resistance lines at 1.1500 at 1.1550 and 1.1600, which will require strong buying pressure.
USDCHF
Dominant bias: Bearish
The market is bearish in the long term and neutral in the short term since no protracted movement has been seen for the last two weeks. To end the short term neutrality, price needs to break the resistance level at 0.9750 (which will threaten the bearish outlook) or move below the support line at 0.9550 (helping to emphasize it).
GBPUSD
Dominant bias: Bullish
The first few days of last week were flat, before bursting upwards and gaining roughly 240 pips on July 14. Further up moves are expected with the outlook on various GBP pairs being bullish for this week, so a climb of at least 200 pips is expected.
USDJPY
Dominant bias: Bullish
Bearish movement threatened the current bias last week. If price drops below the demand level at 111.50 then a Bearish Confirmation Pattern will form, and only a strong rally can remove the threat to the current bias. The outlook on JPY pairs is bearish for July.
EURJPY
Dominant bias: Bullish
This pair was bearish last week in the context of an uptrend. The attempted climb was halted by the supply zone at 130.50, after which a correction of 180 pips occurred, but not enough to drop below the demand zone at 128.50 (which is required for the bias to turn bearish, and is expected to happen this week, but may be scuttled by bouts of Euro strength).
This forecast is concluded with the quote below:
“I believe a winning trading strategy should be easy to learn and apply in the real world.” - Jack Loftis
Azeez Mustapha
Currency Analyst
Tallinex Limited
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