Yah, I guess so. It has already taken the plunge. Currently at 0.0572 and I missed the move. I will wait to trade retracement few hours from now.
Meanwhile there's an opportunity to trade retracememt on GBP/USD now at 1.2470.
Topic: Weekly Trading Forecasts on Major Pairs (Read 3362 times)
German ZEW economic indicator which measures the power of managers and business climate in Germany was 10.0 from a 15 predicted forecast. This show how weak the economy is in the Eurozone and how strong the dollar currently is.
Forecast Eur/Usd to fall more, Euro to weak further and the dollar to strengthen further for at least a few days.
Forecast Eur/Usd to fall more, Euro to weak further and the dollar to strengthen further for at least a few days.
Following Price Action with an eye on Eur/Usd, the support at 0.0590 couldn't be broken even though on a bearish move. I am longing it from this point with a 50 pip take...
Entry: 0.0599
TP : 0.0640
SL : 0.0579
Entry: 0.0599
TP : 0.0640
SL : 0.0579
Trade exited at 0.0630
Waiting for an entry position to short it now
Following Price Action with an eye on Eur/Usd, the support at 0.0590 couldn't be broken even though on a bearish move. I am longing it from this point with a 50 pip take...
Entry: 0.0599
TP : 0.0640
SL : 0.0579
Entry: 0.0599
TP : 0.0640
SL : 0.0579
Weekly Trading Forecasts on Major Pairs (February 13 - 17, 2017)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair trended downwards last week, going below the resistance line at 1.0650. The movement so far this month is essentially bearish and there is a possibility that further bearish movement would continue to hold out, as the support lines at 1.0600, 1.0550 and 1.0500 are targeted this week. There is a need for price to go above the resistance line at 1.0800 before the current outlook can be rendered invalid.
USDCHF
Dominant bias: Bearish
USDCHF is bearish in the medium-term, and bullish in the short-term. In the short-term, price has moved from the support level at 0.9900, towards the resistance level at 1.0050. This has already generated a short-term bullish signal, and a movement above another resistance level at 1.0150 would result in a Bullish Confirmation Pattern in the market. It is important to note that price has succeeded in breaching the great level at 1.0000 to the upside, making more bullish movement very likely.
GBPUSD
Dominant bias: Neutral
GBPUSD is currently in an equilibrium phase – having moved generally sideways last week (though price was volatile on February 7). While the market could remain in the equilibrium phase, there is going to be a serious breakout this week or next, which would most probably favor bears. The outlook on GBP pairs for this month remains bearish and heavy selling pressure could start anytime.
USDJPY
Dominant bias: Bearish
The bullish expectation for JPY pairs did not materialize last week, save a weak rally that was seen on Thursday. The bias on the market is still bearish, and price could attempt to test the demand levels at 112.50 and 112.00. On the other hand, the bullish expectation on JPY pairs are still in place: JPY pairs could assume strong rallies any day this week or next; with USDJPY being caught in a strong buying pressure.
EURJPY
Dominant bias: Bearish
From Monday to Wednesday, this cross pair went down 180 pips, testing the demand zone at 119.50. Price has been making some negligible bullish attempt since then, rallying by 170 pips and getting corrected lower on Friday. This kind of alternative but transient victories between the bull and the bear would continue until there is a protracted, directional movement, which is expected to be in favor of the bull. Short trades are may not be held onto for too long.
This forecast is concluded with the quote below:
“By the way, the absolute best trading opportunities these days are in Forex.” – Dr. Van K. Tharp
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair trended downwards last week, going below the resistance line at 1.0650. The movement so far this month is essentially bearish and there is a possibility that further bearish movement would continue to hold out, as the support lines at 1.0600, 1.0550 and 1.0500 are targeted this week. There is a need for price to go above the resistance line at 1.0800 before the current outlook can be rendered invalid.
USDCHF
Dominant bias: Bearish
USDCHF is bearish in the medium-term, and bullish in the short-term. In the short-term, price has moved from the support level at 0.9900, towards the resistance level at 1.0050. This has already generated a short-term bullish signal, and a movement above another resistance level at 1.0150 would result in a Bullish Confirmation Pattern in the market. It is important to note that price has succeeded in breaching the great level at 1.0000 to the upside, making more bullish movement very likely.
GBPUSD
Dominant bias: Neutral
GBPUSD is currently in an equilibrium phase – having moved generally sideways last week (though price was volatile on February 7). While the market could remain in the equilibrium phase, there is going to be a serious breakout this week or next, which would most probably favor bears. The outlook on GBP pairs for this month remains bearish and heavy selling pressure could start anytime.
USDJPY
Dominant bias: Bearish
The bullish expectation for JPY pairs did not materialize last week, save a weak rally that was seen on Thursday. The bias on the market is still bearish, and price could attempt to test the demand levels at 112.50 and 112.00. On the other hand, the bullish expectation on JPY pairs are still in place: JPY pairs could assume strong rallies any day this week or next; with USDJPY being caught in a strong buying pressure.
EURJPY
Dominant bias: Bearish
From Monday to Wednesday, this cross pair went down 180 pips, testing the demand zone at 119.50. Price has been making some negligible bullish attempt since then, rallying by 170 pips and getting corrected lower on Friday. This kind of alternative but transient victories between the bull and the bear would continue until there is a protracted, directional movement, which is expected to be in favor of the bull. Short trades are may not be held onto for too long.
This forecast is concluded with the quote below:
“By the way, the absolute best trading opportunities these days are in Forex.” – Dr. Van K. Tharp
Monthly Forecasts for CFDs (February 2017)
AUS200
Dominant bias: Bearish
The market was mostly bearish in January, and that was strong enough to bring about a bearish outlook on the market. Although volatile, price has not trended significantly in February, but it is more likely that further bearish movement would be witnessed. The current bearish outlook would remain valid until price is able to break the resistance line at 5800.00, an occurrence that would require a strong bullish pressure. Normally, the resistance lines at 5600.00, 5500.00 and 5000.00 could be reached.
SPX500
Dominant bias: Bullish
SPX500 is neutral in the short-term, but bullish in the long-term. Price consolidated mostly in January – an event that is still in place. The consolidation is in the context of an uptrend, and it is seen as a mere pause. A rise in momentum is expected soon, and it would most probably be in favor of the long-term bullish outlook. A movement below the support level at 2250.0 would render this expectation ineffectual, while the expectation would be effectual as long as price does not break the support level to the downside. Possible targets for this week are around the resistance levels at 2350.0, 2400.0 and 2450.0.
US30
Dominant bias: Bullish
The movement on US30 is quite similar to the movement on SPX500. Price went flat throughout January, while the dominant bias remains bullish. Price has formed a base as a result of the recent flat movement in the market, and the base would be in place until a strong movement happens in the market, which would most probably shoot price northwards. The distribution territories at 20500, 20600 and 20700 could be easily attained this month. A movement below the accumulation territory at 19600 would lead to a bearish signal.
GER30
Dominant bias: Bullish
This trading instrument is in a bullish mode, which was started by the strong rally that happened in November 2016. Price consolidated in January 2017, and attempted to rally on January 25, but further bullish movement was rejected at the supply level of 11900.0. The market would attempt to rally again this month, reach the aforementioned supply level and then go further upwards towards another supply levels at 12000.0 and 12050.0. Nonetheless, this would require a strong buying pressure to achieve – especially a breach of the supply level at 12000.0.
FRA40
Dominant bias: Bearish
FRA40 rallied in December 2016, forming a bullish bias: But the perpetual bearish movement in January 2017 has led to a Bearish Confirmation Pattern in the market, which is still a kind of new, and which has much room to go. From the beginning of the year, price has come down more than 1400 points, and there is a possibility that it may reach the demand zones at 4700.0, 4650.0 and 4600.0. The only thing that can render this expectation invalid is a situation in which price rallies again by at least, 1400 points, bringing about a bullish bias again.
