Weekly Trading Forecasts for Major Pairs (October 16 - October 20, 2017)
16 October 2017, 08:22
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Content courtesy of Tallinex Limited https://www.tallinex.com
Here is the market outlook for this week:EURUSD
Dominant bias: Bullish
Price went up last week, creating a short-term bullish signal before a correction occurred on Friday. This week, movement above the resistance line at 1.1900 will strengthen the current bias (an unlikely event), while movement below the support lines at 1.1750 and 1.1700 will result in a bearish bias (more likely, as the outlook on EUR is bearish for this week).
USDCHF
Dominant bias: Bullish
This pair is precariously bullish, as no significant movement was seen last week, apart from a 50 pip drop. Movement will be determined by what happens to EURUSD - weakness may maintain the current bullish outlook, otherwise a steady decline can be expected this week.
GBPUSD
Dominant bias: Bullish
There is a “buy” signal with a Bullish Confirmation Pattern present. Over 210 pips was gained last week, and further gains are expected this week - targeting the distribution territories at 1.3300, 1.3350 and 1.3400. The “buy” signal will remain valid unless the accumulation territories at 1.3150 and 1.3100 are breached.
USDJPY
Dominant bias: Bullish
The outlook is bullish in the long-term and bearish in the short-term, but no significant down moves were seen last week, and price closed below the supply level at 112.00 on Friday. For a bearish signal to be generated, price will need to fall 200 pips (which may also form a long-term bearish bias), but if price climbs, the current bias will be strengthened.
EURJPY
Dominant bias: Bullish
After climbing at the beginning of last week, testing the supply zone at 133.50, price dropped about 120 pips on Thursday. The bias is bullish in the long-term, which will be strengthened as price proceeds to climb while the demand zones at 132.00, 131.50 and 131.00 will try to impede any further bearish movement, however the bias will change if price goes below the demand zone at 131.00.
GBPJPY
Dominant bias: Bearish
There was consolidation last week that is likely to continue this week barring a rise in momentum. Price will need breach the supply zone at 150.00 (creating a bullish outlook) or stay below the demand zone at 147.00 (strengthening the bearish bias). Consolidation (in the context of an uptrend) will continue while price remains within those boundaries.
This forecast is concluded with the quote below:
“And if your trading and investing goals aren’t written down (and reviewed regularly), then you have a much lower probability of achieving them.” - D. R. Barton, Jr.
Azeez Mustapha
Currency Analyst
Tallinex Limited
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