Weekly Trading Forecasts for Major Pairs (January 15 - 19, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
The market was bearish from Monday to Wednesday, and then began to make some bullish effort, which eventually paid for. From the middle of last week, price rose by 270 pips, to test the resistance line at 1.2200. That resistance line remains under siege, for it would easily be breached to the upside this week, as price gain at least, another 150 pips. The outlook on EUR pairs remains bullish.

USDCHF
Dominant bias: Bearish
This pair made some weak bullish effort from January 8 to 10, almost reaching the resistance level at 0.9850. However, further bullish attempt was rejected as a bearish movement was assumed, which ended up generating a bearish signal in the market. From the high of last week, price dropped by 170 pips, closing below the resistance level at 0.9700 on Friday. The outlook on USDCHF is bearish for this week, for the market would face attacks from two fronts: CHF would gain some stamina, and a strong EURUSD would help ensure continuous bearish pressure on USDCHF.

GBPUSD
Dominant bias: Bullish
The bullish breakout that was witnessed in this market has ended the protracted consolidation in the market, which had held out for several weeks (save the bullish attempt that occurred in the last week of December 2017). GBPUSD moved upwards by 200 pips on Friday alone, and since GBP pairs would be somewhat bullish this week, it is logical to expect the bullish movement to continue, reaching the distribution territory at 1.3750 and 1.3800.

USDJPY
Dominant bias: Bearish
USDJPY went south by 214 last week, making several unsuccessful attempts to break the demand level at 111.00 to the downside. There is a Bearish Confirmation Pattern in the chart, which supports a bearish outlook on the market. That means the demand level at 111.00 would be breached to the downside, as price journeys further southwards to towards the demand levels at 110.50, 110.00, and 109.50.

EURJPY
Dominant bias: Neutral
Although the market was mostly bullish within the last 4 weeks, the bullishness was challenged last week as price dropped 320 pips from Monday to Wednesday. Nonetheless, the upwards bounce that was seen in the market on Thursday and Friday was strong enough to challenge its short-term bearishness. Only a movement of 100 pips to the upside would result in a strong “buy” signal; whereas a movement to the south, even by 150 pips, would help put more emphasis on the recent bearishness in the market. Until one of these directional movement happens, the bias on the market would remain somehow neutral.

GBPJPY
Dominant bias: Bullish
This cross dropped 310 pips from Monday to Wednesday, consolidated on Thursday, and bounced upwards on Friday. Generally, the bias on the market is bullish: The pullback that happened in the first few days of last week appears to be offering an opportunity to buy long at better prices. Thus, the supply zones at 152.50, 153,00 and 153.50 would be targeted this week.

This forecast is concluded with the quote below:


“Trading is a simple profession since it can be summed up in three ideas. If it is trending up over the time frame you are trading you buy it. If it trending down over the time frame you are trading you sell it. Don’t bet the farm. It is hardly rocket science yet despite this our very nature more often than not defeats us despite the evidence that it shouldn’t.” – Chris Tate


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (January 22 - 26, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This pair consolidated throughout last week, moving between the resistance line at 1.2300 and the support line at 1.2150. The resistance line at 1.2300 was tested unsuccessfully, and it is unlikely that price would stay above it, even if it tested again. There is going to be a directional movement this week, which would most probably favor bears, for the outlook on EUR pairs is bearish for the week.

USDCHF
Dominant bias: Bearish
USDCHF went further southwards last week, testing the demand level at 0.9550, prior to the upwards bounce that occurred on Friday. Because of the expected weakness in EURUSD, it is unlikely that price would be able to go below the support level at 0.9550. Rather, price could continue going upwards, reaching the resistance levels at 0.9650, 0.9700 and 0.9750 within the next several trading days.

GBPUSD
Dominant bias: Bullish
GBPUSD went upwards last week, having gained roughly 400 pips since January 11. The market moved above the distribution territory at 1.3900 and later closed below it on Friday. There is currently a bullish bias on the market, which would be overturned once price goes below the accumulation territories at 1.3500 and 1.3450 (which would require a very strong selling pressure). The outlook on GBP pairs is bearish for this week.

USDJPY
Dominant bias: Bearish
This trading instrument is in a bearish mode. The shallow rally that was in the middle of last week, turned out to be a nice opportunity to go short. It is much more likely that price would continue going southwards this week, because there could be some weakness in USD. The demand levels at 110.50, 110.00 and 109.50 could be reached. On the other hand, a rally can meet some adamant impediment around the supply levels at 111.50 and 112.00.

EURJPY
Dominant bias: Bullish
The cross is bullish but it is quite choppy in the short-term. Should the demand zone at 134.00 get breached to the downside, the bias would turn bearish. In case price is able to go above the supply zone at 136.50, the next target would be another supply zone at 137.00 (and the recent bullish bias would become stronger). A movement to the upside is more likely, owing to a bullish outlook on some JPY pairs.

GBPJPY
Dominant bias: Bullish
Despite the bearish movement that happened between January 8 and 11, this cross has been able to go upwards in a noteworthy manner last week. Between Monday and Thursday, price moved upwards by 250 pips, and then got corrected on Friday. This week, further bullish movement may enable price to reach the supply zones at 154.00, 154.50 and 155.00. There could be additional bearish corrections along the way; but they should be temporary, posing no significant threat to the bullishness in the market.

This forecast is concluded with the quote below:


“And remember, having a working business plan will put you in the elite company of the top traders that are already living their promise.” – Dr. Van Tharp

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (January 29 – February 2, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This week, EURUSD assumed one of its strongest movements in recent times. Since December 18, 2017, price has gained 800 pips. It gained almost 600 pips in January 2108, and over 300 pips last week, almost reaching the resistance line at 1.2550 (and pulling backwards). The market may go further upwards, reaching the resistance lines at 1.2550 and 1.3000, but it would eventually start coming down before the end of this week. The outlook on EUR pairs is bearish for this week.

USDCHF
Dominant bias: Bearish
Since November 2, 2017, this pair has lost more than 700 pips; whereas its most serious bearish movements within the past several months occurred in January 2018. Last week witnessed the strongest bearish movement, as price went south by 300 pips, testing the support level at 0.9300 and closing below the resistance level at 0.9350. Since the outlook on USD is bearish for this week and for February; and since the outlook on CHF is bright (bullish) for February, it is expected that USDCHF would remain under bearish pressures. Only a strong bearish movement on EURUSD can cause some rally on USDCHF, which may even be weaker than normal.

