Weekly Trading Forecasts for Major Pairs (November 13 - 17, 2017)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
The market consolidated last week, and made some bullish effort on Thursday and Friday (in the context of a downtrend). There is a bullish signal in the short-term, and once the resistance line at 1.1750 is breached to the upside, the bias would turn bullish. The outlook on EUR pairs is bullish for this week, and thus, other resistance lines that would be reached are located around 1.1800 and 1.1850.
USDCHF
Dominant bias: Bullish
This pair is bullish in the long-term, but it is becoming bearish in the short-term. Basically, price moved sideways from Monday to Wednesday and then moved lower on Thursday. Further bearish movement is possible this week, and the targets are the support levels at 0.9950, 0.9900 and 0.9850. However, there would not be a very serious bearish movement this week because USD would retain some of its stamina this week.
GBPUSD
Dominant bias: Neutral
GBPUSD is quite choppy and volatile, characterized by short-term upswings and downswings with no directional movement. This week or next, it is possible for price to either go above the distribution territory at 1.3300 (creating a strong bullish bias); or it would go below the accumulation territory at 1.3050 (creating a strong bearish bias). Strong directional movements are anticipated on other GBP pairs this week
USDJPY
Dominant bias: Bullish
This pair is bullish in the long-term, but bearish in the short-term. As soon as price tested the supply level at 114.50, it went downwards by 100 pips (throughout last week), closing slightly below the supply level at 113.50. Should price move southwards this week, the demand levels at 113.00 and 112.50 would be reached. A northwards movement above the supply levels at 114.00, 114.50 and 115.00 would help strengthen the recent bullish bias.
EURJPY
Dominant bias: Neutral
This is a neutral market. Price went downwards last week, testing the demand zone at 131.50, before bouncing upwards by 100 pips, to test the supply zone at 132.50. As long as price oscillates between the supply zone at 133.00 and the demand zone at 131.50, the neutrality in the market would be valid. Once the aforementioned supply zone or demand zone is breached, a directional bias would form.
GBPJPY
Dominant bias: Neutral
This cross has been performing what can be called downswings and upswings for several weeks, with no perpetual trending movement. In October price reached a high of 151.38 and a low of 146.93. The current neutral phase in the market would not be over until the supply zone at 151.50 is breached to the upside; or until the demand zone at 146.50 is breached to the downside. Until then, strategies that take advantage of short-term swings in this market would thrive.
This forecast is concluded with the quote below:
“No matter where you live or what your situation is, if you are willing to put the time and effort in, just about anyone can become a successful trader.” – TradingEducators
Source: www.tallinex.com
Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html
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