Weekly Trading Forecasts on Major Pairs (October 14 - 18, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair started a bearish movement on Monday, which was briefly interrupted by a massive rally, caused by the U.S. presidential elections results. Price rallied 280 pips on Wednesday and started coming down that day, forming a Bearish Confirmation Pattern in the market. The support line at 1.0850 is almost being breached to the downside. While the support lines at 1.0850 and 1.0800 could be breached this week, there is also a possibility of rallies in the market (especially when USDCHF pulls back again).
USDCHF
Dominant bias: Bullish
USDCHF moved sideways on Monday and Tuesday, and plunged seriously on Wednesday, November 9. The bearish plunge was quickly recovered as price rallied massively 290 pips that day, from a low of 0.9549, leading to a bullish signal in the market. Price could now target the resistance level at 0.9900, 0.9950 and lastly, 1.0000. However, a great challenge remains at the resistance level at 1.0000, which is a psychological level. In case price is unable to go above that psychological level, there could be a clear bearish correction.
GBPUSD
Dominant bias: Bullish
Cable remains bullish in the near term, and bearish in the long term. The market is quite choppy, having consolidated from Monday to Thursday (in the context of a near-term uptrend), and then going upwards vividly on Friday. Further upward movement is anticipated this week, as the bias on the market remain bullish. The distribution territories at 1.2650, 1.2700 and 1.2750 may be targeted this week. The distribution territory at 1.2650 was tested last week, and it could be tested again, and a northward movement of 500 pips more, would cause a bullish signal in the daily chart also.
USDJPY
Dominant bias: Bullish
As it was forecast last week, JPY pairs really made bullish attempts. The bullish journey started on Monday and it was briefly interrupted on Wednesday as there were temporary massive sell-offs on USDJPY. Price plunged by roughly 400 pips on Wednesday and rallied on the same day, plus Thursday, and consolidated on Friday. The market is currently above demand levels at 106.00 and 106.50, targeting the supply levels at 107.00, 107.50 and 108.00 this week. The outlook on most JPY pairs remains bullish for this week (with possible exceptions of AUDJPY and NZDJPY).
EURJPY
Dominant bias: Bullish
The movement on this currency trading instrument was not as strong as that of USDJPY. The market is quite choppy while the outlook on it remains bullish. Should EUR gather some stamina this week, there could be more predictable bullish movement. Initial targets on the upside are the supply zones at 116.50 and 117.00. For price to go above these targets, persistent buying pressure is needed.
This forecast is concluded with the quote below:
“Take every trade that the system generates because you do not know where the returns are going to be generated.” – Chris Tate
Topic: Weekly Trading Forecasts on Major Pairs - page 2. (Read 3362 times)
Weekly Trading Forecasts on Major Pairs (October 7 - 11, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
From the weekly low of 1.0935, this pair went upwards by over 200 pips, to close above the support line at 1.1100 on Friday. Price is now close to the resistance line at 1.1150, and a breach of that resistance line would enable price to go towards another resistance lines at 1.1200 and 1.1250. As long as the support line at 1.1000 is not broken to the downside, the bullish signal, which has formed in this market, would remain valid.
USDCHF
Dominant bias: Bearish
USD/CHF was unable to go above the psychological level at 1.0000. An attempt to do that on October 25 was quickly forestalled – even before that psychological level was even tested. It has been mentioned that failure to breach the level might result in a serious pullback, and that was exactly what happened. Price pulled back significantly last week, to close below the resistance level at 0.9700 on Friday. This 210-pip bearish movement has resulted in a Bearish Confirmation Pattern in the market and further price decline is a possibility this week (unless USD gathers some stamina).
GBPUSD
Dominant bias: Bullish
Following a few weeks of consolidation, GBPUSD rallied massively last week. Price went upwards 370 pips, to test the distribution territory at 1.2550. The bias has already turned bullish in the short term (though it would take another 1000-pip movement to the upside, before the bias on the daily chart can turn bullish). Right now, there is a strong buying pressure in the market and this should continue this week. Unless USD gathers lots of stamina, bulls would be able to reach the distribution territories at 1.2650, 1.2700 and 1.2750.
USDJPY
Dominant bias: Bearish
USDJPY consolidated on Monday and then plummeted on Tuesday. While going south, the demand level at 102.50 was almost tested, and this has brought an end the recent bullish bias. The demand level at 102.50 would eventually be tested, and probably breached to the downside. However, there is also a possibility that JPY pairs would make some bullish attempts this week, which could also be reflected on USDJPY.
EURJPY
Dominant bias: Bullish
This trading instrument did not move very much last week. Unlike USDJPY, it was engaged in a slight bearish correction in the middle of last week; and the corrective actiion was ended on Friday as the market closed on a bullish note. This week, whatever happens to EUR would have some impact on the market. Before the end of the week, price would have gone either above the supply zone at 115.50 or below the demand zone at 113.50.
This forecast is concluded with the quote below:
“I'm a full time trader. Nothing else…For all of you guys that think trading full time isn't possible, well I'm here to tell you it is. I actually met another full time trader the other day at the basketball court (trading for 20 years) and he trades millions of dollars. So I don't understand why people think that trading full time a myth...” – MarketAddict (Source: Elitetrader.com)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
From the weekly low of 1.0935, this pair went upwards by over 200 pips, to close above the support line at 1.1100 on Friday. Price is now close to the resistance line at 1.1150, and a breach of that resistance line would enable price to go towards another resistance lines at 1.1200 and 1.1250. As long as the support line at 1.1000 is not broken to the downside, the bullish signal, which has formed in this market, would remain valid.
USDCHF
Dominant bias: Bearish
USD/CHF was unable to go above the psychological level at 1.0000. An attempt to do that on October 25 was quickly forestalled – even before that psychological level was even tested. It has been mentioned that failure to breach the level might result in a serious pullback, and that was exactly what happened. Price pulled back significantly last week, to close below the resistance level at 0.9700 on Friday. This 210-pip bearish movement has resulted in a Bearish Confirmation Pattern in the market and further price decline is a possibility this week (unless USD gathers some stamina).
GBPUSD
Dominant bias: Bullish
Following a few weeks of consolidation, GBPUSD rallied massively last week. Price went upwards 370 pips, to test the distribution territory at 1.2550. The bias has already turned bullish in the short term (though it would take another 1000-pip movement to the upside, before the bias on the daily chart can turn bullish). Right now, there is a strong buying pressure in the market and this should continue this week. Unless USD gathers lots of stamina, bulls would be able to reach the distribution territories at 1.2650, 1.2700 and 1.2750.
USDJPY
Dominant bias: Bearish
USDJPY consolidated on Monday and then plummeted on Tuesday. While going south, the demand level at 102.50 was almost tested, and this has brought an end the recent bullish bias. The demand level at 102.50 would eventually be tested, and probably breached to the downside. However, there is also a possibility that JPY pairs would make some bullish attempts this week, which could also be reflected on USDJPY.
EURJPY
Dominant bias: Bullish
This trading instrument did not move very much last week. Unlike USDJPY, it was engaged in a slight bearish correction in the middle of last week; and the corrective actiion was ended on Friday as the market closed on a bullish note. This week, whatever happens to EUR would have some impact on the market. Before the end of the week, price would have gone either above the supply zone at 115.50 or below the demand zone at 113.50.
This forecast is concluded with the quote below:
“I'm a full time trader. Nothing else…For all of you guys that think trading full time isn't possible, well I'm here to tell you it is. I actually met another full time trader the other day at the basketball court (trading for 20 years) and he trades millions of dollars. So I don't understand why people think that trading full time a myth...” – MarketAddict (Source: Elitetrader.com)
Monthly Forecasts for CFDs (November 2016)
AUS200
Dominant bias: Bearish
AUS200 consolidated in the first few weeks of October, and dropped conspicuously last week. There are Bearish Confirmation Patterns in the 4-hour and daily charts, which portend the possibility that price could go further south. Therefore, price may target the support lines at 5200.0, 5100.0 and 5000.0 this month, though there would be temporary consolidations or rally attempts along the way.
SPX500
Dominant bias: Bearish
SPX500 has been consolidating for months. Price has been unable to effect any meaningful bullish rally since August and things are going gradually bearish. Right now, there are bearish signals in the 4-hour and daily charts, and so, the market may reach the support levels at 2100.0, 2090.0 and 2080.0. It is most likely that bears would dominate the market till the end of this year.
US30
Dominant bias: Neutral
This trading instrument has been in an equilibrium phase since August 2016, though price moved a bit lower in September, and then moving sideways till now. Although the equilibrium movement may continue for some time this month, a rise in momentum is imminent, and that may happen this month or next. A break above the distribution territory at 18650.0 would result in a bullish outlook; and a break below the accumulation territory at 17900.0 would result in a bearish outlook. As long as price is between these accumulation and distribution territories, the market would be viewed as being in an equilibrium phase; and so, a strong and persistent buying or selling pressure is needed to push price out of that zone.
GER30
Dominant bias: Bullish
On the daily chart, the bias on GER30 remains bullish. However a closer look at lower timeframes reveals that price is being corrected. Last week, a clear bearish correction was witnessed on the 4-hour char, though that is not yet strong enough to pose a serious threat to the bullish bias on the daily chart. This week, the current bullishness in the market would be most probably maintained, which cannot be overturned until the demand level at 10100.0 is breached to the downside.