GBPUSD
Dominant bias: Bullish
Last week price went upwards by 480 pips before the bearish correction that is currently in place. The distribution territory at 1.4350 was almost reached, before price pulled backwards. A strong bullish pressure is needed before the distribution territory at 1.4350 can be tested again, and breached to the upside. Nevertheless the 170-pip pullback that took place on Thursday and Friday, may harbinger a protracted bearish movement, because the outlook on GBP pair is bearish for this week and for February. Strong movement would be witnessed again on GBP pairs.

USDJPY
Dominant bias: Bearish
The trend in the market is bearish – especially in January. Since the beginning of the year, price has come down by 420 pips, leading to a huge Bearish Confirmation Pattern in the market. Last week witnessed a movement of 240 pips, as price closed around the demand level at 108.50 on Monday. Further bearish movement may help price test the demand levels at 108.00 and 107.50. There could be instances of rally attempts this week, but they may be insignificant, owing to the weakness of USD.

EURJPY
Dominant bias: Neutral
It is a surprise that EURJPY cross only went sideways last week, while most majors trended significantly. This is a sideways (neutral) market, which oscillates between the supply zone at 136.50 and the demand zone at 135.00 (though the demand zone at 135.00 was breached on Friday). Further sideways movement is possible, but there will eventually be a breakout in the market, which would favor bulls.

GBPJPY
Dominant bias: Bullish
This is a volatile market. It has moved significantly upwards since January 11. However, there was a noteworthy pullback on January 25 and 26. Further pullback is possible, but may be contained at the demand zones of 153.00 and 152.00. Eventually, the recent bullish trend will continue because the outlook on certain JPY pairs is bullish for February, and GBPJPY is also included.

This forecast is concluded with the quote below:

“Trading requires an optimal mindset. When you are upset, tired, and emotionally distracted, you will have trouble following your trading plan. You must return to a calm, focused mindset, a mindset where you are attentive and alert, and can trade like a winner.” – Joe Ross

Source: www.tallinex.com

Technical Reviews for Gold and Silver (February 2018)

GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is bearish in the short-term, and bullish in the long-term. The second half of December 2017 was very bullish, and the bullishness continued last month. On February 2, price dropped sharply, bringing about a short-term bearish signal. In spite of effort to push price upwards on February 5, bears are still able to pull their weight. It is possible that the resistance levels at 1300.00, 1280.00 and 1260.00 would be breached this month. This is something that would bring more emphasis to the short-term bearish signal. On the other hand, a movement above the resistance level at 1350.00 could help cancel the short-term bearishness and put more emphasis on the long-term bullishness in the market.

SILVER (XAGUSD)
Dominant Bias: Bearish
Just like Gold, Silver was also very bullish in the second half of December 2017. However, the market situation was generally choppy in January 2018. Last week, price began to come down gradually, and that became something significant on February 2, as Silver lost over 6,300 pips that day alone. On Monday, February 5, price bounced upwards in the context of a downtrend, but that has turned out to be a clean sell-shorting opportunities, as price is poised to continue going southwards, due to the Bearish Confirmation Pattern in the market. The demand levels at 16.4000, 16.0000 and 15.6000 could be reached this month.


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (February 12 - 16, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair is bearish in the short-term, for price went southwards throughout last week, moving downwards from the resistance line at 1.2450, and nearly touching the support line at 1.2200. The support line would be breached to the downside, as other support lines at 1.2150 and 1.2100 are aimed at. The outlook on EUR pairs is bearish for this week, and so, the probability of a southwards movement is very high.

USDCHF
Dominant bias: Bearish
The outlook on the market is bearish – even in the long term. Throughout last week, there were rally attempts in the context of a downtrend. The current bullish effort may be temporary, because price may drop from here, to test the support levels at 0.9350 and 0.9300 (this week). However, a movement above the supply level at 0.9500 could result in a nice bullish outlook on the market.

GBPUSD
Dominant bias: Bearish
This market shed 300 pips last week, closing below the distribution territory at 1.3800. Price has gone downwards by over 430 pips since February 2, creating a Bearish Confirmation Pattern in the market. The outlook on GBP pairs is bearish for this week (save EURGBP, which is expected to be going upwards), and thus the accumulation territories at 1.3750, 1.3700 and 1.3650 could be reached this week.

USDJPY
Dominant bias: Bearish
USDJPY is bearish – though the market environment is quite choppy. After several tests, price was able to go below the supply level at 108.50, and it is currently targeting the demand level at 108.00, which could be breached to the downside, as price goes further southwards. The bearish outlook would be intact as long as price does not go above the supply levels 110.00 and 110.50, which could, however, be tested.

EURJPY
Dominant bias: Bearish
Last week, there was a massive drop on this cross. Price went southwards by 500 pips, reaching the demand zone at 132.00. On Friday, there was an upwards bounce in the market, which should turn out to be temporary, because this cross ought to continue its southwards journey this week. The demand zones at 132.00, 131.50 and 131.00 could be breached to the downside. Rallies in the market could this be ignored.

GBPJPY
Dominant bias: Bearish
Amid high volatility, the bias on GBPJPY has turned bearish. The bearishness started as a minor bearish correction on February 2, and later became something serious last week. Price plummeted by 600 pips, testing the demand zone at 149.00. The upwards bounce in price, which occurred on Friday, February 10, should be disregarded, because price is most likely go further southwards (owing to the weakness in GBP and a bearish expectation for JPY pairs). The market can shed another 300 pips this week.

This forecast is concluded with the quote below:


“It simply doesn't make sense to trade just one market and to hope that one is going to be the big winner of the year. That's why trading multiple markets is so important and one of the key principles to successful trading in the long-term.” - Marco Mayer

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (February 19 – 23, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
Last week, this pair rose from the support line at 1.2250 and tested the resistance line at 1.2550 (a movement of 300 pips). After the resistance line at 1.2550 had been tested, price got corrected by 140 pips, closing below the resistance line at 1.2450 and now very close to the support line at 1.2400. The current bias on the market is bullish, but that can change this week, because there is a strong likelihood that EUR pairs would become very weak this week. Rallies would be contained at the resistance line at 1.2550, and price could drop towards the support lines at 1.2350 and 1.2300 this week. These targets could even be exceeded.

USDCHF
Dominant bias: Bearish
USDCHF remained under strong bearish pressure last week. Price consolidated on Monday, and started coming downwards on Tuesday, to reach the demand level at 0.9200 on Friday. The upwards bounce that is in place was made possible by a sharp pullback on EURUSD. Bearish attempts would be halted at the support level of 0.9200; while price targets the resistance levels at 0.9300, 0.9350 and 0.9400. However, there could be a limited bullish movement because USD would not be very strong this week.