AUS200
Dominant bias: Bearish
The market was mostly bearish in January, and that was strong enough to bring about a bearish outlook on the market. Although volatile, price has not trended significantly in February, but it is more likely that further bearish movement would be witnessed. The current bearish outlook would remain valid until price is able to break the resistance line at 5800.00, an occurrence that would require a strong bullish pressure. Normally, the resistance lines at 5600.00, 5500.00 and 5000.00 could be reached.
SPX500
Dominant bias: Bullish
SPX500 is neutral in the short-term, but bullish in the long-term. Price consolidated mostly in January – an event that is still in place. The consolidation is in the context of an uptrend, and it is seen as a mere pause. A rise in momentum is expected soon, and it would most probably be in favor of the long-term bullish outlook. A movement below the support level at 2250.0 would render this expectation ineffectual, while the expectation would be effectual as long as price does not break the support level to the downside. Possible targets for this week are around the resistance levels at 2350.0, 2400.0 and 2450.0.
US30
Dominant bias: Bullish
The movement on US30 is quite similar to the movement on SPX500. Price went flat throughout January, while the dominant bias remains bullish. Price has formed a base as a result of the recent flat movement in the market, and the base would be in place until a strong movement happens in the market, which would most probably shoot price northwards. The distribution territories at 20500, 20600 and 20700 could be easily attained this month. A movement below the accumulation territory at 19600 would lead to a bearish signal.
GER30
Dominant bias: Bullish
This trading instrument is in a bullish mode, which was started by the strong rally that happened in November 2016. Price consolidated in January 2017, and attempted to rally on January 25, but further bullish movement was rejected at the supply level of 11900.0. The market would attempt to rally again this month, reach the aforementioned supply level and then go further upwards towards another supply levels at 12000.0 and 12050.0. Nonetheless, this would require a strong buying pressure to achieve – especially a breach of the supply level at 12000.0.
FRA40
Dominant bias: Bearish
FRA40 rallied in December 2016, forming a bullish bias: But the perpetual bearish movement in January 2017 has led to a Bearish Confirmation Pattern in the market, which is still a kind of new, and which has much room to go. From the beginning of the year, price has come down more than 1400 points, and there is a possibility that it may reach the demand zones at 4700.0, 4650.0 and 4600.0. The only thing that can render this expectation invalid is a situation in which price rallies again by at least, 1400 points, bringing about a bullish bias again.
Weekly Trading Forecasts on Major Pairs (February 6 - 10, 2017)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
The bias on this pair is currently bullish. Price managed to go upwards last week, reaching the resistance line at 1.0800, but not able to stay above it. Several failed attempts were made, to breach the resistance line to the upside, and the goal must be achieved to save the current bullish bias. A movement above the resistance line at 1.0800 would reinforce the bullish bias – and failure to do that would eventually bring about a large pullback in the market.
USDCHF
Dominant bias: Bearish
This market has been trudging south since the beginning of this year. From early January till now, price has gone down roughly 350 pips. As long as EURUSD goes north, USDCHF will continue to go south, for only a serious pullback on EURUSD can bring a meaningful rally on USDCHF. CHF is expected to become strong this month; plus the resistance level at 1.0000 would endeavor to impede rallies in the market. It would be difficult for a strong rally to take place.
GBPUSD
Dominant bias: Bullish
GBPUSD made attempt to go upwards last week, but further upwards movement was rejected at the distribution territory at 1.2700. From there, price got corrected by over 200 pips, to close above the accumulation territory at 1.2450 on Friday. An upward movement from here would save the recent bullish bias, while a downwards movement from here would render the bullish bias invalid. Generally, GBP pairs are supposed to trend seriously upwards this month.
USDJPY
Dominant bias: Bearish
The current bias on this currency trading instrument is bearish, because price has been trending downwards since the beginning of this year. Price has come down more than 500 pips since January, and it is approaching major demand levels. The demand levels at 112.00 and 111.00 could be tested on breached, temporarily. There is a strong possibility that JPY pairs would rally this week (most probably within Monday to Wednesday), and should that happen, USDJPY would rally seriously.
EURJPY
Dominant bias: Neutral
The bias on this cross pair is essentially neutral, though there are bearish signals in small timeframes. The neutral bias can be ended by the expected rally on JPY pairs, which would also carry this cross pair along. Price might temporarily reach the demand zones at 121.00, 120.50 and 120.00. On the other hand, a serious rally would push price upwards by a minimum of 200 pips this week.
This forecast is concluded with the quote below:
“Don't let another year go by where you aren't inspired to cash in on everything the markets have to offer.” – Louise Bedford
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
The bias on this pair is currently bullish. Price managed to go upwards last week, reaching the resistance line at 1.0800, but not able to stay above it. Several failed attempts were made, to breach the resistance line to the upside, and the goal must be achieved to save the current bullish bias. A movement above the resistance line at 1.0800 would reinforce the bullish bias – and failure to do that would eventually bring about a large pullback in the market.
USDCHF
Dominant bias: Bearish
This market has been trudging south since the beginning of this year. From early January till now, price has gone down roughly 350 pips. As long as EURUSD goes north, USDCHF will continue to go south, for only a serious pullback on EURUSD can bring a meaningful rally on USDCHF. CHF is expected to become strong this month; plus the resistance level at 1.0000 would endeavor to impede rallies in the market. It would be difficult for a strong rally to take place.
GBPUSD
Dominant bias: Bullish
GBPUSD made attempt to go upwards last week, but further upwards movement was rejected at the distribution territory at 1.2700. From there, price got corrected by over 200 pips, to close above the accumulation territory at 1.2450 on Friday. An upward movement from here would save the recent bullish bias, while a downwards movement from here would render the bullish bias invalid. Generally, GBP pairs are supposed to trend seriously upwards this month.
USDJPY
Dominant bias: Bearish
The current bias on this currency trading instrument is bearish, because price has been trending downwards since the beginning of this year. Price has come down more than 500 pips since January, and it is approaching major demand levels. The demand levels at 112.00 and 111.00 could be tested on breached, temporarily. There is a strong possibility that JPY pairs would rally this week (most probably within Monday to Wednesday), and should that happen, USDJPY would rally seriously.
EURJPY
Dominant bias: Neutral
The bias on this cross pair is essentially neutral, though there are bearish signals in small timeframes. The neutral bias can be ended by the expected rally on JPY pairs, which would also carry this cross pair along. Price might temporarily reach the demand zones at 121.00, 120.50 and 120.00. On the other hand, a serious rally would push price upwards by a minimum of 200 pips this week.
This forecast is concluded with the quote below:
“Don't let another year go by where you aren't inspired to cash in on everything the markets have to offer.” – Louise Bedford
Hey! So glad I found this thread. How come you are the only one on it? Anyway, I also have interest in forex trading. But you bullish forecast for this week on the fibre and cable didn't go that direction. It is bearish...
Monthly Technical Reviews on Gold, Silver and Bitcoin (February 2017)
GOLD (XAUUSD)
Dominant Bias: Bullish
Gold rallied seriously at the beginning of this year, and in spite of the bearish retracement that was seen in the last several days of January. The month of February has also started on bullish note, leading to a bullish bias on the market. Price would target the supply levels at 1250.00, 1270.00 and 1290.00 this month. Bearish retracements would be temporary, leading to further bullish movements. The demand level at 1180.00 is set to impede bearish attempts this month, and as long as price stays above it, the bullish bias would be rational.
