Weekly Trading Forecasts for Major Pairs (September 25 - September 29, 2017)
24 September 2017, 18:58
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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
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