GBPUSD
Dominant bias: Bearish
Cable is not currently in a bullish mode. The rally that was witnessed last week might have led to a bullish bias if not for the pullback that occurred on Friday. Price rose indeed – from the accumulation territory at 1.3800, nearly reaching the distribution territory at 1.4150, but further northward journey was halted. The distribution territory at 1.4150 has already become a barrier to further bullish movement: The market is supposed to move downwards this week. The outlook on GBP pairs is somewhat bearish for this week.

USDJPY
Dominant bias: Bearish
USD/JPY was engaged in a smooth, clean bearish movement last week. Since January 9, the market has gone downwards by 720 pips (losing at least, 300 pips this month alone). There is a strong Bearish Confirmation Pattern in the market, it is expected that price should be able to go below the demand levels at 106.00, 105.50 and 105.00, and remain below it… The outlook on JPY pairs remains bearish.

EURJPY
Dominant bias: Bearish
From the top of 137.50, this cross has nosedived by at least, 550 pips. Last week, the movement of the market was a kind of choppy and sideways (in the context of a downtrend), but bears were able to pull their weight, since price closed below the supply zone at 132.00. The outlook on the market remains bearish, and that might even be aided by a weak EUR. The demand zones at 131.50 and 131.00 are the initial targets for the week.

GBPJPY
Dominant bias: Bearish
On February 2, the market reach the monthly high of 156.50, and it has dropped 800 pips since then, reaching a low of 148.00. Although the market movement is rough, the bearishness in the market is clearly visible. This week, the market should continue moving southwards, but not without attacks from bulls (which could cause temporary upwards bounces in). The targets for the week are located at 148.50, 148.00 and 147.50.

This forecast is concluded with the quote below:

“A trading edge is created by a harmonious combination of choices made by each trader to exploit recurring market inefficiencies and thereby create a long-term mathematical advantage. The unique objectives, beliefs, and skills of each trader are key to all edge choices and to integrating the edge into an effective trading methodology.” – VTI


Source: www.tallinex.com

Technical Reviews for Gold and Silver (March 2018)

GOLD (XAUUSD)
Dominant Bias: Bearish
The market has been showing weakness since last week (price dropped more than 1200 pips last week alone). A bullish attempt was made on February 26, but the attempt was later halted as price dived again, laying more emphasis on the recent bearish bias. Price is intent on going further southwards, and there is a possibility that the support levels at 1310.00, 1300.00 and 1290.00 would be tested. These are initial targets that could even be exceeded, when selling pressures on the market increases. The resistance levels at 1340.00, 1350.00 and 1360.00 should hinder meaningful bullish attacks along the way.

SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is a rough but bearish market. In January, the market consolidated as bulls were making unsuccessful effort to push price upwards. In February, the market went far lower in the first few days of the month, and again, consolidated for the rest of the month. Nothing significant has been done this month, but the general outlook on the market is bearish. A movement below the demand levels at 16.2000, 16.1000 and 16.0000 (which could possibly be exceeded), should make the Bearish Confirmation Pattern in the market become more conspicuous. There are supply levels at 16.7000, 16.8000 and 16.9000.


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (March 5 - 9, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The market is bearish, and the bearishness has been in place since February 16. Last week, price moved briefly below the support line at 1.2200, and then rallied in the context of a downtrend. Unless the rally enables price to overcome the resistance lines at 1.2400 and 1.2450, it would merely turn out to be another short-selling opportunity. The support lines at 1.2250, 1.2200 and 1.2150 could be reached this week.

USDCHF
Dominant bias: Bullish
This pair is bearish in the long-term, neutral in the short-term, and it is quite choppy at the present. The bearishness in the market has been in place since early November 2017; plus last week was rough. Price rose from the support level at 0.9350, went above the resistance level at 0.9450, only to drop towards the support level at 0.9350 again. A breach of the support levels at 0.9350, 0.9300 and finally, 0.9250, would bring about a bearish outlook on the market. A movement to the upside would save the extant bullish bias.

GBPUSD
Dominant bias: Bearish
This trading instrument dropped steeply last week, losing 300 pips from the high of Monday. The movement on Friday was somehow flat, but price is expected to resume its southwards journey this week. The outlook on GBP pairs is bearish for the week, and thus, this instrument could go towards the accumulation territories at 1.3750, 1.3700 (which has been previously tested), and 1.3650.

USDJPY
Dominant bias: Bearish
This pair consolidated from Monday to Thursday, and then began to come downwards (to place more emphasis on the bearishness of the market). Price has gone below the supply levels at 106.50, and 106.00; and it may test the demand levels at 105.50, breaching it to the downside as another demand level at 105.00 targeted. On the other hand, a strong reversal could occur, which would result in a threat to the current bearish bias.

EURJPY
Dominant bias: Bearish
It is interesting to see EURJPY being engaged in a long, protracted bearish movement. Since the beginning of February, at least, 700 pups have been shed. In the past few weeks, short-term rallies have been invariably followed by further southwards movements. Price would continue moving downwards towards the demand zones at 130.00, 129.50 and 129.00. Nonetheless, a strong rally is in the offing, as the outlook on EUR pairs is bullish for this week.

GBPJPY
Dominant bias: Bearish
The recent price movement on GBPJPY is similar to that of EURJPY, except the fact that GBPJPY moves faster than EURJPY. For instance, since testing the supply zone at 156.50 on February 2, price has gone downwards by more than 1,100 pips, reaching the demand zone at 145.00. More than 450 pips got dropped last week alone! All this has brought about a Bearish Confirmation Pattern in the market, which points to the possibility of price reaching other demand zones at 140.00 and 139.50. However, there could also be a strong bullish reversal in the market.

This forecast is concluded with the quote below:


“A strategy is a definitive set of rules that specifies the exact conditions under which trades will be established, managed and closed.” - Jean Folger

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (March 12 - 16, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
The market did not do anything significant last week. In fact, the market has generally been choppy since February 2018. There is a support line at 1.2150 and a resistance line at 1.2450. As long as price moves within the aforementioned support and resistance lines, the neutrality in the market will continue. Ultimately, price will either go below the support line at 1.2150 to form a bearish bias; or it may go above the resistance line at 1.2450 to form a bullish bias.