SILVER (XAGUSD)
Dominant Bias: Bullish
The movement on Silver is quite similar to the movement on Gold. Price rallied in January 2017 and got corrected a little within the last several days of the month. A clean northward journey started again before the end of January and it has continued till now. There is a clean Bullish Confirmation Pattern in the market, and further northward journey is expected this month. There is an accumulation territory at 16.5000, which would try to hinder bearish attempts; the current bullish bias would be sensible as long as price does not stay below it. The targets for this month are situated around the distribution territories at 18.0000 and 18.5000 and 19.0000.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin has been bullish for several months in a row, though January 2017 was quite volatile. In the context of an uptrend, price consolidated last week, and ended the consolidation this week as it resumes the upwards journey. There may be increasing volatility or pullbacks in the market, but the overall movement should be bullish in February. The resistance levels at 1000.00, 1050.00 and 1100.00 could be reached this month, owing to the strong Bullish Confirmation Pattern in the market. The buying pressure is high.
GOLD (XAUUSD)
Dominant Bias: Bullish
Gold rallied seriously at the beginning of this year, and in spite of the bearish retracement that was seen in the last several days of January. The month of February has also started on bullish note, leading to a bullish bias on the market. Price would target the supply levels at 1250.00, 1270.00 and 1290.00 this month. Bearish retracements would be temporary, leading to further bullish movements. The demand level at 1180.00 is set to impede bearish attempts this month, and as long as price stays above it, the bullish bias would be rational.
SILVER (XAGUSD)
Dominant Bias: Bullish
The movement on Silver is quite similar to the movement on Gold. Price rallied in January 2017 and got corrected a little within the last several days of the month. A clean northward journey started again before the end of January and it has continued till now. There is a clean Bullish Confirmation Pattern in the market, and further northward journey is expected this month. There is an accumulation territory at 16.5000, which would try to hinder bearish attempts; the current bullish bias would be sensible as long as price does not stay below it. The targets for this month are situated around the distribution territories at 18.0000 and 18.5000 and 19.0000.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin has been bullish for several months in a row, though January 2017 was quite volatile. In the context of an uptrend, price consolidated last week, and ended the consolidation this week as it resumes the upwards journey. There may be increasing volatility or pullbacks in the market, but the overall movement should be bullish in February. The resistance levels at 1000.00, 1050.00 and 1100.00 could be reached this month, owing to the strong Bullish Confirmation Pattern in the market. The buying pressure is high.
Weekly Trading Forecasts on Major Pairs (January 30 – February 3, 2017)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair went flat from Monday to Wednesday, not being able to stay above the resistance line at 1.0750. Price then declined a bit, in the context of an uptrend. Price has been going upward gradually since the beginning of this year, and this has led to a bullish bias, which would, however, be challenged in February. The downtrend may even start this week, as EUR is expected to become weak versus other currencies (except JPY) in February.
USDCHF
Dominant bias: Bearish
USDCHF went sideways throughout last week – slightly below the resistance level at 1.0000. Price may temporarily go above that resistance level, but it would later journey further south. Apart from the sideways movement that was seen last week, price has been coming down gradually since the beginning of this year, and this has led to a bearish bias on the market. The bearish bias should continue in the month of February, owing to expected stamina in CHF. A bearish journey in EURUSD may help bring about some transitory rallies on USDCHF, but the overall movement would be bearish in February.
GBPUSD
Dominant bias: Bullish
Cable rallied 280 pips last week, topping at the distribution territory of 1.2650, before the shallow retracement that started on Thursday. Since the low of January 16, price has moved upwards by 650 pips, but the bullish bias that has resulted from that may end soon, as a result of a bearish outlook on the Cable (and some other GBP pairs) in the month of February. While, price could test the distribution territories at 1.2700, 1.2750 and 1.2800, it might not be able to go very far, as chances of serious bearish movements are very high in February.
USDJPY
Dominant bias: Bearish
This trading instrument has been coming down gradually since early January, and that has led to a Bearish Confirmation Pattern in the market. On Thursday, price began to rise and later on Friday, it closed above the demand level at 115.00. Further movement may take price towards the supply levels at 116.00, 116.50 and 117.00; and that may end up invalidating the recent bearish bias. Generally, the outlook on USDJPY for February is bullish.
EURJPY
Dominant bias: Bullish
This cross pair is bullish in the short-term and neutral in the medium-term. Price managed to journey northward last week, creating a short-term bullish signal. In February, the only factor that would help this cross further upwards is the expected weakness in Yen (which would also help most other JPY pairs to rally). In February, an overall movement of at least, 500 pips, is expected in favor of bulls. Nonetheless, there may be some serious but shallow pullbacks along the way.
This forecast is concluded with the quote below:
“It's time to tap into your inner conquistador and become a winning trader.” – Trading Educators
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair went flat from Monday to Wednesday, not being able to stay above the resistance line at 1.0750. Price then declined a bit, in the context of an uptrend. Price has been going upward gradually since the beginning of this year, and this has led to a bullish bias, which would, however, be challenged in February. The downtrend may even start this week, as EUR is expected to become weak versus other currencies (except JPY) in February.
USDCHF
Dominant bias: Bearish
USDCHF went sideways throughout last week – slightly below the resistance level at 1.0000. Price may temporarily go above that resistance level, but it would later journey further south. Apart from the sideways movement that was seen last week, price has been coming down gradually since the beginning of this year, and this has led to a bearish bias on the market. The bearish bias should continue in the month of February, owing to expected stamina in CHF. A bearish journey in EURUSD may help bring about some transitory rallies on USDCHF, but the overall movement would be bearish in February.
GBPUSD
Dominant bias: Bullish
Cable rallied 280 pips last week, topping at the distribution territory of 1.2650, before the shallow retracement that started on Thursday. Since the low of January 16, price has moved upwards by 650 pips, but the bullish bias that has resulted from that may end soon, as a result of a bearish outlook on the Cable (and some other GBP pairs) in the month of February. While, price could test the distribution territories at 1.2700, 1.2750 and 1.2800, it might not be able to go very far, as chances of serious bearish movements are very high in February.
USDJPY
Dominant bias: Bearish
This trading instrument has been coming down gradually since early January, and that has led to a Bearish Confirmation Pattern in the market. On Thursday, price began to rise and later on Friday, it closed above the demand level at 115.00. Further movement may take price towards the supply levels at 116.00, 116.50 and 117.00; and that may end up invalidating the recent bearish bias. Generally, the outlook on USDJPY for February is bullish.
EURJPY
Dominant bias: Bullish
This cross pair is bullish in the short-term and neutral in the medium-term. Price managed to journey northward last week, creating a short-term bullish signal. In February, the only factor that would help this cross further upwards is the expected weakness in Yen (which would also help most other JPY pairs to rally). In February, an overall movement of at least, 500 pips, is expected in favor of bulls. Nonetheless, there may be some serious but shallow pullbacks along the way.
This forecast is concluded with the quote below:
“It's time to tap into your inner conquistador and become a winning trader.” – Trading Educators
Weekly Trading Forecasts on Major Pairs (December 26 - 30, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair trended downwards on Monday and Tuesday, and then began to make some bullish attempt, all in the context of a downtrend. A strong movement is not anticipated this week (although it is a possibility), for the market may not do more than it did last week. No matter what happens, there is not going to be an end to the current bearish outlook this year. In fact, price may test the support lines at 1.0400 and 1.0350.
USDCHF
Dominant bias: Bullish
USDCH merely zigzagged throughout last week, with no directional movement. The overall bias is bullish, and thus, when momentum returns to the market, it may be in favor of the bias. Just like EURUSD, strong movement is not expected this week (but it can happen). There are resistance levels at 1.0300 and 1.0350. As long as price does to go below the psychological level at 1.0000, the outlook on the market would remain bullish.
GBPUSD
Dominant bias: Bearish
GBPUSD dropped 250 pips last week, giving more and more emphasis on current weakness in the market. Price closed below the distribution territory at 1.2300 on Friday, targeting the accumulation territories at 1.2250, 1.2200 and 1.2150. There are huge Bearish Confirmation Patterns in the daily and 4-hour charts, which make long trades illogical at the present. A very strong bearish movement may be witnessed on GBPUSD before the end of the year.