FRA40
Dominant bias: Bullish
The situation surrounding this market is quite similar to the condition affecting GER30. The bias on the daily chart is bearish, but some correction has been going on a lower timeframe like the 4-hour chart. The bullish bias would continue to be safeguarded irrespective of some transitory pullbacks along the way, except a breach of the demand zone at 4350.0 is breached.
AUS200
Dominant bias: Bearish
AUS200 consolidated in the first few weeks of October, and dropped conspicuously last week. There are Bearish Confirmation Patterns in the 4-hour and daily charts, which portend the possibility that price could go further south. Therefore, price may target the support lines at 5200.0, 5100.0 and 5000.0 this month, though there would be temporary consolidations or rally attempts along the way.
SPX500
Dominant bias: Bearish
SPX500 has been consolidating for months. Price has been unable to effect any meaningful bullish rally since August and things are going gradually bearish. Right now, there are bearish signals in the 4-hour and daily charts, and so, the market may reach the support levels at 2100.0, 2090.0 and 2080.0. It is most likely that bears would dominate the market till the end of this year.
US30
Dominant bias: Neutral
This trading instrument has been in an equilibrium phase since August 2016, though price moved a bit lower in September, and then moving sideways till now. Although the equilibrium movement may continue for some time this month, a rise in momentum is imminent, and that may happen this month or next. A break above the distribution territory at 18650.0 would result in a bullish outlook; and a break below the accumulation territory at 17900.0 would result in a bearish outlook. As long as price is between these accumulation and distribution territories, the market would be viewed as being in an equilibrium phase; and so, a strong and persistent buying or selling pressure is needed to push price out of that zone.
GER30
Dominant bias: Bullish
On the daily chart, the bias on GER30 remains bullish. However a closer look at lower timeframes reveals that price is being corrected. Last week, a clear bearish correction was witnessed on the 4-hour char, though that is not yet strong enough to pose a serious threat to the bullish bias on the daily chart. This week, the current bullishness in the market would be most probably maintained, which cannot be overturned until the demand level at 10100.0 is breached to the downside.
FRA40
Dominant bias: Bullish
The situation surrounding this market is quite similar to the condition affecting GER30. The bias on the daily chart is bearish, but some correction has been going on a lower timeframe like the 4-hour chart. The bullish bias would continue to be safeguarded irrespective of some transitory pullbacks along the way, except a breach of the demand zone at 4350.0 is breached.
Weekly Trading Forecasts on Major Pairs (October 31 – November 4, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair moved sideways last week, and then traded upwards on Friday. However, that was not significant enough to result in any bullish signal. The bias on the market remains bearish, and what happened on Friday could turn out to be a short-selling opportunity. The outlook on EUR pairs is bearish for this week, and therefore EURUSD would keep on being bearish. Price may thus test the support lines at 1.0900, 1.0850 and 1.0800 this week. The only thing could help bulls here is a large pullback on USDCHF, which is not likely this week.
USDCHF
Dominant bias: Bullish
This trading instrument has managed to climb above the resistance level at 0.9900, before bears pushed back the price below it. The market has been consolidating for two weeks, though the bullish outlook remains valid. The outlook on USD is bullish for this week and this month, which means most major currencies would be weakened against it. USDCHF would make bullish attempts but there is a very difficult resistance level at 1.0000, which would require lots of buying pressure to breach. Should bulls fail to breach that resistance level, a pullback may materialize.
GBPUSD
Dominant bias: Bearish
Cable has been moving sideways for two weeks, which has resulted in a neutral bias in the short-term. The long-term bias is bearish, and when momentum rises, it may favor bears. The outlook on the market is bearish for this week, and rallies should be disregarded, for they would be transitory and cannot be significant enough to bring an end to the current long-term bearish outlook. In November, large movements would be witnessed on GBP pairs, and they would undergo bearish movements in most cases.
USDJPY
Dominant bias: Bullish
As it was mentioned in the last forecast, USDJPY has become bullish. Price moved upwards by 170 pips last week, to test the supply level at 105.50. The bearish correction that was seen on October 28 was just another opportunity to buy long when things are on sale, in the context of an uptrend. The most probable movement for JPY pairs is bullish for this week, though the situation may change before or by the end of November.
EURJPY
Dominant bias: Bullish
In spite of the weakness in EUR, the EURJPY cross rallied by 230 pips last week. Price closed at 115.11 on Friday, after forming a clear Bullish Confirmation Pattern in the 4-hour chart. The current price action shows that bulls are still willing to push price further north, which may make price to reach the supply zones at 115.50, 116.00 and 116.50 this week. After all, it is expected that JPY pairs would make some bullish attempts in the week.
This forecast is concluded with the quote below:
“Earning a trading income compared to earning an occupation income is just so damned rewarding!” – Louise Bedford
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair moved sideways last week, and then traded upwards on Friday. However, that was not significant enough to result in any bullish signal. The bias on the market remains bearish, and what happened on Friday could turn out to be a short-selling opportunity. The outlook on EUR pairs is bearish for this week, and therefore EURUSD would keep on being bearish. Price may thus test the support lines at 1.0900, 1.0850 and 1.0800 this week. The only thing could help bulls here is a large pullback on USDCHF, which is not likely this week.
USDCHF
Dominant bias: Bullish
This trading instrument has managed to climb above the resistance level at 0.9900, before bears pushed back the price below it. The market has been consolidating for two weeks, though the bullish outlook remains valid. The outlook on USD is bullish for this week and this month, which means most major currencies would be weakened against it. USDCHF would make bullish attempts but there is a very difficult resistance level at 1.0000, which would require lots of buying pressure to breach. Should bulls fail to breach that resistance level, a pullback may materialize.
GBPUSD
Dominant bias: Bearish
Cable has been moving sideways for two weeks, which has resulted in a neutral bias in the short-term. The long-term bias is bearish, and when momentum rises, it may favor bears. The outlook on the market is bearish for this week, and rallies should be disregarded, for they would be transitory and cannot be significant enough to bring an end to the current long-term bearish outlook. In November, large movements would be witnessed on GBP pairs, and they would undergo bearish movements in most cases.
USDJPY
Dominant bias: Bullish
As it was mentioned in the last forecast, USDJPY has become bullish. Price moved upwards by 170 pips last week, to test the supply level at 105.50. The bearish correction that was seen on October 28 was just another opportunity to buy long when things are on sale, in the context of an uptrend. The most probable movement for JPY pairs is bullish for this week, though the situation may change before or by the end of November.
EURJPY
Dominant bias: Bullish
In spite of the weakness in EUR, the EURJPY cross rallied by 230 pips last week. Price closed at 115.11 on Friday, after forming a clear Bullish Confirmation Pattern in the 4-hour chart. The current price action shows that bulls are still willing to push price further north, which may make price to reach the supply zones at 115.50, 116.00 and 116.50 this week. After all, it is expected that JPY pairs would make some bullish attempts in the week.
This forecast is concluded with the quote below:
“Earning a trading income compared to earning an occupation income is just so damned rewarding!” – Louise Bedford
Weekly Trading Forecasts on Major Pairs (October 24 - 28, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD dropped by over 100 pips last week. Price has dropped by more than 300 pips since October 10, resulting in a Bearish Confirmation Pattern in the market. The outlook on EURUSD (and other EUR pairs) is bearish for this week. Therefore, slow and steady downward movement is expected on EURUSD and the support lines at 1.0850 and 1.0800 could be tested this week. Rallies would proffer opportunities to sell short at better prices.
USDCHF
Dominant bias: Bullish
Bulls laid a decisive siege at the support level at 0.9900 (formerly a resistance level) from October 12 to 20. It was already forecast that bulls would not find it easy to break the level at 0.9900 to the upside. On October 20, bears gave way to the persistent bullish pressure, partly due to existing stamina in USD. Price was able to close above the support level at 0.9900 after testing the resistance level at 0.9950, and retracing. This week, further bullish movement is possible in the market, because USD is strong and because CHF would be weak this week. Some currencies would rally versus CHF and this would help USDCHF to go more northward, though a significant bullish movement is not likely.
GBPUSD
Dominant bias: Bearish
GBPUSD made a shallow rally attempt from Monday to Wednesday and then consolidated till the end of the week. As it was hinted in the last forecast, this week would witness more volatility on GBP pairs when compared to last week. This means the present consolidation on GBPUSD would end as momentum rises, though the outlook on GBP pairs is bullish for this week. In case GBPUSD rallies, we would not anticipate a serious threat to the extant dominant bias in the market.
USDJPY
Dominant bias: Bullish
USDJPY went sideways throughout last week – a situation that could be termed a sideways movement in the context of an uptrend. The outlook on JPY pairs is bullish for this week, and USDJPY might be able to rise towards the supply levels at 104.50, 105.00 and 105.50. This is a situation that could lead to a strong Bullish Confirmation Pattern in the 4-hour chart. The supply levels at 103.00 and 102.50 would serve to restrict large pullbacks this week.
EURJPY
Dominant bias: Bearish
There is a bearish signal on this trading instrument, as price dived by 170 pips last week. One great factor that has contributed to this bearish signal is the weakness in EUR itself, and the only factor that could effect any rally on this instrument is the fact that Yen could become weak (thereby causing JPY pairs to rally this week). In case EUR becomes weaker than Yen, price would fall further. A factor that causes Yen to become weaker than EUR would bring some rally in the market.