USDCHF
Dominant bias: Bullish
In the short-term, the market is bullish. However, it is neutral in the medium-term and bearish in the long-term. Now, in the short-term, price moved sideways from Monday to Wednesday and then rose on Thursday, becoming bullish. From the support level at 0.9350, price rose above the support level at 0.9500, closing above it on Friday. There could be further upwards movement, but it will not last long because a considerable amount of pullback is expected this week, owing to a bullish outlook on CHF, which may cause other CHF pairs to go bearish (and USDCHF included).

GBPUSD
Dominant bias: Bearish
Cable is bearish in the long-term, but neutral in the short-term. What happened last week is best called consolidation, because there was no strong directional movement in favor of the bull or the bear. A directional movement is supposed to happen this week, as GBP rises against some currencies like USD, but it may drop versus other currencies like NZD. There are accumulation territories at 1.3800, 1.3750 and 1.3700. Likewise, there are distribution territories at 1.3900, 1.3950 and 1.4000.

USDJPY
Dominant bias: Bearish
The outlook on this pair remains bearish, but some bullish effort was made last week. For instance, price rose from the demand level at 105.50, to test the supply level at 107.00. This kind of price action can only threaten the extant bearish bias when price gains additional 150 pips, from here. There are demand levels at 106.50, 106.00 and 105.50. Likewise, there are supply levels at 107.00, 107.50 and 108.00.

EURJPY
Dominant bias: Bearish
Price moved sideways on March 5, rose upwards later that day and on March 6, but then consolidated throughout last week. The consolidation can continue this week, but a rise in momentum is also expected. When a breakout occurs, it will most likely be in favor of the bear, because the outlook on JPY pairs is bearish for this week. Therefore, initial targets may be put at the demand zones of 131.00, 130.50 and 130.00.

GBPJPY
Dominant bias: Bearish
The market is bearish, but it made bullish effort throughout last week. Last week, it rose from the demand zone at 145.50, to test the supply zone at 148.50 (over 300-pip movement). The upwards movement was considerable enough, but that may turn out to be an opportunity to go short when price rises in the context of a downtrend. The outlook on JPY pairs is bearish for this week. Within this week and next, the market is expected to drop at least, 300 pips. The demand zone at 145.50 is the initial target and that may be exceeded eventually.

This forecast is concluded with the quote below:

“Try to be humble, honest, and ready to face your own shortcomings as a trader. If you can do, you will have a better chance to be consistently profitable.” – Andy Jordan

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (March 19 - 23, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
The market is generally, neutral. It initially made bullish effort last week, reaching the resistance line at 1.2400, and then retraced towards the south. Price is now below the resistance line at 1.2300, going towards the support lines at 1.2250 and 1.2200. Any rallies could be contained at the resistance line at 1.2400. There will not be much movements across the markets this week. However, next week will witness a strong volatility.

USDCHF
Dominant bias: Bullish
In the medium-term, this market is bullish. Since the support level at 0.9200 was tested in February 16, 2018, price has rallied by over 300 pips, closing above the support level at 0.9500 on Friday. There is a tendency for the market to continue going upwards, especially when EURUSD shows signs of further weakness. Thus the resistance levels at 0.9550, 0.9600 and, ultimately 0.9650, could be reached this week.

GBPUSD
Dominant bias: Neutral
Cable has become neutral, particularly since a few weeks ago. Last week, price rose above the accumulation territory at 1.3900, and then moved sideways throughout the week. There is a distribution territory at 1.4050, which must be broken to the upside, for a bullish bias to form. There is also an accumulation territory at 1.3800, which must be broken to the downside, to form a bearish bias.

USDJPY
Dominant bias: Bearish
Since January 8, 2018, this trading instrument has dropped 750 pips, testing the demand level at 105.50 several times. Price has not been able to stay below that demand level, but that does not rule out the possibility of testing it again. The demand level at 105.50 would offer a stiff resistance to further bearish movement. That means a strong selling pressure would be needed for the demand level to be breached to the downside. Otherwise, a rally will surface.

EURJPY
Dominant bias: Bearish
The market has been in a vivid bearish mode since February 2. The demand zone at 129.50 was tested, and further bearish movement was restricted. A period of consolidation and bullish attempt were witnessed, but price is currently pointing southwards, now close to the demand zone at 130.00, which would be breached to the downside as price goes towards another demand zone at 129.50, where bears will encounter fierce opposition.

GBPJPY
Dominant bias: Bearish
From the low of March 2, price has risen by roughly 450 pips. However in the past few days, price has been coming downwards gradually. Further downwards movement could result in confirmation of a new bearish outlook. There are demand zones at 147.00, 146.50 and 146.00. The demand zone at 146.00 may do a good job in preventing more southwards journey. A very strong rally is expected before the end of this week.

This forecast is concluded with the quote below:

“Good trading times may be just ahead. Are you ready? It's times like these when the right mental edge can make all the difference…. It's vital that you approach trading with the proper mindset. Be ready to work hard and do whatever it takes to come out a winner. You can trade profitably if you put in the time and effort. Think optimistically, work hard, and take home the profits!” – Joe Ross

Source: www.tallinex.com

Following this tread keenly

Weekly Trading Forecasts for Major Pairs (March 26 - 30, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
This pair has consolidated so far this month. Price has been ranging between the support line at 1.2250 and the resistance line at 1.2450. This week may see an end to the neutrality of the market, as price would either move above the resistance line at 1.2450 (staying above it); or it would move below the support line at 0.2250 (staying below it). However, a strong movement to the south is much more likely this week, owing to a bearish outlook on EUR pairs.

USDCHF
Dominant bias: Bullish
In the short-term, this pair is bullish. Since the support level at 0.9200 was tested in February 16, 2018, price has rallied by over 350 pips, moving briefly above the resistance level at 0.9550. The market has been corrected lower since then, closing below the resistance level at 0.9500. A rally from here would save the bullish bias; while a plunge from here would render it invalid. Nonetheless, the market is more likely to go upwards as a result of a bearish outlook on EURUSD.

GBPUSD
Dominant bias: Bullish
The bias on GBPUSD has become bullish again, for price went upwards by 250 pups last week. Even the movement this month has been largely bullish (price has gained a minimum of 400 pips). The distribution territory at 1.4200 was tested, but price closed below the distribution territory at 1.4100 on Friday. There is a Bullish Confirmation Pattern the market, which points to a possibility of further bullish journey, as price targets the distribution territories of 1.4150, 1.4200 and 1.4250. This, nevertheless, cannot rule out a possibility of a strong pullback in the market. GBP pairs will experience high volatility this week.

