Weekly Trading Forecasts for Major Pairs (September 25 - September 29, 2017)
24 September 2017, 18:58
0
94
Content courtesy of Tallinex Limited https://www.tallinex.com
Here is the market outlook for this week:EURUSD
Dominant bias: Neutral
A faint bullish attempt occurred between the 18th and 19th, fell back on the 20th, then rose on the 21st and 22nd. With no conspicuous bullish / bearish victory, the market remains neutral. Price needs to move above the resistance line at 1.2050 (staying above it), or below the support line at 1.1850 (staying below it) for a directional bias to form.
USDCHF
Dominant bias: Bullish
The move up last week (following early consolidation) has generated a bullish signal, so further gains are possible this week with the resistance levels at 0.9700, 0.9750 and 0.9800 as targets. Dropping below the support level at 0.9650 will force the market back into neutral territory, while breaching the support level at 0.9500 will result in a strong bearish bias.
GBPUSD
Dominant bias: Bullish
This pair consolidated throughout last week, albeit in the context of an uptrend. Price has gained roughly 700 pips this month, and more is possible. The distribution territory at 1.3650 (tested last week) is likely to be breached as other distribution territories are targeted this month. The outlook for GBP pairs therefore remains bullish for this week.
USDJPY
Dominant bias: Bullish
Last week saw gains of 150 pips (testing the supply level at 112.50) before correcting slightly. There is a clean Bullish Confirmation Pattern signaling further bullish movement this week, so the supply levels at 112.50, 113.00 and 113.50 might be reached before the end of the month. The demand levels at 111.50 and 111.00 will impede bearish attempts along the way.
EURJPY
Dominant bias: Bullish
The outlook is now bullish in the long and short term. Last week saw gains of 190 pips followed by a shallow correction on Friday – likely pre-empting a rise towards the supply zones at 134.00, 134.50 and 135.00. The outlook for JPY pairs is strongly bullish this week.
GBPJPY
Dominant bias: Bullish
About 1,100 pips were gained this month before the correction on Friday. Further correction is possible, but is unlikely to result in a bearish bias (JPY pairs are mostly expected to go upwards this week). It would, however, provide opportunities to enter the bullish trend at better prices as gains of 200 - 300 pips is anticipated before the end of September.
This forecast is concluded with the quote below:
“Trading goes best when it is yoked to rewards… that are independent of the most recent trading results.” - Brett Steenbarger, Ph.D.
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
Privacy: You have been sent this email because of your existing relationship with Tallinex Limited - a company registered in St Vincent and the Grenadines (No. 22199 IBC 2014). We will send you similar updates periodically.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
ADVISORY WARNING: Tallinex Limited provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects but does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and Tallinex Limited specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Tallinex Limited expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never guarantee of future results.
