Weekly Trading Forecasts for Major Pairs (August 14 - August 18, 2017)
13 August 2017, 23:30
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Here’s the market outlook for this week: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
Price consolidated between the support line at 1.1700 and the resistance line at 1.1850 last week. Further consolidation will result in a neutral bias, movement above 1.1850 will strengthen the current bias, and movement below 1.1700 will threaten it.
USDCHF
Dominant bias: Bearish
Although some bullish effort occurred between July 25 and August 8, it was not enough to override the bearish bias. Price tested the resistance line at 0.9750 before dropping 250 pips and closing below the resistance line at 0.9650 on Friday. Targets for this week are the support levels at 0.9550 and 0.9500.
GBPUSD
Dominant bias: Bearish
Last week saw oscillation between the distribution territory at 1.3050 and the accumulation territory at 1.2950. Movement below 1.2950 will strengthen the current bias, but movement above the distribution territories at 1.3050, 1.3100 and 1.3150 will generate a new bullish signal.
USDJPY
Dominant bias: Bearish
Price has dropped 550 pips from the August high of 114.47 and tested the demand level at 109.00, before closing above it on Friday. With a strong Bearish Confirmation Pattern present, the targets this week are the demand levels at 109.00, 108.50 and 108.00 with the possibility of temporary up moves along the way.
EURJPY
Dominant bias: Bearish
Last week saw price drop 250 pips - ending the recent neutrality and forming a bearish bias. The bounce on Friday and close above the demand zone at 129.00 presents a good opportunity to sell short at better prices while the outlook remains bearish as further decline is expected this week - possibly testing the demand zones at 128.50, 128.00 and 127.50.
This forecast is concluded with the quote below:
“All good traders are also good record keepers. If they win a trade, they want to know exactly why and how… Traders who win consistently treat trading as a business.” - Matt Blackman
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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