USDJPY
Dominant bias: Bearish
The pair traded southwards last week, to corroborate the presence of bears. Since January 8, 2018, price has lost 830 pips. It lost 170 pips last week, after testing the supply level at 106.50. Since there is a huge Bearish Confirmation Pattern in the market, price can still reach the demand levels at 104.50, 104.00 and 103.50 before the end of this week. A rally may occur along the way, but it should not be something that would override the extant bearish outlook on the market.

EURJPY
Dominant bias: Bearish
Although the market is choppy, the bearish trend has been maintained. Price has been going southward since February 5, having lost almost 800 pips since then. Last week, there was a rally attempt in the context of an uptrend, which was halted once the supply zone at 131.50 was tested. The market shed 250 pips following that, to test the demand zone at 129.00, and closed below the supply zone at 129.50. The expected weakness in EUR, as well as the bearish outlook on the market, may enable the demand zones at 129.00, 128.50 and 128.00 to be tested this week.

GBPJPY
Dominant bias: Bearish
The cross is bearish in the long-term, but neutral in the short-term. This is a choppy market: An abortive bullish attempt was made last week, but that was rejected as the supply zone at 150.00 was tested. Price came down after that, thus cancelling the short-term effect of the bullish attempt. This week, there may not be any rallies that will cancel the existing bearishness in the market. Price could go further southwards, but it is not expected to go below the demand zone at 145.00, which is the ultimate target for the week.

This forecast is concluded with the quote below:

“Volatility is good for trading… Volatility can and should be used to a trader’s advantage. It all comes back to understanding and believing in your trading system.” - Jasper Lawler

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (April 2 - 6, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
The market went upwards last week, to test resistance line at 1.2450; a level from which a bearish correction was experienced. Price came down to test the support line at 1.2300, and then closed just above it. While the current bias on the market is neutral, it is expected that a rise in momentum will happen before the end of this week, which would most probably favor bearish, because the outlook on EUR pairs is strong bearish for the week.

USDCHF
Dominant bias: Bullish
This bias on this pair is bullish – but it is currently not a strong bias. Since testing the support level at 0.9200 (February 16), price has managed to gain about 360 pips. Last week, it managed to stay briefly above the resistance level at 0.9550, after which it closed below it again. A rise in the market is expected this week, which would also be fueled by weakness in EURUSD. The resistance levels at 0.9550, 0.9600 and 0.9650 could be reached before the end of the week.

GBPUSD
Dominant bias: Neutral
GBPUSD is bearish in the short-term, but neutral in the long-term. Last week, price nearly reached the distribution territory at 1.4250, after which it dived towards the accumulation territory at 1.4000. The outlook on GBP pairs is bearish for this week. However it is strongly bullish for April. While the general movement is expected to be upside in April, some selling pressure would be witnessed this week, which could propel price towards the accumulation territories at 1.4000, 1.3950 and 1.3900.

USDJPY
Dominant bias: Bearish
The trading instrument is bearish in the long-term, and bullish in the short-term. There is a Bullish Confirmation Pattern in the market, at least on a short-term basis. Price rose 220 pips last week, to test the supply level at 107.00, and then retraced below the supply level at 106.50. The supply level at 107.00 has thus become a major barrier for any bullish effort, as price goes downwards towards the demand levels at 106.00, 105.50 and 105.00.

EURJPY
Dominant bias: Bearish
This cross is bearish in the long-term, and rather neutral in the short-term. Price is currently choppy as things are now in a range. There is a supply zone at 132.00 and a demand zone at 130.00. As long as price saunters between these two zones, the short-term neutrality will hold. There is a higher probability that price will go southwards (in agreement with the long-term outlook) when a breakout does occur.

GBPJPY
Dominant bias: Neutral
The market is choppy and without direction, although the long-term bias is bearish. In March, what generally happened could be called a rally in a context of a downtrend, as price moved from the demand zone at 145.00, to reach the supply zone at 150.50. The outlook on JPY pairs is bearish for this week, and for this month, which means long trades are not recommended (except in a very short-term context). There will be great volatility on JPY pairs, which would most probably favor bears.

This forecast is concluded with the quote below:

“It’s not about the system, it’s about the trader’s ability to execute the system.” - Curtis Faith

Source: www.tallinex.com

Technical Reviews for Gold and Silver (April 2018)

GOLD (XAUUSD)
Dominant Bias: Neutral
The market bias is neutral in the long-term and bearish in the short-term. Since February 2018, price has been ranging (whereas December 2017 and January 2018 were bullish). However, going short-term, price dropped sharply in the last week of March, and made a rally attempt on April 3, only to get corrected lower on the following day. Given the current price action, a movement to downside is much more likely than a movement to the upside, when a breakout does occur. There is a strong supply barrier at 1360.00, which has been the major supply zone within the last two months. The demand zones at 1320.00 and 1310.00 would likely be tested this month.


SILVER (XAGUSD)
Dominant Bias: Neutral
Silver is also neutral in the long-term and bearish in the short-term, just like Gold. Price has been consolidating since February; whereas December 2017 and January 2018 were bullish. In a smaller time horizon, last week was bearish, plus this week, whose bearishness follows an abortive effort to effect a rally. A closer observation of the market behavior in the last several weeks reveals that bulls are getting weaker, and thus, bears would take advantage of this by pushing price lower and lower, towards the support levels at 16.2000, 16.1000 and 16.0000. Should this happen, the precarious Bearish Confirmation Pattern in the market would become stronger.


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (April 9 - 13, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The pair is bearish in the short-term, which is still a weak bias. Price went downwards last week, moving briefly below the support line at 1.2250, and closing above it on Friday. There are resistance lines at 1.2300, 1.2350 and 1.2400. Things will go bullish when the resistance line at 1.2400 is breached to the upside. There are support lines at 1.2250, 1.2200 and 1.2150. Things will go strongly bearish when the support line at 1.2150 is breached to the downside.


USDCHF
Dominant bias: Bullish
The market remains bullish in the short-term (and its fate is largely subject to whatever happens to EURUSD). Price went upwards last week, almost reaching the resistance level at 0.9650, and then getting corrected lower. The short-term bullishness will be rendered ineffectual only when price goes below the support level at 0.9500. On the other hand, a movement above the resistance level at 0.9700 will result in a stronger bullish bias on the market.

GBPUSD
Dominant bias: Neutral
The market is neutral because there was no significant directional movement last week. Price hovers between the distribution territory at 1.4200 and the accumulation territory at 1.3900. Price would need to go above that distribution territory or below the accumulation territory, for a directional bias to form, but that would require a big momentum to happen. A possibility of a movement to the upside is very strong because the outlook on GBP pairs is very bullish for this week. Therefore a rally is likely in the market.

