Weekly Trading Forecasts On Major Pairs (June 30 – July 4, 2014)

[analyst75]

Here’s the market outlook for the week:

EURUSD

Dominant bias: Bullish

This pair is now in an uptrend, though the movement is tardy and shaky. The price has been very volatile as the bulls and the bears fight for control. As a result of the Bullish Confirmation Pattern in the market, it is more likely that the pair would go further upwards. The resistance line at 1.3650 was tested and it could be tested again. It could even be breached to the upside.

USDCHF

Dominant bias: Bearish

The USD/CHF has also been slow and tardy, but bearish in outlook. So far, the market has been able to maintain its bearish bias, going lower in a slow and steady manner. This downward move is also riddled with high volatility. Since the sellers have supremacy here, there is a possibility that the price may reach the support level at 0.8900.

GBPUSD

Dominant bias: Bullish

Here, the barrier to further northward movement remains the distribution territory at 1.7050. The distribution territory was tested last week vigorously. It was tested this week as well; and up till now the price is yet to close above it. After suffering a transient setback, the price is now trying to go upwards to challenge the distribution territory again, which must be broken eventually, for the bullish outlook to hold onto its validity.

USDJPY

Dominant bias: Bearish

On the USD/JPY, it is advised that short-term orders should be considered rather than long-term ones. This is because the recent signals have been short-lived. Right now, there is a bearish indication in the market: it makes sense to seek short trades.

EURJPY

Dominant bias: Bearish

The recent ‘buy’ signal on this cross was weak and unsustainable. The bias has turned bearish because of the perceived strength in the Yen. The EUR’s position is too delicate, and this is quickly reflected in its weakness against the Yen. The price tested the demand zone at 138.00; and with renewed bearish effort, it could go lower to test the demand zone at 137.00.

This forecast is concluded with the quote below:

“It is the sum of all trades that is relevant for the trading result, not the single trade.” – Jens Klatt

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The remote trade showcase likewise called forex, FX, or cash advertising was one of the original financial markets shaped to bring structure to the burgeoning worldwide economy. As far as trading volume, it is, by a wide margin, the biggest financial market on the planet. Monetary standards are constantly exchanged sets, so the "esteem" of one of the monetary standards in that pair is comparative with the estimation of the other. This determines the amount of nation A's money nation B can purchase, and the other way around. Besides providing a scene for the buying, selling, exchanging, and theory of monetary standards, the forex showcase additionally empowers cash change for international exchange repayments and investments.

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