USDJPY
Dominant bias: Bullish
The market consolidated throughout last week. The major bias is bullish, and that is supposed to continue till the end of this year. There may be a rise in momentum, which may push price towards the supply levels at 117.50, 118.00, and 118.50. These supply levels were previously tested this month, and they could be tested again. Only a movement of about 200 pips to the south could threaten the current bias.
EURJPY
Dominant bias: Bullish
This currency instrument trended downwards on Monday and then moved sideways till the end of the week, closing at 122.515 on Friday. There would soon be a directional movement in the market, but right now, it is better to stay away until that happens (unless scalping is being done in the market). A movement below the demand zone at 120.50 would end the bullish bias, while a movement above the supply zones at 123.50 and 124.00 would strengthen it.
This forecast is concluded with the quote below:
“[In trading] I choose joy over disappointment and contentment rather than instant gratification.” - D. R. Barton, Jr.
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair trended downwards on Monday and Tuesday, and then began to make some bullish attempt, all in the context of a downtrend. A strong movement is not anticipated this week (although it is a possibility), for the market may not do more than it did last week. No matter what happens, there is not going to be an end to the current bearish outlook this year. In fact, price may test the support lines at 1.0400 and 1.0350.
USDCHF
Dominant bias: Bullish
USDCH merely zigzagged throughout last week, with no directional movement. The overall bias is bullish, and thus, when momentum returns to the market, it may be in favor of the bias. Just like EURUSD, strong movement is not expected this week (but it can happen). There are resistance levels at 1.0300 and 1.0350. As long as price does to go below the psychological level at 1.0000, the outlook on the market would remain bullish.
GBPUSD
Dominant bias: Bearish
GBPUSD dropped 250 pips last week, giving more and more emphasis on current weakness in the market. Price closed below the distribution territory at 1.2300 on Friday, targeting the accumulation territories at 1.2250, 1.2200 and 1.2150. There are huge Bearish Confirmation Patterns in the daily and 4-hour charts, which make long trades illogical at the present. A very strong bearish movement may be witnessed on GBPUSD before the end of the year.
USDJPY
Dominant bias: Bullish
The market consolidated throughout last week. The major bias is bullish, and that is supposed to continue till the end of this year. There may be a rise in momentum, which may push price towards the supply levels at 117.50, 118.00, and 118.50. These supply levels were previously tested this month, and they could be tested again. Only a movement of about 200 pips to the south could threaten the current bias.
EURJPY
Dominant bias: Bullish
This currency instrument trended downwards on Monday and then moved sideways till the end of the week, closing at 122.515 on Friday. There would soon be a directional movement in the market, but right now, it is better to stay away until that happens (unless scalping is being done in the market). A movement below the demand zone at 120.50 would end the bullish bias, while a movement above the supply zones at 123.50 and 124.00 would strengthen it.
This forecast is concluded with the quote below:
“[In trading] I choose joy over disappointment and contentment rather than instant gratification.” - D. R. Barton, Jr.
Weekly Trading Forecasts on Major Pairs (December 19 - 23, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD trended downwards last week, just as it was expected. Price moved sideways from Monday till Wednesday, when it started dropping further downwards. The support line at 1.0400 was tested, and although price closed above it, it would be tested again. The outlook on EURUSD is bearish for this week. So we may see further bearish movements which may enable price to break the support lines at 1.0400, 1.0350 and 1.0300 to the downside. Eventually, EUR might reach parity with USD.
USDCHF
Dominant bias: Bullish
In exact opposite manner to EURUSD, this market underwent a shallow bearish retracement within December 12 and 14. Price went up significantly on December 14, moving briefly above the resistance level at 1.0300, and later closing below it. USDCHF would continue to make rally attempts, though it would come across some challenges this week. While bearish corrections could be contained around the support levels of 1.0050 and 1.0000, the resistance levels at 1.0300 and 1.0400 would be the targets for this week.
GBPUSD
Dominant bias: Bearish
This market consolidated on Monday and Tuesday, to drop southward on Wednesday, according to forecast last week, in the context of a downtrend. The accumulation territory at 1.2400 has been tested again and again, but there is a considerable amount of opposition to the bearish movement, around the accumulation territory. Price would go below it this week, owing to the fact that the bias on GBPUSD (as well as some GBP pairs), remains bearish for this week and for the rest of this month. Price would still go downwards by a minimum of 300 pips before the end of this year.
USDJPY
Dominant bias: Bullish
According to last week analysis, this trading instrument went upwards 300 pips last week, after moving sideways on Monday and Tuesday. Since November 9, price has trended northwards more than 1700 pips; and the northward movement could continue this week. There is Bullish Confirmation Pattern in the market and the supply levels at 118.50 and 119.00 may be tested this week. As from now on, the movements on JPY pairs would be determined by strength of individual currency, not the weakness in Yen. This means USDJPY could rally further while GBPJPY could plummet.
EURJPY
Dominant bias: Bullish
There are going to be serious movements in the JPY markets this week (while next week would be quiet), and EURJPY would not be an exception. This is a bull market, and while there may be occasional pauses and consolidation along the way, there could be further bullish movement. However, the ongoing weakness in EUR could scuttle this expectation. As long as price does not cross the demand zone at 121.00 to the downside, the bullish bias would hold.
This forecast is concluded with the quote below:
“In order to taste success in the trading market, you'll need to develop really simple strategies. You're likely to take trading decisions in a more confident way, remain headstrong and gain more winning opportunities when you follow some really simple strategies.” - Sean Lee
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD trended downwards last week, just as it was expected. Price moved sideways from Monday till Wednesday, when it started dropping further downwards. The support line at 1.0400 was tested, and although price closed above it, it would be tested again. The outlook on EURUSD is bearish for this week. So we may see further bearish movements which may enable price to break the support lines at 1.0400, 1.0350 and 1.0300 to the downside. Eventually, EUR might reach parity with USD.
USDCHF
Dominant bias: Bullish
In exact opposite manner to EURUSD, this market underwent a shallow bearish retracement within December 12 and 14. Price went up significantly on December 14, moving briefly above the resistance level at 1.0300, and later closing below it. USDCHF would continue to make rally attempts, though it would come across some challenges this week. While bearish corrections could be contained around the support levels of 1.0050 and 1.0000, the resistance levels at 1.0300 and 1.0400 would be the targets for this week.
GBPUSD
Dominant bias: Bearish
This market consolidated on Monday and Tuesday, to drop southward on Wednesday, according to forecast last week, in the context of a downtrend. The accumulation territory at 1.2400 has been tested again and again, but there is a considerable amount of opposition to the bearish movement, around the accumulation territory. Price would go below it this week, owing to the fact that the bias on GBPUSD (as well as some GBP pairs), remains bearish for this week and for the rest of this month. Price would still go downwards by a minimum of 300 pips before the end of this year.
USDJPY
Dominant bias: Bullish
According to last week analysis, this trading instrument went upwards 300 pips last week, after moving sideways on Monday and Tuesday. Since November 9, price has trended northwards more than 1700 pips; and the northward movement could continue this week. There is Bullish Confirmation Pattern in the market and the supply levels at 118.50 and 119.00 may be tested this week. As from now on, the movements on JPY pairs would be determined by strength of individual currency, not the weakness in Yen. This means USDJPY could rally further while GBPJPY could plummet.
EURJPY
Dominant bias: Bullish
There are going to be serious movements in the JPY markets this week (while next week would be quiet), and EURJPY would not be an exception. This is a bull market, and while there may be occasional pauses and consolidation along the way, there could be further bullish movement. However, the ongoing weakness in EUR could scuttle this expectation. As long as price does not cross the demand zone at 121.00 to the downside, the bullish bias would hold.