USDJPY
Dominant bias: Bearish
The trading instrument is bearish in the long-term, and bullish in the short-term. In the short-term, price gained 180 pips from the low of last week, reaching the supply level at 107.50. Then there was a slight bearish correction in the market, which would eventually turn out to be an opportunity to buy long at better prices. A rally is very likely this week, which would push price upwards by 200 pips. This movement would be strong enough to override the long-term bearishness in the market.


EURJPY
Dominant bias: Bearish
This cross is bearish in the long-term, and rather neutral in the short-term. Another reality is that the market condition is currently choppy, but that might come to an end when a rally occurs in the market. There is a strong likelihood of a rally here, owing to a bullish expectation on JPY pairs for this week. The supply zones at 131.50, 132.00 and 132.50 could be reached when a bullish movement begins.


GBPJPY
Dominant bias: Bullish
GBPJPY cross remains bullish, especially in the medium-term. The market gained roughly 500 pips on March and it has gained over 200 pips this month, closing above the demand zone at 150.50 on Friday. There is a Bullish Confirmation Pattern in the market, and thus, price is expected to continue going upwards this week, reaching the supply zones at 151.00, 151.50 and 152.00. The supply zone at 152.00 could even be exceeded.

This forecast is concluded with the quote below:


“You have what it takes to be a great trader! You may know this already or you may be curious to find out if you really do have what it takes.” – VTI

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (April 16 - 20, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
Irrespective of the bullish attempt that was witnessed last week, the outlook on EURUSD remains neutral. The neutrality has been ongoing for over 2 months, and the bullish attempt that happened last week pales into insignificance when compared to the overall outlook on the market. Price currently oscillates between the support line at 1.2200 and the resistance line at 1.2400. There is a going to be a directional bias once that support line or that resistance line is breached. However, a breach of the support line at 1.2200 is much more likely.


USDCHF
Dominant bias: Bullish
There is some form of bullishness in this market. Since the support level at 0.9200 was breached on February 16, price has moved upwards by 440 pips, closing above the support level at 0.9600 on Friday. This week is supposed to be bullish, because USD will likely gain some stamina against certain currencies like EUR, CHF, AUD and NZD (with the exception of GBP). The first object of attack this week is the resistance level at 0.9650.


GBPUSD
Dominant bias: Bullish
The market gained 220 pips last week, almost reaching the distribution territory at 1.4300, and getting corrected lower, to close below the distribution territory at 1.4250. There is a Bullish Confirmation Pattern in the market, and price is supposed to go seriously upwards again, breaching the distribution territories at 1.4250, 1.4300 and 1.4350 to the upside. Short trades are not yet recommended.

USDJPY
Dominant bias: Bearish
The trading instrument is bearish in the long-term, and bullish in the short-term. There is a weak short-term bullishness owing to the fact that price made some effort to go upwards last week, gaining only 80 pips. Price managed to briefly breach the supply level at 107.50, but it could not close above it on Friday (it closed below it). However, price would be able to go above the supply level at 107.50; even reaching other supply levels at 108.50, 109.00 and 109.50.


EURJPY
Dominant bias: Bearish
This cross is bearish in the long-term, and now bullish in the short-term. It has gained roughly 250 pips this month, and it can gain another 250 pips before the end of the month. That is something that can bring about a long-term bullish outlook on the market as it goes through the supply zones at 133.00, 133.50 and 134.00, even exceeding those supply zones as price goes further and further northwards.

GBPJPY
Dominant bias: Bullish
There is a Bullish Confirmation Pattern in the market. The market gained roughly 500 pips in March and it has gained over 400 pips this month, closing above the demand zone at 152.50 on Friday. The outlook on GBP/JPY and most other JPY pairs, remains bullish for this week. The price is expected to reach the supply zones at 153.00, 153.50 and 154.00: the targets that could even be exceeded.

This forecast is concluded with the quote below:

“The markets never reward desperation. They only reward clear thinking, discipline and courage.” – Louise Bedford

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (April 23 – 27, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
The bias is neutral in the long-term term, and bearish in the short-term. Price went southwards last week, losing up to 130 pips, after testing the resistance line at 1.2400. The support line at 1.2250 was almost tested, but price closed close to the resistance line at 1.2300. Owing to the short-term bearishness in the market, further southwards journey is anticipated, which may push price towards the support lines at 1.2250, 1.2200 and 1.2150.


USDCHF
Dominant bias: Bullish
The Bullish Confirmation Pattern in this market was partly brought about by the anticipated stamina in Greenback. Since testing the support level at 0.9200 on February 16, price has gained 550 pips (gaining 220 pips in this month alone), closing around the resistance level at 0.9750 on Friday. Price should continue going further upwards as EURUSD is pushed further southwards. The resistance levels at 0.9800 and 0.9850 are the targets for this week.

GBPUSD
Dominant bias: Bearish
The Cable consolidated in the first week of April, went upwards in the second week, and came downwards heavily in the third week (last week). After testing the distribution territory at 1.4350, price has nosedived by 350 pips, reaching the accumulation territory at 1.4000, and closing slightly below it. The bias on the market has now turned bearish, and that may be upheld this week, as the accumulation territories at 1.3950, 1.3900 and 1.3850 are aimed.

USDJPY
Dominant bias: Bearish
The trading instrument is bearish in the long-term, and bullish in the short-term. After price rammed into the demand level at 105.00 on March 23, it has gone upwards by 280 pips since then. Price closed above the demand level at 107.50 on Friday and it may even reach the supply levels at 108.00 and 108.50 this week…. Before the anticipated reversal occurs. The reversal may be strong enough to take price towards the demand level at 107.50.


EURJPY
Dominant bias: Bullish
This is a bull market in the near-term, but the bullishness in the market is very weak. Price did almost nothing last week, save some consolidating movement throughout the week. The consolidation may continue this week, but a breakout is imminent, which would most probably favor bears. Thus, the demand zones at 132.00, 131.50 and 131.00 could be reached, which may effectively challenge the recent bullishness in the market.

GBPJPY
Dominant bias: Bearish
There is now a Bearish Confirmation Pattern in the market, which was forcefully brought about by the large pullback that occurred in the market. Roughly 280 pips were shed as price closed below the supply zone at 151.00 on April 20, 2018. It is expected that further southward movement would play itself out this week, because the outlook on JPY pairs is somewhat bearish for the week. This means the accumulation territories at 150.50, 150.00 and 149.50 would be reached easily.