This forecast is concluded with the quote below:
"When you understand the rules of the game, you can play the game like a master..." – James Altucher
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD dropped by over 100 pips last week. Price has dropped by more than 300 pips since October 10, resulting in a Bearish Confirmation Pattern in the market. The outlook on EURUSD (and other EUR pairs) is bearish for this week. Therefore, slow and steady downward movement is expected on EURUSD and the support lines at 1.0850 and 1.0800 could be tested this week. Rallies would proffer opportunities to sell short at better prices.
USDCHF
Dominant bias: Bullish
Bulls laid a decisive siege at the support level at 0.9900 (formerly a resistance level) from October 12 to 20. It was already forecast that bulls would not find it easy to break the level at 0.9900 to the upside. On October 20, bears gave way to the persistent bullish pressure, partly due to existing stamina in USD. Price was able to close above the support level at 0.9900 after testing the resistance level at 0.9950, and retracing. This week, further bullish movement is possible in the market, because USD is strong and because CHF would be weak this week. Some currencies would rally versus CHF and this would help USDCHF to go more northward, though a significant bullish movement is not likely.
GBPUSD
Dominant bias: Bearish
GBPUSD made a shallow rally attempt from Monday to Wednesday and then consolidated till the end of the week. As it was hinted in the last forecast, this week would witness more volatility on GBP pairs when compared to last week. This means the present consolidation on GBPUSD would end as momentum rises, though the outlook on GBP pairs is bullish for this week. In case GBPUSD rallies, we would not anticipate a serious threat to the extant dominant bias in the market.
USDJPY
Dominant bias: Bullish
USDJPY went sideways throughout last week – a situation that could be termed a sideways movement in the context of an uptrend. The outlook on JPY pairs is bullish for this week, and USDJPY might be able to rise towards the supply levels at 104.50, 105.00 and 105.50. This is a situation that could lead to a strong Bullish Confirmation Pattern in the 4-hour chart. The supply levels at 103.00 and 102.50 would serve to restrict large pullbacks this week.
EURJPY
Dominant bias: Bearish
There is a bearish signal on this trading instrument, as price dived by 170 pips last week. One great factor that has contributed to this bearish signal is the weakness in EUR itself, and the only factor that could effect any rally on this instrument is the fact that Yen could become weak (thereby causing JPY pairs to rally this week). In case EUR becomes weaker than Yen, price would fall further. A factor that causes Yen to become weaker than EUR would bring some rally in the market.
This forecast is concluded with the quote below:
"When you understand the rules of the game, you can play the game like a master..." – James Altucher
Weekly Trading Forecasts on Major Pairs (October 17 - 21, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair trended downwards by 220 pips last week – just as it was expected. Price closed below the resistance line at 1.1000, going towards the support line at 1.0950. Bears may eventually target the support line at 1.0900, but they would meet some opposition at that place. The bias on the market is bearish, and any rallies seen here should be taken as opportunities to sell short at better prices.
USDCHF
Dominant bias: Bullish
USD/CHF was able to trend higher last week, managing to reach the resistance level at 0.9900. Based on the prognosis last week, bulls were unable to push price beyond the resistance level, though they may be able to do that this week, due to the perceived buying pressure in the market. The current price action shows that price is almost above that resistance level. Once price goes above the resistance level, next targets would be other resistance levels at 0.9950 and 1.0000. Once again, it is unlikely that price would go above the psychological level at 1.0000, though USDCHF would remain bullish as long as EURUSD remains bearish.
GBPUSD
Dominant bias: Bearish
Cable plunged last week, reaching the low of 1.2088 on October 11. Price then consolidated till the end of the week. The bias on the market is bearish in the short and long-terms, and thus, it is logical to anticipate another bearish journey once this consolidation ends. This does not rule out a possibility of a rally, which cannot be significant enough to threaten the current bearish bias. The movements on GBP pairs this week would not be as strong as the movements that would be witnessed next week.
USDJPY
Dominant bias: Bullish
This market has managed to maintain its bullish stance; as price continued to trudge northwards. The supply level at 104.50 has been tested and it would be tested again. Some bearish forces would attract the current short-term uptrend, but unless USD itself experiences loss in stamina, the bias would not turn bearish. The bullish outlook would remain as long as price does not breach the demand level at 102.00 to the downside.
EURJPY
Dominant bias: Bearish
EURJPY has not moved significantly in the short-term, though a closer look at the market reveals that bears have upper hands over bulls. As long as EUR is somewhat weak, price may face some difficulties in going up. Price is currently below the supply zone at 114.50, and it may test the demand zones at 114.00 and 113.50 this week. On the other hand, a movement above the supply zone at 116.00 would result in a clear bullish signal.
This forecast is concluded with the quote below:
“My belief is that the markets are a very friendly place. Whatever you want in life, the markets will find a way to give it to you. I’m not being facetious here.” – Dr. Van K. Tharp
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
This pair trended downwards by 220 pips last week – just as it was expected. Price closed below the resistance line at 1.1000, going towards the support line at 1.0950. Bears may eventually target the support line at 1.0900, but they would meet some opposition at that place. The bias on the market is bearish, and any rallies seen here should be taken as opportunities to sell short at better prices.
USDCHF
Dominant bias: Bullish
USD/CHF was able to trend higher last week, managing to reach the resistance level at 0.9900. Based on the prognosis last week, bulls were unable to push price beyond the resistance level, though they may be able to do that this week, due to the perceived buying pressure in the market. The current price action shows that price is almost above that resistance level. Once price goes above the resistance level, next targets would be other resistance levels at 0.9950 and 1.0000. Once again, it is unlikely that price would go above the psychological level at 1.0000, though USDCHF would remain bullish as long as EURUSD remains bearish.
GBPUSD
Dominant bias: Bearish
Cable plunged last week, reaching the low of 1.2088 on October 11. Price then consolidated till the end of the week. The bias on the market is bearish in the short and long-terms, and thus, it is logical to anticipate another bearish journey once this consolidation ends. This does not rule out a possibility of a rally, which cannot be significant enough to threaten the current bearish bias. The movements on GBP pairs this week would not be as strong as the movements that would be witnessed next week.
USDJPY
Dominant bias: Bullish
This market has managed to maintain its bullish stance; as price continued to trudge northwards. The supply level at 104.50 has been tested and it would be tested again. Some bearish forces would attract the current short-term uptrend, but unless USD itself experiences loss in stamina, the bias would not turn bearish. The bullish outlook would remain as long as price does not breach the demand level at 102.00 to the downside.
EURJPY
Dominant bias: Bearish
EURJPY has not moved significantly in the short-term, though a closer look at the market reveals that bears have upper hands over bulls. As long as EUR is somewhat weak, price may face some difficulties in going up. Price is currently below the supply zone at 114.50, and it may test the demand zones at 114.00 and 113.50 this week. On the other hand, a movement above the supply zone at 116.00 would result in a clear bullish signal.
This forecast is concluded with the quote below:
“My belief is that the markets are a very friendly place. Whatever you want in life, the markets will find a way to give it to you. I’m not being facetious here.” – Dr. Van K. Tharp
Weekly Trading Forecasts on Major Pairs (October 10 - 14, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Neutral
This pair remains neutral in spite of strong volatility witnessed on other pairs and crosses last week. Price simply went below the support line at 1.1150 and then moved towards the resistance line at 1.1200, closing at 1.1200. The neutral bias would persist for some time, but a strong momentum is expected soon. Price needs to go above the resistance line at 1.1350, or below the support line at 1.1050, before it could be said that the neutral bias is over. This week, the most probable direction for EURUSD and some other few EUR pairs, is downwards.
USDCHF
Dominant bias: Bullish
This currency trading instrument is neutral in the long term, but bullish in the short-term. Price went upward on Monday and Tuesday, nosedived on Wednesday, and went upwards again on Thursday and got corrected again on Friday. While it is possible for this instrument to go further upwards, the movement would be limited, because it is unlikely that price would be able to go above the resistance level at 0.9900.
GBPUSD
Dominant bias: Bearish
There is a strong Bearish Confirmation Pattern on GBPUSD market, and most other GBP pairs. As it was predicted last week, price dropped sharply by 880 pips, reaching a low of 1.2031. This is a persistent bearish trend. After that, price bounced back by 420 pips, to close at 1.2421. What next? Well, the forecast for this week is that, GBPUSD would be bullish (which is also true of a few other GBP pairs). Price would go visibly upwards this week, but that would not be significant enough to override the currently long-term bearish outlook on the market.
USDJPY
Dominant bias: Bullish
As it was anticipated, USDJPY broke upwards last week, ending the recent equilibrium phase in the market. Price shot skywards by 280 pips, testing the supply level at 104.00 and the getting corrected by 100 pips. Price closed below the supply level at 103.00 on Friday, and that could be a good opportunity to seek long trades when things are on sale, and in the context of an uptrend. The outlook on JPY pairs remain bullish for this week, so price could go upwards again by at last, 150 pips this week.
EURJPY
Dominant bias: Bullish
Just like USDJPY, EURJPY went upwards seriously last week, testing the supply zone at 116.00 pips, before getting corrected by 90 pips. There is a Bullish Confirmation Pattern on the market, and further upwards movement could happen this week, thereby ending the current bearish correction. From the current locating, price may go towards the supply zones at 115.50, 116.00, and 116.50.