This forecast is concluded with the quote below:
“In order to taste success in the trading market, you'll need to develop really simple strategies. You're likely to take trading decisions in a more confident way, remain headstrong and gain more winning opportunities when you follow some really simple strategies.” - Sean Lee
Weekly Trading Forecasts on Major Pairs (December 12 – 16, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair made some bullish attempt in the first few days of last week. Price rallied 300 pips, testing the resistance line at 1.0850, before it began a serious bearish movement. The bullish gains that were initially made last week, were eventually lost as price plummeted, to close just above the support line at 1.0550, after testing it. The market outlook is bearish for this week, since EUR is expected to continue its weakness while USD would continue gathering stamina. There is a possibility that EUR would reach parity with USD in a foreseeable future.
USDCHF
Dominant bias: Bullish
Last week, USD/CHF moved sideways from Monday till Wednesday, and then started moving upwards on Thursday, in conjunction with the extant bullish bias. Price tested the resistance level at 1.0200, and later closed below it. The outlook on the market is bullish for this week; price could reach the resistance levels at 1.0250 and 1.0300. However, it would also be seen that CHF is rallying versus some major currencies, which may prove to be a challenge for the bullishness of USDCHF.
GBPUSD
Dominant bias: Bearish
Cable went upwards on Monday and Tuesday, reached the distribution territory at 1.2750. Price attempted to stay above that distribution territory, but the attempt was rejected as a southwards movement began, which eventually posed a threat to any bullish signal in the market. Price would move further southwards this week, going below one accumulation territory after the other. The outlook on GBP pairs is bearish for the week.
USDJPY
Dominant bias: Bullish
USD/JPY consolidated from December 5 to 7, and the rallied on December 8 and 9 (though the consolidation started earlier than that). Since the low of November 9, the market has gone up by 1400 pips, and this would continue. As it was forecast every week in the last three weeks, the outlook on this market, and as well as other JPY pairs, remains bullish. The supply levels at 115.50, 116.00 and 116.50 could be reached this week.
EURJPY
Dominant bias: Bullish
There is a conspicuous Bullish Confirmation Pattern on this trading instrument, albeit it is currently volatile. Price has recently swung up and down in the context of an uptrend, but the overall movement would be bullish. The targets for the week are supply zones at 122.00, 122.50 and 123.00, which were all tested last week. The major reason why price is generally bullish here is because there is a serious weakness in Yen, and as long as the weakness continues, EUR (which is weak on its own), would manage to keep on going upwards against it.
This forecast is concluded with the quote below:
“Trading and markets have been a major part of my life for almost 60 years. Trading has been the means through which my family and I have received many blessings.” – Joe Ross
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair made some bullish attempt in the first few days of last week. Price rallied 300 pips, testing the resistance line at 1.0850, before it began a serious bearish movement. The bullish gains that were initially made last week, were eventually lost as price plummeted, to close just above the support line at 1.0550, after testing it. The market outlook is bearish for this week, since EUR is expected to continue its weakness while USD would continue gathering stamina. There is a possibility that EUR would reach parity with USD in a foreseeable future.
USDCHF
Dominant bias: Bullish
Last week, USD/CHF moved sideways from Monday till Wednesday, and then started moving upwards on Thursday, in conjunction with the extant bullish bias. Price tested the resistance level at 1.0200, and later closed below it. The outlook on the market is bullish for this week; price could reach the resistance levels at 1.0250 and 1.0300. However, it would also be seen that CHF is rallying versus some major currencies, which may prove to be a challenge for the bullishness of USDCHF.
GBPUSD
Dominant bias: Bearish
Cable went upwards on Monday and Tuesday, reached the distribution territory at 1.2750. Price attempted to stay above that distribution territory, but the attempt was rejected as a southwards movement began, which eventually posed a threat to any bullish signal in the market. Price would move further southwards this week, going below one accumulation territory after the other. The outlook on GBP pairs is bearish for the week.
USDJPY
Dominant bias: Bullish
USD/JPY consolidated from December 5 to 7, and the rallied on December 8 and 9 (though the consolidation started earlier than that). Since the low of November 9, the market has gone up by 1400 pips, and this would continue. As it was forecast every week in the last three weeks, the outlook on this market, and as well as other JPY pairs, remains bullish. The supply levels at 115.50, 116.00 and 116.50 could be reached this week.
EURJPY
Dominant bias: Bullish
There is a conspicuous Bullish Confirmation Pattern on this trading instrument, albeit it is currently volatile. Price has recently swung up and down in the context of an uptrend, but the overall movement would be bullish. The targets for the week are supply zones at 122.00, 122.50 and 123.00, which were all tested last week. The major reason why price is generally bullish here is because there is a serious weakness in Yen, and as long as the weakness continues, EUR (which is weak on its own), would manage to keep on going upwards against it.
This forecast is concluded with the quote below:
“Trading and markets have been a major part of my life for almost 60 years. Trading has been the means through which my family and I have received many blessings.” – Joe Ross
Monthly Technical Reviews on Gold, Silver and Bitcoin (December 2016)
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold trended downwards throughout last November, dropping over 16,000 pips from the high of 1336.98 on November 9. The overall bias is bearish, and therefore, the bearish movement is supposed to continue till the end of the year. Right now, price is consolidating, and that is what it has done so far this week. A rise in momentum is expected this week or next, which would most probably favor the current bearish outlook in the market. Even rallies would be transitory and could be shorted, since price could reach the demand levels at 1150.00, 1140.00 and 1130.00 within the next few weeks.
SILVER (XAGUSD)
Dominant: Bearish
Silver trended downwards last month, and it has consolidated to far this month. There is a strong Bearish Confirmation Patterns in 4-hour and daily charts; so the current consolidation is merely a pause in the trend, for it is supposed to resume any time this month. Silver would not be able to rally significantly and hold it out long, until Gold is able to that. Price is now trading below the supply zone at 17.0000, and it would be going towards the demand zones at 16.0000, 15.0000 and 14.0000 within the next several weeks. Bullish attempts ought to be fleeting and should be disregarded.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin is in a big uptrend, which started early October 2016 (following the equilibrium phase that was witnessed in August and September). Since October, price has gone upwards by more than 16,000 pips, topping at 773.00, before it eased a bit. The northward journey would continue till the end of this year, going into next year, as price targets the distribution territories at 800.00, 850.00 and 900.00. Possibilities of pullbacks are present along the way, but these should be recovered quickly or gradually as price resumes its long-term bullish journey.
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold trended downwards throughout last November, dropping over 16,000 pips from the high of 1336.98 on November 9. The overall bias is bearish, and therefore, the bearish movement is supposed to continue till the end of the year. Right now, price is consolidating, and that is what it has done so far this week. A rise in momentum is expected this week or next, which would most probably favor the current bearish outlook in the market. Even rallies would be transitory and could be shorted, since price could reach the demand levels at 1150.00, 1140.00 and 1130.00 within the next few weeks.
SILVER (XAGUSD)
Dominant: Bearish
Silver trended downwards last month, and it has consolidated to far this month. There is a strong Bearish Confirmation Patterns in 4-hour and daily charts; so the current consolidation is merely a pause in the trend, for it is supposed to resume any time this month. Silver would not be able to rally significantly and hold it out long, until Gold is able to that. Price is now trading below the supply zone at 17.0000, and it would be going towards the demand zones at 16.0000, 15.0000 and 14.0000 within the next several weeks. Bullish attempts ought to be fleeting and should be disregarded.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin is in a big uptrend, which started early October 2016 (following the equilibrium phase that was witnessed in August and September). Since October, price has gone upwards by more than 16,000 pips, topping at 773.00, before it eased a bit. The northward journey would continue till the end of this year, going into next year, as price targets the distribution territories at 800.00, 850.00 and 900.00. Possibilities of pullbacks are present along the way, but these should be recovered quickly or gradually as price resumes its long-term bullish journey.