This forecast is concluded with the quote below:

“Accept that you can trade, it really isn’t as cognitively difficult as people make out. It is emotionally and psychologically difficult but it doesn’t require much brain power despite what you may be told. Therefore, it is within the realm of most to be able to understand the basics of trading.” – Chris Tate


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (April 30 – May 4, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair experienced a strong bearish movement last week, dropping 230 pips, and nearly reaching the support line at 1.2050. However, price closed above the support line at 1.2100, and that might be a good opportunity to sell short at a better price, for price may continue going downwards this week, because USD keep on being strong. The support lines at 1.2100, 1.2050 and 1.2000 are the next targets. EUR pairs will also experience strong volatility in May.


USDCHF
Dominant bias: Bullish
This trading instrument went upwards last week (gaining 150 pips). Over 300 pips have gained in the last two weeks, and this is just the beginning, because the northwards journey would continue as a result of the stamina in USD. The resistance level at 0.9900 has been tested and it would be tested again, and get breached to the upside. That is when price would target additional resistance levels at 0.9950, and ultimately 1.0000.

GBPUSD
Dominant bias: Bearish
GBPUSD shed 250 pips last week, and it has shed more than 600 pips since April 17. There is a huge Bearish Confirmation Pattern in the market, which portends possibility of further southwards journey. The accumulation territories at 1.3750, 1.3700 and 1.3650 could be reached before the end of the week. The accumulation territory at 1.3750 was tested last week, and it would be tested again this week, for the outlook on GBP pairs remains bearish. GBP pairs will also experience high volatility in May.

USDJPY
Dominant bias: Bullish
Price started rallying last month, and it rallied considerably last week. The bias on the market has thus turned completely bullish as price neared the supply level at 109.50, and it is now close to the demand level at 109.00… However, price may not be able to go protractedly upwards again, because there is a very strong bearish outlook on JPY pairs for this week, and for May 2018. Long positions should be liquidated because bulls will suffer seriously in May.

EURJPY
Dominant bias: Bullish
This cross did not made any strong directional movement last week. Price made a weak bullish effort on Monday and Tuesday, consolidated on Wednesday and then got a bearish correction on Thursday and Friday. Although the ongoing bias is bullish, bulls are obviously getting weaker and weaker, showcasing their lack of interest in pushing price upwards. The recent bearish correction may eventually turn out to be something significant. A large movement is expected on EURJPY in May, and it would mostly favor bears.

GBPJPY
Dominant bias: Bearish
Just like EURJPY, albeit in a significant mode, this cross pair made a clear bullish effort on April 23 and 24, then ranged on April 25; only to dip on April 26 and 27. The dip on April 27 was strong enough to enforce a formation of a Bearish Confirmation Pattern in the market. Given the weakness in GBP and a bearish outlook on JPY pairs (Yen would become strong), this cross would continue to go further southwards, reaching the demand zones at 150.00, 149.50 and 149.00 this week.

This forecast is concluded with the quote below:

“What you need is the safety of a detailed trading plan: specific guideline to follow. Making a plan follows the wisdom of any job being 80% preparation and only 20% execution. The more clearly the plan is laid out, the easier it is to follow. And when the plan is easy to follow, it's likely that you'll stick with it. You'll be disciplined and in control of your emotions and thought processes.” – Andy Jordan (Source: Tradingeducators.com)

Source: www.tallinex.com

Technical Reviews for Gold and Silver (May 2018)

GOLD (XAUUSD)
Dominant Bias: Bearish
In the first half of April, Gold made some visible bullish attempt. However, price came downwards noticeably in the second half of that month. Generally the market is very choppy… It has been coming down since last week, and May was started on a bearish note. Since there is a Bearish Confirmation Pattern in the market, the resistance levels at 1300.00, 1250.00 and 1200.00 would be reached this week. As the market is quite choppy and volatile, some transitory spikes, rallies and gap-ups could be experienced in May, but bears would win ultimately.


SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is bearish in the short-term and the medium-term. Just like Gold, it went upwards within roughly the first two weeks of April and then came downwards in the last two weeks of the same month. Over 6,000 pips were shed last week, and this week has already seen a loss of additional 4,500 pips, as price reached a low of 16.0484. There has been a recent temporary upwards bounce in the market (while a Bearish Confirmation Pattern is present in it). The upwards bounce could end up being another opportunity to sell short at slightly higher prices, because price would come downwards in May, reaching the demand level at 16.0000 and possibly exceeding it southwards.


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (May 7 - 11, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
EURUSD went downwards by 170 pips last week. It has gone downwards by 430 pips since April 19. There is a Bearish Confirmation Pattern in the market and it is supposed to continue going lower and lower, reaching the support lines at 1.1900, 1.1850 and 1.1800. USD is supposed to continue being strengthened, and so long trades are not currently recommended, until it is clear there is a change in the market.


USDCHF
Dominant bias: Bullish
This pair has normally been going upwards as EURUSD is going downwards. Price has gained over 800 pips since February 16 (it gained 130 pips last week). The great psychological level at 1.000 has eventually been reached and a lot of activity has started around that level, as bears are struggling to prevent bulls from pushing price above the level. However, bulls will eventually win the struggle, and enable price to stay above the psychological level at 1.0000, as another resistance level at 1.0050. The USD reigns.

GBPUSD
Dominant bias: Bearish
Since testing the distribution territory at 1.4350 on April 17, Cable has nosedive, shedding 850 pips since then (including 250 pips that were shed last week). Price tested the accumulation territory at 1.3500 on Friday, but closed above it. The outlook on GBP pairs is bearish for this week, and thus Cable should continue its downwards exploration, reaching the accumulation territories at 1.3500, 1.3450 and 1.3400.
USDJPY
Dominant bias: Bullish
The bias on the market is bullish, but the trend is in a precarious position. Price did not go upwards significantly last week, neither did the bearish correction that followed help the matter. Once the supply level at 110.00 was tested, price got corrected by 100 pips, moving briefly below the demand level at 109.00 and then closing above it on Friday. Since the bullish bias is in a precarious situation, any movement below the demand level at 108.00 will result in a clear bearish signal. A movement to the downside is very much likely this week.

EURJPY
Dominant bias: Bearish
This trading instrument has dropped by 300 pips since April 26. Roughly 250 pips were shed last week, owing to the weakness in EUR and a show of energy in JPY. There is a huge Bearish Confirmation Pattern in the market, and price is expected to continue going southwards, owing to the bearish outlook on JPY pairs this week. The demand zones at 130.00, 129.50 and 129.00 would be reached.