This forecast is concluded with the quote below:
“I learned that the market truly is your greatest teacher and that trading is a skill you must nurture and develop. The more time you spend in the market, the better you are able to understand market movements.” - Michael Patak
Here’s the market outlook for the week:
EURUSD
Dominant bias: Neutral
This pair remains neutral in spite of strong volatility witnessed on other pairs and crosses last week. Price simply went below the support line at 1.1150 and then moved towards the resistance line at 1.1200, closing at 1.1200. The neutral bias would persist for some time, but a strong momentum is expected soon. Price needs to go above the resistance line at 1.1350, or below the support line at 1.1050, before it could be said that the neutral bias is over. This week, the most probable direction for EURUSD and some other few EUR pairs, is downwards.
USDCHF
Dominant bias: Bullish
This currency trading instrument is neutral in the long term, but bullish in the short-term. Price went upward on Monday and Tuesday, nosedived on Wednesday, and went upwards again on Thursday and got corrected again on Friday. While it is possible for this instrument to go further upwards, the movement would be limited, because it is unlikely that price would be able to go above the resistance level at 0.9900.
GBPUSD
Dominant bias: Bearish
There is a strong Bearish Confirmation Pattern on GBPUSD market, and most other GBP pairs. As it was predicted last week, price dropped sharply by 880 pips, reaching a low of 1.2031. This is a persistent bearish trend. After that, price bounced back by 420 pips, to close at 1.2421. What next? Well, the forecast for this week is that, GBPUSD would be bullish (which is also true of a few other GBP pairs). Price would go visibly upwards this week, but that would not be significant enough to override the currently long-term bearish outlook on the market.
USDJPY
Dominant bias: Bullish
As it was anticipated, USDJPY broke upwards last week, ending the recent equilibrium phase in the market. Price shot skywards by 280 pips, testing the supply level at 104.00 and the getting corrected by 100 pips. Price closed below the supply level at 103.00 on Friday, and that could be a good opportunity to seek long trades when things are on sale, and in the context of an uptrend. The outlook on JPY pairs remain bullish for this week, so price could go upwards again by at last, 150 pips this week.
EURJPY
Dominant bias: Bullish
Just like USDJPY, EURJPY went upwards seriously last week, testing the supply zone at 116.00 pips, before getting corrected by 90 pips. There is a Bullish Confirmation Pattern on the market, and further upwards movement could happen this week, thereby ending the current bearish correction. From the current locating, price may go towards the supply zones at 115.50, 116.00, and 116.50.
This forecast is concluded with the quote below:
“I learned that the market truly is your greatest teacher and that trading is a skill you must nurture and develop. The more time you spend in the market, the better you are able to understand market movements.” - Michael Patak
Monthly Forecasts for CFDs (October 2016)
AUS200
Dominant bias: Bullish
AUS200 started September on a bearish note, but ended it on a bullish note. From September 1 to 13, the market dipped by 2500 points from. Since then, the market has rallied by 3300 point till date. There are Bullish Confirmation Patterns in the 4-hour and daily charts, which reveal that further northward movement is possible. Next targets are the resistance lines at 5550.0, 5650.00 and 5750.0 this month.
SPX500
Dominant bias: Neutral
SPX500 moved sideways last month – and the bias on both the 4-hour and the daily charts is neutral. Price moved sideways in the first few days of September, and then dipped from September 9 – 11. After this, price became quite volatile and ended up consolidating till the end of the month. The neutrality of the bias is supposed to continue this month until “something’ pushes the market out of balance. The most probable direction is to the south, for the bullish trend has reached maturity.
US30
Dominant bias: Neutral
The situation surrounding this market is quite similar to the situation surround the SPX500. Price moved sideways in the first few days of September, and the dipped from September 9 – 11. After this, the market was riddled with high volatility and eventually moved sideways till the end of the month. This neutral outlook may continue this month until the market starts trending seriously, which would cause a directional bias to form. The most probable direction is towards the south.
GER30
Dominant bias: Bullish
In spite of a serious volatility on this trading instrument, there remains a bullish indication on it. Bulls have succeeded in preventing large pullbacks in the market; plus there is a Bullish Confirmation Pattern in the daily chart. The instrument may thus attain the supply levels at 10650.0, 10750.0 and 10850.0 in the month of October. The demand levels at 10180.0 and 10150.0 should resist any bearish attempts along the way.
FRA40
Dominant bias: Bullish
FRA40 experienced extreme volatility in September 2016, which was characterized by large upswings and downswings. In spite of this, the bias on the market is bullish (though in a precarious situation). Price needs to move further upwards by at least, 1000 points, in order to showcase stronger bullishness. For this, bulls would be willing to target the supply zones at 4550.0, 4650.0 and 4750.0 this month.
AUS200
Dominant bias: Bullish
AUS200 started September on a bearish note, but ended it on a bullish note. From September 1 to 13, the market dipped by 2500 points from. Since then, the market has rallied by 3300 point till date. There are Bullish Confirmation Patterns in the 4-hour and daily charts, which reveal that further northward movement is possible. Next targets are the resistance lines at 5550.0, 5650.00 and 5750.0 this month.
SPX500
Dominant bias: Neutral
SPX500 moved sideways last month – and the bias on both the 4-hour and the daily charts is neutral. Price moved sideways in the first few days of September, and then dipped from September 9 – 11. After this, price became quite volatile and ended up consolidating till the end of the month. The neutrality of the bias is supposed to continue this month until “something’ pushes the market out of balance. The most probable direction is to the south, for the bullish trend has reached maturity.
US30
Dominant bias: Neutral
The situation surrounding this market is quite similar to the situation surround the SPX500. Price moved sideways in the first few days of September, and the dipped from September 9 – 11. After this, the market was riddled with high volatility and eventually moved sideways till the end of the month. This neutral outlook may continue this month until the market starts trending seriously, which would cause a directional bias to form. The most probable direction is towards the south.
GER30
Dominant bias: Bullish
In spite of a serious volatility on this trading instrument, there remains a bullish indication on it. Bulls have succeeded in preventing large pullbacks in the market; plus there is a Bullish Confirmation Pattern in the daily chart. The instrument may thus attain the supply levels at 10650.0, 10750.0 and 10850.0 in the month of October. The demand levels at 10180.0 and 10150.0 should resist any bearish attempts along the way.
FRA40
Dominant bias: Bullish
FRA40 experienced extreme volatility in September 2016, which was characterized by large upswings and downswings. In spite of this, the bias on the market is bullish (though in a precarious situation). Price needs to move further upwards by at least, 1000 points, in order to showcase stronger bullishness. For this, bulls would be willing to target the supply zones at 4550.0, 4650.0 and 4750.0 this month.
Monthly Technical Reviews on Gold, Silver and Bitcoin (October 2016)
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is bearish in the short-term, but neutral in the long-term. In the 4-hour chart, price trended downwards last week, to end September 2016 on a bearish note. Further bearish movement is anticipated this month, which would make price reach the support levels at 1298.00 and 1280.00 and 1270.00. This would make the bias on the daily chart to turn from neutral to bearish. On the other side, a serious rally may enable price to go above the resistance levels at 1330.00, 1350.00 and 1400.00, which may cause a Bullish Confirmation Pattern in the chart.
SILVER (XAGUSD)
Dominant: Bearish
Just like Gold, Silver is bearish in the short-term and neutral in the long-term. Price is volatile and there would be further struggle between the bull and the bear before price starts trending seriously, which could most probably be in favor of the bear. The bear may target the demand levels at 18.7000, 18.2000 and 17.5000 in October, which would also result in a Bearish Confirmation Pattern in the daily chart. This expectation would be rational as long as price does not go above the supply levels at 19.9000, 20.5000 and 21.0000. This month, Silver is expected to trend more strongly than it did in September.
BITCOIN (BTCUSD)
Dominant Bias: Neutral
Bitcoin remained a flat market throughout September 2016, save the bearish breakout that occurred at the beginning of this month, which turned out to be a false breakout. This flat movement is expected to continue this month, and the only thing that could force the market to go out of balance is an unexpected or extremely strong fundament factor. The outcome would be simple, very bad news would result in massive sell-offs, while very good news would result in a serious rally. A strong movement to the south would be contained at the accumulation territory at 509.00 (the low of August 2016); and a movement to the north may not go above the distribution territory at 775.92 (the high of June 2016).
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is bearish in the short-term, but neutral in the long-term. In the 4-hour chart, price trended downwards last week, to end September 2016 on a bearish note. Further bearish movement is anticipated this month, which would make price reach the support levels at 1298.00 and 1280.00 and 1270.00. This would make the bias on the daily chart to turn from neutral to bearish. On the other side, a serious rally may enable price to go above the resistance levels at 1330.00, 1350.00 and 1400.00, which may cause a Bullish Confirmation Pattern in the chart.
SILVER (XAGUSD)
Dominant: Bearish
Just like Gold, Silver is bearish in the short-term and neutral in the long-term. Price is volatile and there would be further struggle between the bull and the bear before price starts trending seriously, which could most probably be in favor of the bear. The bear may target the demand levels at 18.7000, 18.2000 and 17.5000 in October, which would also result in a Bearish Confirmation Pattern in the daily chart. This expectation would be rational as long as price does not go above the supply levels at 19.9000, 20.5000 and 21.0000. This month, Silver is expected to trend more strongly than it did in September.