Weekly Trading Forecasts on Major Pairs (December 5 - 9, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD consolidated throughout last week – in the context of a downtrend. A closer look at the market reveals that there has been some consolidation to the upside, and there would be some bullish attempt this week. EUR would rally versus most other major currencies, save USD, which is expected to continue strengthening this week. There are resistance lines at 1.0750 and 1.0800. There are also support lines at 1.0550 and 1.0500.
USDCHF
Dominant bias: Bullish
This pair also consolidated last week; while consolidation to the downside is revealed by a closer look. USD would remain strong this week, and would be seen going upwards against certain major currencies. The challenge is that CHF would also make some rally attempts this week, and thus, USDCHF may find it somewhat difficult to rally massively. There are resistance levels at 1.0150 and 1.0200. There are also support levels at 1.0050 and 1.0000.
GBPUSD
Dominant bias: Bullish
Cable ended a two-week equilibrium phase by breaking out significantly. The breakout was well anticipated and it ended up favoring bulls, as price went up 330 pips last week, slashing through the accumulation territory at 1.2700 and closing above it. This week, Cable would rally versus certain majors (like NZD and AUD), and of course, it is currently rallying against USD. This is something that may continue, but not without challenge from bulls.
USDJPY
Dominant bias: Bullish
This currency trading instrument experienced some bullish movement last week. Price went up 300 pips, testing the supply level at 114.50, and unable to go above that supply level. Price underwent some bearish correction on Friday, but the bullish outlook is far from over. In fact, the outlook on the market this week is also bullish, and further northwards journey is expected. Price would need to go above the supply level at 114.50, and then continue towards the supply levels at 115.00 and 115.50.
EURJPY
Dominant bias: Bullish
This cross underwent a smooth northwards movement last week, topping at 121.88, before closing below the supply level at 121.50. There is a Bullish Confirmation Pattern in the market and further bullish movement could be witnessed this week. There are possible bullish targets at the supply zones of 122.00, 122.50 and 123.00. On the other hand, the demand zones at 120.00 and 119.50 should try to hinder vivid pullbacks this week.
This forecast is concluded with the quote below:
“Over the coming weeks and months, many excellent short, medium and long-term trading opportunities for low risk Forex trades will present themselves. Now is the time to put together your game plan with multiple edges to profit from these trending currency pairs… Whether you want to open investment positions (using the weekly or daily chart), swing trade the 4-hour chart, or day trade the 5 minute charts, the opportunities are going to be plentiful. With these nascent trends, the leverage, the liquidity, and the 24-hour-trading the Forex market offers, you have to ask yourself: why aren’t you trading currencies yet?” - Gabriel Grammatidis (Source: Vantharp.com)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD consolidated throughout last week – in the context of a downtrend. A closer look at the market reveals that there has been some consolidation to the upside, and there would be some bullish attempt this week. EUR would rally versus most other major currencies, save USD, which is expected to continue strengthening this week. There are resistance lines at 1.0750 and 1.0800. There are also support lines at 1.0550 and 1.0500.
USDCHF
Dominant bias: Bullish
This pair also consolidated last week; while consolidation to the downside is revealed by a closer look. USD would remain strong this week, and would be seen going upwards against certain major currencies. The challenge is that CHF would also make some rally attempts this week, and thus, USDCHF may find it somewhat difficult to rally massively. There are resistance levels at 1.0150 and 1.0200. There are also support levels at 1.0050 and 1.0000.
GBPUSD
Dominant bias: Bullish
Cable ended a two-week equilibrium phase by breaking out significantly. The breakout was well anticipated and it ended up favoring bulls, as price went up 330 pips last week, slashing through the accumulation territory at 1.2700 and closing above it. This week, Cable would rally versus certain majors (like NZD and AUD), and of course, it is currently rallying against USD. This is something that may continue, but not without challenge from bulls.
USDJPY
Dominant bias: Bullish
This currency trading instrument experienced some bullish movement last week. Price went up 300 pips, testing the supply level at 114.50, and unable to go above that supply level. Price underwent some bearish correction on Friday, but the bullish outlook is far from over. In fact, the outlook on the market this week is also bullish, and further northwards journey is expected. Price would need to go above the supply level at 114.50, and then continue towards the supply levels at 115.00 and 115.50.
EURJPY
Dominant bias: Bullish
This cross underwent a smooth northwards movement last week, topping at 121.88, before closing below the supply level at 121.50. There is a Bullish Confirmation Pattern in the market and further bullish movement could be witnessed this week. There are possible bullish targets at the supply zones of 122.00, 122.50 and 123.00. On the other hand, the demand zones at 120.00 and 119.50 should try to hinder vivid pullbacks this week.
This forecast is concluded with the quote below:
“Over the coming weeks and months, many excellent short, medium and long-term trading opportunities for low risk Forex trades will present themselves. Now is the time to put together your game plan with multiple edges to profit from these trending currency pairs… Whether you want to open investment positions (using the weekly or daily chart), swing trade the 4-hour chart, or day trade the 5 minute charts, the opportunities are going to be plentiful. With these nascent trends, the leverage, the liquidity, and the 24-hour-trading the Forex market offers, you have to ask yourself: why aren’t you trading currencies yet?” - Gabriel Grammatidis (Source: Vantharp.com)
Monthly Forecasts for CFDs (December 2016)
AUS200
Dominant bias: Bullish
On November 9, AUS200 dipped massively, reaching a low of 5042.00. Since then price has climbed numerous resistance lines (now support lines) gaining roughly 4500 points. Since the bias on the market is bullish, it is expected that price would continue going upwards till the end of the year. While there may be pauses, consolidation, and transient corrections along the way, the market is expected to reach the resistance lines at 5530.00, 5560.00 and 5590.00.
SPX500
Dominant bias: Bullish
This market trended south in the first few days of November, and then gapped upwards, assuming a strong bullish movement. The bullish movement was briefly interrupted on November 9 as price became extremely volatile, reaching a high of 2170.3 and a low of 2031.9. Since then price, has trended northward smoothly, reaching the resistance level at 2210.0. Attempt to close above that resistance level is currently not successfully, but that goal would be achieved this month, as price goes upwards towards the resistance levels at 2230.0, 2260.00 and 2290.0.
US30
Dominant bias: Bullish
What happened to US30 last month was quite similar to what happened to SPX500. Price trended downwards from November 1 to 4, and the gapped upwards to start a noticeable bullish journey. Price plummeted on November 9, reaching a low of 17478, owing to the US presidential elections results. From that low, price has appreciated more than 1780 points, to close at 19161 on November 30. There is a strong Bullish Confirmation Pattern on the market and the rest of this year would be bullish as price trudges towards the distribution territories at 19300, 19500 and 19700.
GER30
Dominant bias: Neutral
Unlike SPX500 and AUS200, GER30 did not do much in November. Price did start trending downwards for a few days, gapped up later and became seriously volatile on November 9. The market dropped like stone and quickly recovered – a kind of flash crash. Since then, price has entered an equilibrium phase, bringing about a neutral bias on the market. Now, there is a base, and a rise in momentum would force price to go out of that base, and when that happens, it would most probably favor bulls. The supply levels at 10700.0, 10750.0 and 10800.0, would likely be tested within the next several weeks.
FRA40
Dominant bias: Bullish
Interestingly, FRA40 almost did what GER30 did last month. It went south in the first few days of November, gapped upward, started a bullish journey, only to experience a flash crash on November 9. The market has recovered and it is currently making some attempts to go higher and higher, though bears are not making that an easy task (which explains the current choppy market condition). Since the outlook on the market is bullish, it is expected that price would somehow go upwards this month, maintaining the bullish outlook on it.
