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Weekly Trading Forecasts on Major Pairs (December 26 - 30, 2016)

Tallinex - FX Trading | 26 Dec, 2016  | Follow Author | Add to my Favourites 
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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.

 




About Tallinex - FX Trading

Tallinex forex broker focuses on risk mitigation, leading us to develop a proprietary trading methodology based on conservative human expertise fundamentals, complemented by computerized intervention, which takes advantage of all major pairs simultaneously. You can also copy successful trades automatically on Tallinex.




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Suhani Adilabadkar
Fundamental Analyst - Suhani Adilabadkar