BITCOIN (BTCUSD)
Dominant Bias: Neutral
Bitcoin remained a flat market throughout September 2016, save the bearish breakout that occurred at the beginning of this month, which turned out to be a false breakout. This flat movement is expected to continue this month, and the only thing that could force the market to go out of balance is an unexpected or extremely strong fundament factor. The outcome would be simple, very bad news would result in massive sell-offs, while very good news would result in a serious rally. A strong movement to the south would be contained at the accumulation territory at 509.00 (the low of August 2016); and a movement to the north may not go above the distribution territory at 775.92 (the high of June 2016).
Bitcoin/USD forecast would be important, and may be also some altcoins too. FIAT pairs can be optional only. Most traders make buy/sale with Bitcoin only. 
Weekly Trading Forecasts on Major Pairs (October 3 - 7, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Neutral
This pair did not do anything significantly last week, save moving briefly above the resistance line at 1.1250 and testing the support line at 1.1150. The bias has become neutral in the short and long terms, and this is supposed to continue until price goes out balance, which should happen before the end of the week or next. The outlook on EUR pairs is bearish for the month of October (except in a few cases), therefore, EURUSD could be seen going lower in the month.
USDCHF
Dominant bias: Bearish
This currency trading instrument is bearish in the short-term, but neutral in the long-term. Bulls made visible effort to push the instrument upwards but bears did not allow this to happen. Although the outlook is bearish in the short-term, price did nothing more than testing the resistance level at 0.9750 and support level at 0.9650. There should be a rise in momentum this week, and USDCHF would rally only when EURUSD falls sharply.
GBPUSD
Dominant bias: Bearish
GBPUSD is bearish in the long and short terms. Price simply moved sideways last week, although Bearish Confirmation Patterns are still visible in the 4-hour and daily charts. Further bearish movement is anticipated this week, which should drive price towards the accumulation territories at 1.2900, 1.2850 and 1.2800. Rallies in this market would invariably turn out to be traps for bulls; and of course, good short-selling opportunities. The accumulation territory at 1.2950 is currently doing a good job preventing further downside move: though it could give way very soon. In the month of October, the outlook on GBP pairs is strongly bearish, and large downside movements would be witnessed, except in a few cases.
USDJPY
Dominant bias: Neutral
USDJPY is neutral in the short-term. In fact, the overall condition on the market has been a kind of consolidation throughout September 2016. Further sideways movement would result in a neutral bias in the long-term as well, but there is a high possibility that price may start trending seriously before the end of this week, which could result in a bearish or bullish signal forming in the 4-hour chart.
EURJPY
Dominant bias: Neutral
The condition on EURJPY is quite similar to the condition surrounding USDJPY. Price consolidated between the demand zone at 112.50 and the supply zone at 114.00, throughout last week. This week, a rise in momentum is expected which would take price above the aforementioned supply zone, or below the demand zone, resulting in a bearish or bullish bearish in the short-term.
This forecast is concluded with the quote below:
“I am now doing things I have a passion for and am full time trading.” – Stefan Carling
Here’s the market outlook for the week:
EURUSD
Dominant bias: Neutral
This pair did not do anything significantly last week, save moving briefly above the resistance line at 1.1250 and testing the support line at 1.1150. The bias has become neutral in the short and long terms, and this is supposed to continue until price goes out balance, which should happen before the end of the week or next. The outlook on EUR pairs is bearish for the month of October (except in a few cases), therefore, EURUSD could be seen going lower in the month.
USDCHF
Dominant bias: Bearish
This currency trading instrument is bearish in the short-term, but neutral in the long-term. Bulls made visible effort to push the instrument upwards but bears did not allow this to happen. Although the outlook is bearish in the short-term, price did nothing more than testing the resistance level at 0.9750 and support level at 0.9650. There should be a rise in momentum this week, and USDCHF would rally only when EURUSD falls sharply.
GBPUSD
Dominant bias: Bearish
GBPUSD is bearish in the long and short terms. Price simply moved sideways last week, although Bearish Confirmation Patterns are still visible in the 4-hour and daily charts. Further bearish movement is anticipated this week, which should drive price towards the accumulation territories at 1.2900, 1.2850 and 1.2800. Rallies in this market would invariably turn out to be traps for bulls; and of course, good short-selling opportunities. The accumulation territory at 1.2950 is currently doing a good job preventing further downside move: though it could give way very soon. In the month of October, the outlook on GBP pairs is strongly bearish, and large downside movements would be witnessed, except in a few cases.
USDJPY
Dominant bias: Neutral
USDJPY is neutral in the short-term. In fact, the overall condition on the market has been a kind of consolidation throughout September 2016. Further sideways movement would result in a neutral bias in the long-term as well, but there is a high possibility that price may start trending seriously before the end of this week, which could result in a bearish or bullish signal forming in the 4-hour chart.
EURJPY
Dominant bias: Neutral
The condition on EURJPY is quite similar to the condition surrounding USDJPY. Price consolidated between the demand zone at 112.50 and the supply zone at 114.00, throughout last week. This week, a rise in momentum is expected which would take price above the aforementioned supply zone, or below the demand zone, resulting in a bearish or bullish bearish in the short-term.
This forecast is concluded with the quote below:
“I am now doing things I have a passion for and am full time trading.” – Stefan Carling
OP, any views on BTC/USD markets???
I am waiting for my bets on this since I don't see it to be the right time to get into it and buy Bitcoins currently as I feel the price might slide down a bit more again before getting hammered to go towards a big ride upside...
I am waiting for my bets on this since I don't see it to be the right time to get into it and buy Bitcoins currently as I feel the price might slide down a bit more again before getting hammered to go towards a big ride upside...
Dollar to be Jostled by Traders Speculation and Fed Officials Forecasts.
... Should these scales change, we can oscillate within the broad range on the ICE Dollar Index (850 points) and EUR/USD (1,225 pips).
... Fri, Sep 23 6:23 pm PDT Weekly Trading Forecast: Where to for FX Market after ...
... Should these scales change, we can oscillate within the broad range on the ICE Dollar Index (850 points) and EUR/USD (1,225 pips).
... Fri, Sep 23 6:23 pm PDT Weekly Trading Forecast: Where to for FX Market after ...
Weekly Trading Forecasts on Major Pairs (September 26 - 30, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
EURUSD is bullish in the short-term, but neutral in the long-term. Against the volatility contraction in the higher time-frames, bulls managed to push price above the support line 1.1200. The next targets are around the resistance lines at 1.1250 and 1.1300, which would require strong buying pressure to be breached to the upside. The support lines at 1.1150 and 1.1100 would act as barriers to bearish attempts along the way.
USDCHF
Dominant bias: Bearish
This market is bearish in the short-term, but neutral in the long-term. Despite low volatility in the higher time-horizons, bears managed to push price below the resistance level at 0.9750, now close to the support level at 0.9700. The targets for this week are around the support levels at 0.9650 and 0.9600, which would require strong selling pressure to be breached to the downside. The resistance levels at 0.9750 and 0.9700 would act as barriers to bullish attempts along the way.
GBPUSD
Dominant bias: Bearish
The dominant bias on GBPUSD is bearish. As it was mentioned in the last weekly forecast, price went down last week in spite of desperate opposition from bulls, who left their traces in the market. Short trades are not logical in this market because of the current price action, and because the outlook on GBP pairs remains bearish for this week. Thus, the accumulation territories at 0.2900, 0.2850 and 0.2800 could be tested before or by Friday.
USDJPY
Dominant bias: Bearish
This instrument consolidated in the first few days of last week, dropped in the middle of the week and experienced a slight upwards correction around the end of the week. There is a Bearish Confirmation Pattern in 4-hour and daily charts, which signal further bearish movement. The demand levels at 100.50 and 100.00 could be tried this week. The bearish bias would hold out until the supply level at 104.00 is overcome – something that may not happen soon.
EURJPY
Dominant bias: Bearish
This cross pair dropped significantly last week, moving briefly below the demand zone at 112.50 before the recent bullish effort in the context of a downtrend. The bullish effort could be seen as another opportunity to sell short at slightly higher prices (since the outlook on the cross pair is bearish). The demand zones at 113.00, 112.50 and 112.00 could be tried this week or next. The only thing that can overturn the current bearish outlook is a 300-pip movement to the upside.
This forecast is concluded with the quote below:
“I read charts like some people read the newspaper. My world revolves quite a bit around what I see on the charts.” – Joe Ross
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
EURUSD is bullish in the short-term, but neutral in the long-term. Against the volatility contraction in the higher time-frames, bulls managed to push price above the support line 1.1200. The next targets are around the resistance lines at 1.1250 and 1.1300, which would require strong buying pressure to be breached to the upside. The support lines at 1.1150 and 1.1100 would act as barriers to bearish attempts along the way.
USDCHF
Dominant bias: Bearish
This market is bearish in the short-term, but neutral in the long-term. Despite low volatility in the higher time-horizons, bears managed to push price below the resistance level at 0.9750, now close to the support level at 0.9700. The targets for this week are around the support levels at 0.9650 and 0.9600, which would require strong selling pressure to be breached to the downside. The resistance levels at 0.9750 and 0.9700 would act as barriers to bullish attempts along the way.
GBPUSD
Dominant bias: Bearish
The dominant bias on GBPUSD is bearish. As it was mentioned in the last weekly forecast, price went down last week in spite of desperate opposition from bulls, who left their traces in the market. Short trades are not logical in this market because of the current price action, and because the outlook on GBP pairs remains bearish for this week. Thus, the accumulation territories at 0.2900, 0.2850 and 0.2800 could be tested before or by Friday.