AUS200
Dominant bias: Bullish
On November 9, AUS200 dipped massively, reaching a low of 5042.00. Since then price has climbed numerous resistance lines (now support lines) gaining roughly 4500 points. Since the bias on the market is bullish, it is expected that price would continue going upwards till the end of the year. While there may be pauses, consolidation, and transient corrections along the way, the market is expected to reach the resistance lines at 5530.00, 5560.00 and 5590.00.
SPX500
Dominant bias: Bullish
This market trended south in the first few days of November, and then gapped upwards, assuming a strong bullish movement. The bullish movement was briefly interrupted on November 9 as price became extremely volatile, reaching a high of 2170.3 and a low of 2031.9. Since then price, has trended northward smoothly, reaching the resistance level at 2210.0. Attempt to close above that resistance level is currently not successfully, but that goal would be achieved this month, as price goes upwards towards the resistance levels at 2230.0, 2260.00 and 2290.0.
US30
Dominant bias: Bullish
What happened to US30 last month was quite similar to what happened to SPX500. Price trended downwards from November 1 to 4, and the gapped upwards to start a noticeable bullish journey. Price plummeted on November 9, reaching a low of 17478, owing to the US presidential elections results. From that low, price has appreciated more than 1780 points, to close at 19161 on November 30. There is a strong Bullish Confirmation Pattern on the market and the rest of this year would be bullish as price trudges towards the distribution territories at 19300, 19500 and 19700.
GER30
Dominant bias: Neutral
Unlike SPX500 and AUS200, GER30 did not do much in November. Price did start trending downwards for a few days, gapped up later and became seriously volatile on November 9. The market dropped like stone and quickly recovered – a kind of flash crash. Since then, price has entered an equilibrium phase, bringing about a neutral bias on the market. Now, there is a base, and a rise in momentum would force price to go out of that base, and when that happens, it would most probably favor bulls. The supply levels at 10700.0, 10750.0 and 10800.0, would likely be tested within the next several weeks.
FRA40
Dominant bias: Bullish
Interestingly, FRA40 almost did what GER30 did last month. It went south in the first few days of November, gapped upward, started a bullish journey, only to experience a flash crash on November 9. The market has recovered and it is currently making some attempts to go higher and higher, though bears are not making that an easy task (which explains the current choppy market condition). Since the outlook on the market is bullish, it is expected that price would somehow go upwards this month, maintaining the bullish outlook on it.
Weekly Trading Forecasts on Major Pairs (November 28 – December 2, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
Last week, this pair moved largely sideways in the context of a downtrend. A break out of the sideways movement should happen before the end of this week (or next week), which would most probably favor bears. Although this pair is expected to continue its bearishness, especially in December, some bullish effort would take place, which may enable price to go upwards by 200 pips or more, before seeing another bearish correction, eventually. Time would tell whether EUR would reach parity with USD.
USDCHF
Dominant bias: Bullish
Just like EURUSD, USDCHF also consolidated throughout last week, in a context of an uptrend. A breakout should happen before the end of this week, ending the current consolidation. Price is supposed to target the resistance levels at 1.0200 and 1.0300. On the other hand, bullish effort on the part of EURUSD might force USDCHF to retrace temporally southwards, towards the support levels at 1.0100 and 1.0000.
GBPUSD
Dominant bias: Neutral
GBPUSD went flat throughout last week. The flat movement started about two weeks ago and it has resulted in a neutral bias in the near-term, while the major trend in the market remains bearish. A rise in momentum is expected this week, which would most probably favor the dominant bearish trend. The outlook on GBP pairs is bearish for this week, and thus, further southwards movement is expected on GBPUSD.
USDJPY
Dominant bias: Bullish
USDJPY is currently one of the strongest moving currency pairs. Price went upwards 310 pips this week, topping at 113.89, before getting corrected a bit lower on Friday. Since November 9, price has gone upwards by over 1200 pips; plus the outlook on the market is bullish for this week, again (the outlook is also bullish on other JPY pairs). Therefore, occasional pauses and corrections are supposed to be transitory this week, as price goes further north.
EURJPY
Dominant bias: Bullish
This is also a bull market – owing to the strong Bullish Confirmation Pattern present in it. Price went north 250 pips last week, after consolidating on Monday and Tuesday. The supply zone at 120.00 has been tested, and it might be broken to the upside this week, owing to the ongoing buying pressure in the market, brought about by persistent weakness in Yen. After the supply zone at 120.00 is overcome, the next targets would be the supply zones at 130.00 and 140.00.
This forecast is concluded with the quote below:
“Trading and markets have been a major part of my life for almost 60 years. Trading has been the means through which my family and I have received many blessings.” – Joe Ross
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
Last week, this pair moved largely sideways in the context of a downtrend. A break out of the sideways movement should happen before the end of this week (or next week), which would most probably favor bears. Although this pair is expected to continue its bearishness, especially in December, some bullish effort would take place, which may enable price to go upwards by 200 pips or more, before seeing another bearish correction, eventually. Time would tell whether EUR would reach parity with USD.
USDCHF
Dominant bias: Bullish
Just like EURUSD, USDCHF also consolidated throughout last week, in a context of an uptrend. A breakout should happen before the end of this week, ending the current consolidation. Price is supposed to target the resistance levels at 1.0200 and 1.0300. On the other hand, bullish effort on the part of EURUSD might force USDCHF to retrace temporally southwards, towards the support levels at 1.0100 and 1.0000.
GBPUSD
Dominant bias: Neutral
GBPUSD went flat throughout last week. The flat movement started about two weeks ago and it has resulted in a neutral bias in the near-term, while the major trend in the market remains bearish. A rise in momentum is expected this week, which would most probably favor the dominant bearish trend. The outlook on GBP pairs is bearish for this week, and thus, further southwards movement is expected on GBPUSD.
USDJPY
Dominant bias: Bullish
USDJPY is currently one of the strongest moving currency pairs. Price went upwards 310 pips this week, topping at 113.89, before getting corrected a bit lower on Friday. Since November 9, price has gone upwards by over 1200 pips; plus the outlook on the market is bullish for this week, again (the outlook is also bullish on other JPY pairs). Therefore, occasional pauses and corrections are supposed to be transitory this week, as price goes further north.
EURJPY
Dominant bias: Bullish
This is also a bull market – owing to the strong Bullish Confirmation Pattern present in it. Price went north 250 pips last week, after consolidating on Monday and Tuesday. The supply zone at 120.00 has been tested, and it might be broken to the upside this week, owing to the ongoing buying pressure in the market, brought about by persistent weakness in Yen. After the supply zone at 120.00 is overcome, the next targets would be the supply zones at 130.00 and 140.00.
This forecast is concluded with the quote below:
“Trading and markets have been a major part of my life for almost 60 years. Trading has been the means through which my family and I have received many blessings.” – Joe Ross
Would Thanksgiving Rally Happen This Year?
Would Thanksgiving Rally Happen This Year?
GOLD (XAUUSD) is currently weak, owing to another phase of a southward movement, which started a few months ago. The downtrend has been particularly strong since October. This week would be interesting because of a possibility of a Thanksgiving rally. Would it ever happen this year?
Thanksgiving rally has not taken place since last few years, though it occurred every year before then, with stunning accuracy. In case it would happen, it should be during the week in which Thanksgiving is observed. If it would ever happen this year, then it should be this week.
Historical data shows that this kind of rally usually occurred in the years when the long-term trend was bullish. For example, Gold was predominantly bullish from 2002 to 2012 (save the conspicuous correction that took place in 2008, although Thanksgiving rally did take place in that year also). Since 2012, the market has been predominantly bearish, till now, and that explains one of the reasons this rally has not taken place in the last few years.
