Weekly Trading Forecasts for Major Pairs (July 31 - August 4, 2017)
30 July 2017, 20:04
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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 climbed 100 pips last week to test the resistance line at 1.1750, and will likely target the resistance lines at 1.1800 and 1.1850 this week. Despite the outlook for Euro pairs being bullish for August, this week is expected to be bearish, so a considerable correction is possible.
USDCHF
Dominant bias: Bullish
Perpetual weakness in CHF has helped create a clean bullish signal as most CHF pairs skyrocketed last week - roughly 250 pips last week in this case, and the climb will continue while CHF remains weak. The resistance levels at 0.9750 and 0.9800 should be tested, though CHF will start regaining recent losses throughout August and send CHF pairs south.
GBPUSD
Dominant bias: Bullish
The distribution territory at 1.3150 was repeatedly tested last week and may be breached this week as the distribution territories at 1.3200 and 1.3250 are targeted. Although GBP pairs will experience mixed results during August, the outlook will not become bearish while price remains above the accumulation territory at 1.2850.
USDJPY
Dominant bias: Bearish
Last week tested the supply level at 112.00 before dropping to close below the demand level at 111.00. The next target is the demand level at 110.50, which should easily give way as the demand levels at 110.00 and 109.50 are targeted. The outlook on JPY pairs is bearish throughout August, so long trades are not recommended.
EURJPY
Dominant bias: Neutral
Two weeks of consolidation has resulted in short term neutrality. Movement above the supply zone at 130.50 will form a Bullish Confirmation Pattern and movement below the demand zone at 128.00 will result in a bearish bias. The August outlook for JPY suggests a break downwards.
This forecast is concluded with the quote below:
“It doesn’t matter how often a method or system wins, what matters is the bottom line: does the method or system make money for you?! If it does, then stick with the bottom line.” - Andy Jordan
Azeez Mustapha
Currency Analyst
Tallinex Limited
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PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com
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