USDJPY
Dominant bias: Bearish
This instrument consolidated in the first few days of last week, dropped in the middle of the week and experienced a slight upwards correction around the end of the week. There is a Bearish Confirmation Pattern in 4-hour and daily charts, which signal further bearish movement. The demand levels at 100.50 and 100.00 could be tried this week. The bearish bias would hold out until the supply level at 104.00 is overcome – something that may not happen soon.
EURJPY
Dominant bias: Bearish
This cross pair dropped significantly last week, moving briefly below the demand zone at 112.50 before the recent bullish effort in the context of a downtrend. The bullish effort could be seen as another opportunity to sell short at slightly higher prices (since the outlook on the cross pair is bearish). The demand zones at 113.00, 112.50 and 112.00 could be tried this week or next. The only thing that can overturn the current bearish outlook is a 300-pip movement to the upside.
This forecast is concluded with the quote below:
“I read charts like some people read the newspaper. My world revolves quite a bit around what I see on the charts.” – Joe Ross
Weekly Trading Forecasts on Major Pairs (September 19 - 23, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EUR/USD moved sideways last week, from Monday till Thursday, and then broke downwards by 85 pips on Friday. Had price failed to break downwards on Friday, the bias would have become neutral in the short-term. Now, the bias is bearish, and price might test the support lines at 1.1100 and 1.1050 this week. This bearish bias would be valid until the resistance line at 1.1300 is breached to the upside.
USDCHF
Dominant bias: Neutral
Although this pair trended upwards on Friday, September 16, the movement was not significant enough to cause a clear bias on the market. Price has tested the resistance level at 0.9800, and it has almost breached it. A movement above the resistance line at 0.9850 would result in a bullish bias, and a movement above the resistance level at 0.9900 would result in a stronger bullish bias, although it would be a kind of difficult for bulls to move price above that level (0.9900). A movement below the support level at 0.9650 would cancel the neutral bias and result in a bearish signal.
GBPUSD
Dominant bias: Bearish
GBPUSD dropped 280 pips last week, closing below the distribution territory at 1.3000 on Friday. The bias on the market is bearish in the long-term and the short-term. There is a Bearish Confirmation Pattern in the market and price is expected to reach the accumulation territories at 1.2950, 1.2900 and 1.2850 this week (unless something fundamental changes the stance). GBP pairs, except EURGBP, are currently bearish.
USDJPY
Dominant bias: Neutral
This instrument moved within volatility contraction throughout last week, which has resulted in a neutral bias in the near-term. Price moved within the demand level at 103.50 and the supply level at 101.50. This week, the most probable direction is southwards, which would become visible as momentum increases in the market. There is a strong indication that JPY pairs would go bearish this week, just in conjunction with the long-term bearish outlook on them.
EURJPY
Dominant bias: Bearish
This cross pair went down on Monday and went up on Tuesday. On Wednesday, price topped at 116.08, and began to move south from that day until the market closed on Friday. That was a southward movement of about 200 pips, which has brought about a bearish signal in the market. Since the outlook on JPY pairs is bearish for this week, it is possible that the demand zones at 113.50 and 113.00 would be tried this week.
This forecast is concluded with the quote below:
“It's tempting to tell ourselves that “it’s OK to wait” and “the market will always be there” – as we give ourselves excuses for not taking the next trade. But let’s face facts. If you sit on the sidelines for too long, you may just miss out on the opportunity that will double your trading equity.” – Louise Bedford
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EUR/USD moved sideways last week, from Monday till Thursday, and then broke downwards by 85 pips on Friday. Had price failed to break downwards on Friday, the bias would have become neutral in the short-term. Now, the bias is bearish, and price might test the support lines at 1.1100 and 1.1050 this week. This bearish bias would be valid until the resistance line at 1.1300 is breached to the upside.
USDCHF
Dominant bias: Neutral
Although this pair trended upwards on Friday, September 16, the movement was not significant enough to cause a clear bias on the market. Price has tested the resistance level at 0.9800, and it has almost breached it. A movement above the resistance line at 0.9850 would result in a bullish bias, and a movement above the resistance level at 0.9900 would result in a stronger bullish bias, although it would be a kind of difficult for bulls to move price above that level (0.9900). A movement below the support level at 0.9650 would cancel the neutral bias and result in a bearish signal.
GBPUSD
Dominant bias: Bearish
GBPUSD dropped 280 pips last week, closing below the distribution territory at 1.3000 on Friday. The bias on the market is bearish in the long-term and the short-term. There is a Bearish Confirmation Pattern in the market and price is expected to reach the accumulation territories at 1.2950, 1.2900 and 1.2850 this week (unless something fundamental changes the stance). GBP pairs, except EURGBP, are currently bearish.
USDJPY
Dominant bias: Neutral
This instrument moved within volatility contraction throughout last week, which has resulted in a neutral bias in the near-term. Price moved within the demand level at 103.50 and the supply level at 101.50. This week, the most probable direction is southwards, which would become visible as momentum increases in the market. There is a strong indication that JPY pairs would go bearish this week, just in conjunction with the long-term bearish outlook on them.
EURJPY
Dominant bias: Bearish
This cross pair went down on Monday and went up on Tuesday. On Wednesday, price topped at 116.08, and began to move south from that day until the market closed on Friday. That was a southward movement of about 200 pips, which has brought about a bearish signal in the market. Since the outlook on JPY pairs is bearish for this week, it is possible that the demand zones at 113.50 and 113.00 would be tried this week.
This forecast is concluded with the quote below:
“It's tempting to tell ourselves that “it’s OK to wait” and “the market will always be there” – as we give ourselves excuses for not taking the next trade. But let’s face facts. If you sit on the sidelines for too long, you may just miss out on the opportunity that will double your trading equity.” – Louise Bedford
Weekly Trading Forecasts on Major Pairs (September 12 - 16, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair went upwards last week, testing the resistance line at 1.1300 and then getting corrected downwards. The bullish bias remains valid, though it looks like an unclear thing. Therefore, the pair is expected to trend further higher this week (for EUR would gain more stamina while USD would be weakened further), re-testing the resistance line at 1.1300, breaking it to the upside and heading towards another resistance line at 1.1350. Some EUR pairs have already started journeying upwards.
USDCHF
Dominant bias: Neutral
There is yet no clear outlook on USDCHF, as price simply swung downwards and then upwards last week. There is going to be a directional movement this week, which would most probably be downwards. EURUSD could trend upwards (owing to an expected stamina in EUR), causing USDCHF to pull back. Other factors contributing to this are the coming further weakness in USD and a possibility of CHF strengthening (please watch CHF pairs). Bears would thus target the support levels at 0.9700, 0.9650 and 0.9600 this week.
GBPUSD
Dominant bias: Bearish
GBPUSD is bearish in the long-term, though bulls are fighting against all odds, to effect a meaningful rally. Price moved upwards 140 pips in the first few days of the week and started coming downwards from Wednesday. A movement below the accumulation territory at 1.3100 would cause a very strong Bearish Confirmation Pattern to form in the market. On the other hand, a movement above the distribution territory at 1.3450 would result in a near-term bullish outlook.
USDJPY
Dominant bias: Bearish
Last week, this market trended southwards by 260 pips, moving briefly below the demand level at 101.50, before starting a 170-pip rally. The supply level at 103.00 has been tested during the rally attempt. Further upwards movement is possible this week, which could bring an end to the current bearish outlook. In case this happens, the supply levels at 103.50 and 104.00 might be reached.
EURJPY
Dominant bias: Bullish
This currency trading instrument is bullish in the short-term and bearish in the long term. Bearish effort was rendered useless last week, as bulls came in to push price from the demand zone at 114.00 towards the supply zone at 115.50, thereby rendering useless the 200-pip pullback that was witnessed from Monday to Wednesday. Bulls would continue to push price upwards, owing to expectation of further weakness in the Yen. The outlook on JPY pairs is bullish for the week.
This forecast is concluded with the quote below:
“Success in the long run for me is defined as consistently positive returns with a consistency for never losing too much money when things go wrong. For those starting out I think it is very important to develop a trading strategy that will stand a very good chance in working through all business cycles. The world looks very different now to what it looked like in 2006, 1999, 1991, 1982 and is forever changing. Trading strategies that depend on a certain market environment will always get found out when the market environment changes. As a trader you want to be trading from now till the day you drop dead.” Anton Kreil (Source: Traders-mag.com)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
This pair went upwards last week, testing the resistance line at 1.1300 and then getting corrected downwards. The bullish bias remains valid, though it looks like an unclear thing. Therefore, the pair is expected to trend further higher this week (for EUR would gain more stamina while USD would be weakened further), re-testing the resistance line at 1.1300, breaking it to the upside and heading towards another resistance line at 1.1350. Some EUR pairs have already started journeying upwards.
USDCHF
Dominant bias: Neutral
There is yet no clear outlook on USDCHF, as price simply swung downwards and then upwards last week. There is going to be a directional movement this week, which would most probably be downwards. EURUSD could trend upwards (owing to an expected stamina in EUR), causing USDCHF to pull back. Other factors contributing to this are the coming further weakness in USD and a possibility of CHF strengthening (please watch CHF pairs). Bears would thus target the support levels at 0.9700, 0.9650 and 0.9600 this week.