It should be borne in mind that a market can decline while trend is predominantly bullish. On the other hand, a rally can take place while trend is predominantly bearish; which means that a Thanksgiving rally could take place in spite of the current bearish outlook, and it may not take place at all.
This phenomenon may keep appearing occasionally in the years to come, or it may disappear altogether. Whatever the case may be, skilled speculators have always thrived by trading what they see.
Monthly Technical Reviews on Silver and Bitcoin
SILVER (XAGUSD) is also in a bearish trend. It plunged in the first few days of October, and moved sideways till the end of the month. Silver underwent another strong bearish run on November 11, forming a strong Bearish Confirmation Pattern in the market. This means price may continue journeying downwards, and probably reaching the support levels at 15.0000, 14.0000 and 13.0000 before the end of this year. On the other hand, a serious rally on Gold would trigger a rally on Silver.
BITCOIN (BTCUSD) is in an uptrend and there is a bullish bias on it. The current bullish trend started in October, following the sideways movement that was experienced in September. The market is quite choppy, but the uptrend is expected to continue till the end of this year. Therefore, price could reach the distribution territories at 750.00, 760.00 and 770.00 within the next few months, since buying pressure is supposed to continue. As usual, occasional pauses and transitory corrections would be witnessed here, but the overall movement would be bullish.
Would Thanksgiving Rally Happen This Year?
GOLD (XAUUSD) is currently weak, owing to another phase of a southward movement, which started a few months ago. The downtrend has been particularly strong since October. This week would be interesting because of a possibility of a Thanksgiving rally. Would it ever happen this year?
Thanksgiving rally has not taken place since last few years, though it occurred every year before then, with stunning accuracy. In case it would happen, it should be during the week in which Thanksgiving is observed. If it would ever happen this year, then it should be this week.
Historical data shows that this kind of rally usually occurred in the years when the long-term trend was bullish. For example, Gold was predominantly bullish from 2002 to 2012 (save the conspicuous correction that took place in 2008, although Thanksgiving rally did take place in that year also). Since 2012, the market has been predominantly bearish, till now, and that explains one of the reasons this rally has not taken place in the last few years.
It should be borne in mind that a market can decline while trend is predominantly bullish. On the other hand, a rally can take place while trend is predominantly bearish; which means that a Thanksgiving rally could take place in spite of the current bearish outlook, and it may not take place at all.
This phenomenon may keep appearing occasionally in the years to come, or it may disappear altogether. Whatever the case may be, skilled speculators have always thrived by trading what they see.
Monthly Technical Reviews on Silver and Bitcoin
SILVER (XAGUSD) is also in a bearish trend. It plunged in the first few days of October, and moved sideways till the end of the month. Silver underwent another strong bearish run on November 11, forming a strong Bearish Confirmation Pattern in the market. This means price may continue journeying downwards, and probably reaching the support levels at 15.0000, 14.0000 and 13.0000 before the end of this year. On the other hand, a serious rally on Gold would trigger a rally on Silver.
BITCOIN (BTCUSD) is in an uptrend and there is a bullish bias on it. The current bullish trend started in October, following the sideways movement that was experienced in September. The market is quite choppy, but the uptrend is expected to continue till the end of this year. Therefore, price could reach the distribution territories at 750.00, 760.00 and 770.00 within the next few months, since buying pressure is supposed to continue. As usual, occasional pauses and transitory corrections would be witnessed here, but the overall movement would be bullish.
Weekly Trading Forecasts on Major Pairs (October 21 - 25, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair went downwards last week, going below the resistance lines at 1.0650 and 1.0600. Since November 9, price has come down more than 700 pips, leading to a very strong bearish bias on the market. There is a possibility of further downwards movement, which could enable price to reach for the support lines at 1.0550, 1.0500 and 1.0450. This expectation would hold only as long as USD does not showcase any noticeable weakness.
USDCHF
Dominant bias: Bullish
USDCHF moved upwards by 215 last week. Price managed to go above the psychological level at 1.0000, now at the resistance level of 1.0100. Price has gone upwards reluctantly so far, and there is a possibility that it would make further bullish effort this week. There is another potential target at the resistance level of 1.0200, but the further the market goes upwards, the higher the chances of a large pullback. The bullish bias would hold as long as USD does not lose stamina.
GBPUSD
Dominant bias: Bearish
GBPUSD underwent a vivid bearish correction throughout last week – an action that has resulted in a bearish signal in the short and long terms. Long trades are currently not prudent in this market, unless price action reveals that things are conspicuously bullish. Right now, the market is in a downtrend, and only short trades should be sought. Rallies would offer opportunities to go short at better prices.
USDJPY
Dominant bias: Bullish
There is a strong Bullish Confirmation Pattern on USD/JPY. Since the low of November 9, the pair has shot skywards by over 960 pips. Apparently, this is one of the strongest directional movement in recent months, and the supply levels at 111.00, 111.50 and 112.00 could be attained this week. The outlook on JPY pairs remains bullish for this week (just as bullish movements were forecast for most JPY pairs last week).
EURJPY
Dominant bias: Bullish
This cross also went bullish last week, fuelled by the buying pressure in the market, and as a result of weakness in Yen. Because Yen is so weak that, even weak currencies like EUR and GBP could manage to rally versus it. In case a currency is strong in its own right, just like the case of USD, the rally against Yen would be strong and fast indeed. As long as Yen does not become strong conspicuously, the northward movement on EURJPY would continue. The supply zones at 118.00 and 118.50 are being watched this week.
This forecast is concluded with the quote below:
“YOU are the biggest factor in your trading success…” – Dr. Van. Tharp
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair went downwards last week, going below the resistance lines at 1.0650 and 1.0600. Since November 9, price has come down more than 700 pips, leading to a very strong bearish bias on the market. There is a possibility of further downwards movement, which could enable price to reach for the support lines at 1.0550, 1.0500 and 1.0450. This expectation would hold only as long as USD does not showcase any noticeable weakness.
USDCHF
Dominant bias: Bullish
USDCHF moved upwards by 215 last week. Price managed to go above the psychological level at 1.0000, now at the resistance level of 1.0100. Price has gone upwards reluctantly so far, and there is a possibility that it would make further bullish effort this week. There is another potential target at the resistance level of 1.0200, but the further the market goes upwards, the higher the chances of a large pullback. The bullish bias would hold as long as USD does not lose stamina.
GBPUSD
Dominant bias: Bearish
GBPUSD underwent a vivid bearish correction throughout last week – an action that has resulted in a bearish signal in the short and long terms. Long trades are currently not prudent in this market, unless price action reveals that things are conspicuously bullish. Right now, the market is in a downtrend, and only short trades should be sought. Rallies would offer opportunities to go short at better prices.
USDJPY
Dominant bias: Bullish
There is a strong Bullish Confirmation Pattern on USD/JPY. Since the low of November 9, the pair has shot skywards by over 960 pips. Apparently, this is one of the strongest directional movement in recent months, and the supply levels at 111.00, 111.50 and 112.00 could be attained this week. The outlook on JPY pairs remains bullish for this week (just as bullish movements were forecast for most JPY pairs last week).
EURJPY
Dominant bias: Bullish
This cross also went bullish last week, fuelled by the buying pressure in the market, and as a result of weakness in Yen. Because Yen is so weak that, even weak currencies like EUR and GBP could manage to rally versus it. In case a currency is strong in its own right, just like the case of USD, the rally against Yen would be strong and fast indeed. As long as Yen does not become strong conspicuously, the northward movement on EURJPY would continue. The supply zones at 118.00 and 118.50 are being watched this week.
This forecast is concluded with the quote below:
“YOU are the biggest factor in your trading success…” – Dr. Van. Tharp
the great prediction
but the next week prediction price USDCHF if will be down to price 0.95 is over confidence
but the next week prediction price USDCHF if will be down to price 0.95 is over confidence
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