GBPUSD
Dominant bias: Bearish
GBPUSD is bearish in the long-term, though bulls are fighting against all odds, to effect a meaningful rally. Price moved upwards 140 pips in the first few days of the week and started coming downwards from Wednesday. A movement below the accumulation territory at 1.3100 would cause a very strong Bearish Confirmation Pattern to form in the market. On the other hand, a movement above the distribution territory at 1.3450 would result in a near-term bullish outlook.
USDJPY
Dominant bias: Bearish
Last week, this market trended southwards by 260 pips, moving briefly below the demand level at 101.50, before starting a 170-pip rally. The supply level at 103.00 has been tested during the rally attempt. Further upwards movement is possible this week, which could bring an end to the current bearish outlook. In case this happens, the supply levels at 103.50 and 104.00 might be reached.
EURJPY
Dominant bias: Bullish
This currency trading instrument is bullish in the short-term and bearish in the long term. Bearish effort was rendered useless last week, as bulls came in to push price from the demand zone at 114.00 towards the supply zone at 115.50, thereby rendering useless the 200-pip pullback that was witnessed from Monday to Wednesday. Bulls would continue to push price upwards, owing to expectation of further weakness in the Yen. The outlook on JPY pairs is bullish for the week.
This forecast is concluded with the quote below:
“Success in the long run for me is defined as consistently positive returns with a consistency for never losing too much money when things go wrong. For those starting out I think it is very important to develop a trading strategy that will stand a very good chance in working through all business cycles. The world looks very different now to what it looked like in 2006, 1999, 1991, 1982 and is forever changing. Trading strategies that depend on a certain market environment will always get found out when the market environment changes. As a trader you want to be trading from now till the day you drop dead.” Anton Kreil (Source: Traders-mag.com)
Monthly Forecasts for CFDs (September 2016)
AUS200
Dominant bias: Bearish
AUS200 dipped at the beginning of August, and moved sideways till last week, when it went down significantly. The bias has turned bearish, and unless price goes above the resistance line at 5620.0 to effect a new bullish outlook on the market. This month, further dips are expected, which would enable bears to reach the support lines at 5350.0, 5250.0 and 5200.0 respectively.
SPX500
Dominant bias: Neutral
SPX500 has recently experienced what can be called an unprecedented volatility contraction in the last few decades. The market went flat throughout August 2016 – an action that has brought about a neutral bias which essentially started in July. This neutral bias would remain in place this September, until there is an end to it before the end of the month or early next month. Yes, the sideways movement would end as price goes conspicuously upwards or downwards. On the upside, there would not be any protracted bullish movement any longer, since the bullish phase has already reached maturity; and on the downside, price would decline seriously in case anything awakens the slumbering bears.
US30
Dominant bias: Neutral
This market also did not go upwards or downward significantly last month, which has resulted in a sideways phase. Price would continue to swing to and fro within resistance level at 18670.0 and the support level at 18240.0; until something forces it to go above that resistance level or below the support level. When the market gains momentum, most probable direction would be southward, because smaller timeframes like 4-hour and hourly charts reveal that bears are currently making some covert attempt to end the neutral bias against bulls.
GER30
Dominant bias: Bullish
As it was anticipated last month, this trading instrument was able to go above the high of June 23, 2016, which was 10470.8 (which had been our goal since the large pullback of June 24), therefore enabling buyers to fully recover their recent losses. The bias remains bullish in the daily chart and neutral in the 4-hour chart. Bullish effort is noticeable in the market, as it closed with bullish candles in daily and 4-hour charts. This means that bulls are still willing to push price upwards this month, which could reach the supply levels at 10805.0, 10855.0 and 10900.0. These targets are attainable this year.
FRA40
Dominant bias: Bullish
Just like GER30, FRA40 also closed on a bullish note last Friday. In August, price reached a low of 4290.4 and a high of 4525.9. Bulls are also willing to effect further northward movement, for there are Bullish Confirmation Patterns in the 4-hour and daily charts. Price is now at the highest level since April 2016, and the achievement for this month would be to break above the high of April 2016, which is located at 4612.9.
AUS200
Dominant bias: Bearish
AUS200 dipped at the beginning of August, and moved sideways till last week, when it went down significantly. The bias has turned bearish, and unless price goes above the resistance line at 5620.0 to effect a new bullish outlook on the market. This month, further dips are expected, which would enable bears to reach the support lines at 5350.0, 5250.0 and 5200.0 respectively.
SPX500
Dominant bias: Neutral
SPX500 has recently experienced what can be called an unprecedented volatility contraction in the last few decades. The market went flat throughout August 2016 – an action that has brought about a neutral bias which essentially started in July. This neutral bias would remain in place this September, until there is an end to it before the end of the month or early next month. Yes, the sideways movement would end as price goes conspicuously upwards or downwards. On the upside, there would not be any protracted bullish movement any longer, since the bullish phase has already reached maturity; and on the downside, price would decline seriously in case anything awakens the slumbering bears.
US30
Dominant bias: Neutral
This market also did not go upwards or downward significantly last month, which has resulted in a sideways phase. Price would continue to swing to and fro within resistance level at 18670.0 and the support level at 18240.0; until something forces it to go above that resistance level or below the support level. When the market gains momentum, most probable direction would be southward, because smaller timeframes like 4-hour and hourly charts reveal that bears are currently making some covert attempt to end the neutral bias against bulls.
GER30
Dominant bias: Bullish
As it was anticipated last month, this trading instrument was able to go above the high of June 23, 2016, which was 10470.8 (which had been our goal since the large pullback of June 24), therefore enabling buyers to fully recover their recent losses. The bias remains bullish in the daily chart and neutral in the 4-hour chart. Bullish effort is noticeable in the market, as it closed with bullish candles in daily and 4-hour charts. This means that bulls are still willing to push price upwards this month, which could reach the supply levels at 10805.0, 10855.0 and 10900.0. These targets are attainable this year.
FRA40
Dominant bias: Bullish
Just like GER30, FRA40 also closed on a bullish note last Friday. In August, price reached a low of 4290.4 and a high of 4525.9. Bulls are also willing to effect further northward movement, for there are Bullish Confirmation Patterns in the 4-hour and daily charts. Price is now at the highest level since April 2016, and the achievement for this month would be to break above the high of April 2016, which is located at 4612.9.
Weekly Trading Forecasts on Major Pairs (August September 5 - 9, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD went bearish last week, closing at 1.1152 on Friday. Bulls made serious effort to push price upwards on Thursday and Friday, but bears came with stronger hands to effect a movement to the downside. There are support lines at 1.1100 and 1.1050, which may be tested this week. On the other hand, the resistance lines at 1.1300 and 1.1350 would oppose any meaningful rallies in the market. This bearish bias cannot be overridden until price goes above the resistance line at 1.1350.
USDCHF
Dominant bias: Bullish
USDCHF went bullish last week, closing slightly above the support level at 0.9800 (on September 2). Bears made serious effort to push price downwards on Thursday and Friday, but bulls came in to put a check on this, thereby preventing a serious decline. There are resistance levels at 0.9850 and 0.9900, which may be tested this week. Additionally, support levels at 0.9750 and 0.9700 would check any pullbacks that may occur in the week. This bullish outlook would remain valid as long as price does not go below the support level at 0.9700.
GBPUSD
Dominant bias: Bullish
Cable consolidated in the first few days of the week, and then began moving upwards on September 1. The upwards movement was significant enough to result in a Bullish Confirmation Pattern in the 4-hour chart. Further upwards movement is possible, which might enable price to reach the distribution territories at 1.3400 and 1.3450 this week. We would continue to witness high volatility on Cable and other GBP pairs this week and this month.
USDJPY
Dominant bias: Bullish
USDJPY has been able to sustain the bullish movement it started on August 26, 2016. Since then, price has gone up 400 pips, assayed to stay above the supply level at 104.00, but closing below it on Friday. The outlook on the market, as well as other JPY pairs, has become strongly bullish, and that is the reality right now. This means that USDJPY is expected to continue going north until there is a significant change in the market situation.
EURJPY
Dominant bias: Bullish
As it was expected, the protracted equilibrium phase that occurred on this cross from August 8 to 26, 2016 has ended. Price has rallied by approximately 290 pips since then, currently making effort to settle above the supply zone at 116.00, which is trying to aid bears in their current losing battle. Bulls have to overcome that supply zone in order to effect further rally, which is anticipated for this week. Since JPY is now weak, any currencies (like GBP) which become strong would enjoy massive gains versus the Yen.
This forecast is concluded with the quote below:
“The world's most successful traders believe in themselves and their ability to win. In fact, many of them feel that they “own” the market. They are not necessarily being arrogant, but they are sure of themselves and that they are able to take profits out of the market.” – Andy Jordan
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bearish
EURUSD went bearish last week, closing at 1.1152 on Friday. Bulls made serious effort to push price upwards on Thursday and Friday, but bears came with stronger hands to effect a movement to the downside. There are support lines at 1.1100 and 1.1050, which may be tested this week. On the other hand, the resistance lines at 1.1300 and 1.1350 would oppose any meaningful rallies in the market. This bearish bias cannot be overridden until price goes above the resistance line at 1.1350.
USDCHF
Dominant bias: Bullish
USDCHF went bullish last week, closing slightly above the support level at 0.9800 (on September 2). Bears made serious effort to push price downwards on Thursday and Friday, but bulls came in to put a check on this, thereby preventing a serious decline. There are resistance levels at 0.9850 and 0.9900, which may be tested this week. Additionally, support levels at 0.9750 and 0.9700 would check any pullbacks that may occur in the week. This bullish outlook would remain valid as long as price does not go below the support level at 0.9700.
GBPUSD
Dominant bias: Bullish
Cable consolidated in the first few days of the week, and then began moving upwards on September 1. The upwards movement was significant enough to result in a Bullish Confirmation Pattern in the 4-hour chart. Further upwards movement is possible, which might enable price to reach the distribution territories at 1.3400 and 1.3450 this week. We would continue to witness high volatility on Cable and other GBP pairs this week and this month.
USDJPY
Dominant bias: Bullish
USDJPY has been able to sustain the bullish movement it started on August 26, 2016. Since then, price has gone up 400 pips, assayed to stay above the supply level at 104.00, but closing below it on Friday. The outlook on the market, as well as other JPY pairs, has become strongly bullish, and that is the reality right now. This means that USDJPY is expected to continue going north until there is a significant change in the market situation.
EURJPY
Dominant bias: Bullish
As it was expected, the protracted equilibrium phase that occurred on this cross from August 8 to 26, 2016 has ended. Price has rallied by approximately 290 pips since then, currently making effort to settle above the supply zone at 116.00, which is trying to aid bears in their current losing battle. Bulls have to overcome that supply zone in order to effect further rally, which is anticipated for this week. Since JPY is now weak, any currencies (like GBP) which become strong would enjoy massive gains versus the Yen.
This forecast is concluded with the quote below:
“The world's most successful traders believe in themselves and their ability to win. In fact, many of them feel that they “own” the market. They are not necessarily being arrogant, but they are sure of themselves and that they are able to take profits out of the market.” – Andy Jordan
Monthly Technical Reviews on Gold, Silver and Bitcoin (September 2016)
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold generally consolidated from August 1 to 19, 2016; and then began moving south perpetually. The southwards movement was significant enough to have brought about a bearish bias on the market. Price has gone down 3500 pips since August 22, making it illogical to seek short trades right now. Further bearish movement is anticipated for September 2016, which may enable price to reach the demand levels at 1290.00, 1280.00 and 1270.00.
SILVER (XAGUSD)
Dominant: Bearish
Silver decline from August 1 to 26, and then moved sideways till the end of the month. This has resulted in a Bearish Confirmation Pattern in the market, as price reached a high of 20.7500 and a low of 18.3550 in August. Further southward movement is possible this month, and price could test the support levels at 18.5000, 17.5000 and 16.5000 before the end of the month. Nonetheless, there would be a bullish reversal sometime in future, which may also affect Gold
BITCOIN (BTCUSD)
Dominant Bias: Neutral
Bitcoin remained a flat market throughout August 2016, save the bearish movement it underwent on the last day of July and the first few days of August. Price has been volatile on smaller timeframes and it is directionless. This sideways movement may continue in September, but a serious directional movement would soon happen, which would most probably favor bears. The short term outlook is neutral and the long term outlook is bearish.
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold generally consolidated from August 1 to 19, 2016; and then began moving south perpetually. The southwards movement was significant enough to have brought about a bearish bias on the market. Price has gone down 3500 pips since August 22, making it illogical to seek short trades right now. Further bearish movement is anticipated for September 2016, which may enable price to reach the demand levels at 1290.00, 1280.00 and 1270.00.
SILVER (XAGUSD)
Dominant: Bearish
Silver decline from August 1 to 26, and then moved sideways till the end of the month. This has resulted in a Bearish Confirmation Pattern in the market, as price reached a high of 20.7500 and a low of 18.3550 in August. Further southward movement is possible this month, and price could test the support levels at 18.5000, 17.5000 and 16.5000 before the end of the month. Nonetheless, there would be a bullish reversal sometime in future, which may also affect Gold
BITCOIN (BTCUSD)
Dominant Bias: Neutral
Bitcoin remained a flat market throughout August 2016, save the bearish movement it underwent on the last day of July and the first few days of August. Price has been volatile on smaller timeframes and it is directionless. This sideways movement may continue in September, but a serious directional movement would soon happen, which would most probably favor bears. The short term outlook is neutral and the long term outlook is bearish.
Weekly Trading Forecasts on Major Pairs (August 29 – September 2, 2016)
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
The bias on this pair is precariously bullish. Price came down 120 pips on Friday, in the context of a weak uptrend. A movement below the support line at 1.1100 would result in a clean Bearish Confirmation Pattern in the market, while a movement above the resistance line at 1.1350 would strengthen the ongoing bullish bias on the pair. This week would determine whether things would turn bearish or things would become more bullish in the market.
USDCHF
Dominant bias: Bearish
Just as it was prognosticated last week, a short-term weakness of CHF (which was weak versus other majors as well), coupled with a noticeable bullish effort on EURUSD, was able to cause a rally on USDCHF, which rallied 170 pips last week. USD also became strong in its own right, especially on Friday, August 26, 2016. Therefore, USDCHF would continue going up as long as the factors mentioned above continue to favor it, which might cause a Bullish Confirmation Pattern to form in the market; otherwise there would be a serious pullback.
GBPUSD
Dominant bias: Bullish
GBPUSD is bullish in the short-term and bearish in the long-term. Price went north 200 pips to test the distribution territory at 1.3250, before it experienced a pullback on Friday. However, the short-term bias remains bullish, provided that price does not go below the accumulation territories at 1.3000 and 1.2950. GBP pairs would undergo high volatility in September 2016: in contrast to lower volatility witnessed this month.
USDJPY
Dominant bias: Neutral
This currency trading instrument is neutral in the short-term, but bearish in the longer term. The instrument underwent a very tight consolidation between Monday and Thursday, only to break upwards on Friday. The upwards break has not invalidated the neutral bias on the market, unless price goes above the supply levels at 103.00 and 103.50. There is also a possibility of a pullback to the demand levels at 101.00 and 100.50. The outlook on JPY pairs is bearish for the month of September, which means, bears are expected to be the overall winners in the month.
EURJPY
Dominant bias: Neutral
EURJPY is neutral in the near term and bearish in the long-term. The cross has been moving sideways for the past three weeks, while the trend on higher timeframes remains bearish. The bullish breakout that occurred on Friday could end up being a false breakout, should price fail to keep on moving north. Since the outlook on JPY pairs remains bearish, a pullback into the demand zone at 113.00 is possible, though strong selling pressures would be needed for the demand zone to be breached to the downside.
This forecast is concluded with the quote below:
“A seed was planted in my mind. It took a few years for it to grow. When it did, I realized that what I really love is trading — the pursuit of actively trying to beat the market. And so I guided my life into that role. It took a while, but finally I succeeded. For the past 15 years, I have been a full-time trader.” - Jim Totaro
Here’s the market outlook for the week:
EURUSD
Dominant bias: Bullish
The bias on this pair is precariously bullish. Price came down 120 pips on Friday, in the context of a weak uptrend. A movement below the support line at 1.1100 would result in a clean Bearish Confirmation Pattern in the market, while a movement above the resistance line at 1.1350 would strengthen the ongoing bullish bias on the pair. This week would determine whether things would turn bearish or things would become more bullish in the market.
USDCHF
Dominant bias: Bearish
Just as it was prognosticated last week, a short-term weakness of CHF (which was weak versus other majors as well), coupled with a noticeable bullish effort on EURUSD, was able to cause a rally on USDCHF, which rallied 170 pips last week. USD also became strong in its own right, especially on Friday, August 26, 2016. Therefore, USDCHF would continue going up as long as the factors mentioned above continue to favor it, which might cause a Bullish Confirmation Pattern to form in the market; otherwise there would be a serious pullback.
GBPUSD
Dominant bias: Bullish
GBPUSD is bullish in the short-term and bearish in the long-term. Price went north 200 pips to test the distribution territory at 1.3250, before it experienced a pullback on Friday. However, the short-term bias remains bullish, provided that price does not go below the accumulation territories at 1.3000 and 1.2950. GBP pairs would undergo high volatility in September 2016: in contrast to lower volatility witnessed this month.
USDJPY
Dominant bias: Neutral
This currency trading instrument is neutral in the short-term, but bearish in the longer term. The instrument underwent a very tight consolidation between Monday and Thursday, only to break upwards on Friday. The upwards break has not invalidated the neutral bias on the market, unless price goes above the supply levels at 103.00 and 103.50. There is also a possibility of a pullback to the demand levels at 101.00 and 100.50. The outlook on JPY pairs is bearish for the month of September, which means, bears are expected to be the overall winners in the month.
EURJPY
Dominant bias: Neutral
EURJPY is neutral in the near term and bearish in the long-term. The cross has been moving sideways for the past three weeks, while the trend on higher timeframes remains bearish. The bullish breakout that occurred on Friday could end up being a false breakout, should price fail to keep on moving north. Since the outlook on JPY pairs remains bearish, a pullback into the demand zone at 113.00 is possible, though strong selling pressures would be needed for the demand zone to be breached to the downside.
This forecast is concluded with the quote below:
“A seed was planted in my mind. It took a few years for it to grow. When it did, I realized that what I really love is trading — the pursuit of actively trying to beat the market. And so I guided my life into that role. It took a while, but finally I succeeded. For the past 15 years, I have been a full-time trader.” - Jim Totaro
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