GBPJPY
Dominant bias: Bearish
A very weak GBP has met a strong JPY, and the result was that price went out of balance, in favor of bears. There is a huge drop in the market (nearly 300 pips), as the demand zone at 147.00 was nearly tested. There is a bearish outlook on this cross, and further southwards journey is expected. There could be transitory upwards bounces in the market, but they would serve as good short-selling opportunities.

This forecast is concluded with the quote below:

“(Good) Trading happens outside your comfort zone… What I love about trading is the ongoing challenge and it makes me happy to know that I’m competing against some of the brightest minds on earth in the markets. They do what works.” - Marco Mayer


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (May 14 - 18, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair trended downwards last week, testing the support line at 1.1850. Several attempts to breach the support line to the downside were not successful, and as such price bounced upwards by 100 pips from the line. The upwards bounce is seen as an opportunity to buy at slightly higher prices because the outlook on the market remains bearish, and price may continue going further downwards, eventually breaching the adamant support line at 1.1850 to the downside.


USDCHF
Dominant bias: Bullish
In the context of an uptrend this trading instrument went sideways last week, ranging between the resistance level at 1.0000 (previously a support level) and the resistance level at 1.0050. Eventually, price closed below the resistance level at 1.0000 on Friday, and it may even test the support levels at 0.9950 and 0.9900. However, price would rise again, possibly reaching the resistance level at 1.0000 and breaching it to the upside.

GBPUSD
Dominant bias: Bearish
The current bearish trend started in April 17, and what happened last week was just a pause the bearish trend. The pause was a consolidation throughout last week; thus a breakout is imminent, which would most probably favor bears. The accumulation territory at 1.3500, which had been tested before, would soon be breached to the downside, as price targets other accumulation territories at 1.3450 and 1.3400.

USDJPY
Dominant bias: Bullish
The bias on the market is bullish – and the trend is still in a precarious position. Price did not go in a strong directional movement last week. It only oscillated between the demand level at 109.00 and the supply level at 110.00. A breach above the supply level at 110.00 is anticipated this week, although bulls may not be able to enjoy that victory for a long time, because there is a possibility of a fall back towards the demand level at 109.00.

EURJPY
Dominant bias: Bearish
In a bearish outlook, price trended downwards on Monday and Tuesday, and then started to make a rally effort. It managed to close above the demand zone at 130.50 on Friday, in the context of a downtrend. Unless the Euro gets strengthened considerably, there might be a reversal in favor of bears, which would enable the market to target the demand zones at 130.50, 130.00 and 129.50.

GBPJPY
Dominant bias: Bearish
This cross was characterized by a zigzag movement throughout last week, although that did not affect the current Bearish Confirmation Pattern in the market. This week, price is supposed to continue moving further and further south (as soon as the current short-term trendlessness ends). The demand zone at 147.50 was tested last week, before price rallied a bit further. The demand zones at 147.50, 147.00 and 146.50 may be tested this week

This forecast is concluded with the quote below:

“Of course, most traders enjoy the process of building up profits, the satisfaction of adept trading, or simply outwitting the crowd. But it is not just the outcome that is important, it is also the process.” – Andy Jordan


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (May 21 - 25, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair trended downwards last week, testing the support line at 1.1750. The market went essentially sideways on Thursday and Friday, and may go below the support line at 1.1750, to target another support line at 1.1700. About 250 pips have been lost this month, and it just seems to be the beginning. The outlook on EUR pairs is bearish for this week (EUR would be seen going downwards versus major currencies).


USDCHF
Dominant bias: Bullish
This trading instrument is bullish in the long-term, but neutral in the short-term. Price has been consolidating in the past two weeks; whereas that is not strong enough to render the recent bullish bias useless. There is going to be a breakout at last, but the movement to the upside will no longer be a serious thing. While USDCHF is supposed to go upwards, there would be a challenge to the upwards move, because CHF is expected to gain serious stamina this week (major currencies will drop versus it). This means that the coming strength in CHF may hinder USDCHF from getting seriously pushed further northwards.

GBPUSD
Dominant bias: Bearish
The Cable is bearish in the long-term, but neutral in the short-term. The bearish movement that started last month, has continued this month (although price has been ranging in the short-term). There remains a valid Bearish Confirmation Pattern in the market, despite the fact that it has been ranging in the last two weeks. A breakout is imminent, which would most probably favor bears. The accumulation territories at 1.3450, 1.3400 and 1.3350 could be reached thus week.
.
USDJPY
Dominant bias: Bullish
The bullish movement that was witnessed last week has saved the ongoing bullish bias in the market. The bullish movement started in March 2018 and it has held out till now. The supply level at 111.00 was tested before price closed below it on Friday. This week, there is a high probability that the market would continue going upwards, reaching the supply levels at 111.00, 111.50 and 112.00.


EURJPY
Dominant bias: Bearish
The bias on this cross is bearish, but it is a precarious bias. What the market did last week was a zigzag movement without a clear directional propensity. Price moved upwards, downwards, and upwards again, within the supply zone at 131.50 and the demand zone at 129.50. A 200 –pip movement to the upside or to the downside would easily change the bias to bullish or bearish, and that is exactly what is expected this week.


GBPJPY
Dominant bias: Bullish
The market is bullish, at least, in the very short-term. The current bullishness (which is not very strong), started on May 8, and it has been dragged on in spite of constant interferences from bears. Price succeeded in moving further northwards last week, almost reaching the supply zone at 150.00, before closing below it on May 18. This week, too much weakness in GBP could frustrate a clean bullish movement. Nevertheless, the supply zone at 150.00, might once again, be breached.

This forecast is concluded with the quote below:

“According to Kermit the Frog, it’s not easy being green. For skillful traders, it’s not hard to be green. May your trades be green.” – attributed


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (June 4 - 8, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The pair trended downwards in the first few days of last week, and then started a bullish correction on May 30. Price went upwards by 200 pips in the context of a downtrend, but the movement was not significant enough to override the extant bearishness in the market (except the resistance line at 1.1800 is exceeded). The outlook for EUR pair is strongly bearish for this week and for this month, and so bulls should be careful.

USDCHF
Dominant bias: Bearish
USDCHF has been moving downwards in the past few weeks; which was an unusual thing, considering the fact that it usually goes in a negative correlation with EURUSD. However, the situation will change this week, as USD is expected to begin gathering stamina at some point (before the end of the week). This would aid a strong bullish reversal in USDCHF and put more bearish pressure on EURUSD.


GBPUSD
Dominant bias: Bearish
Cable has been trending southwards for almost two months: Therefore the shallow rally that was seen on Friday is a totally insignificant thing. Price has dropped about 1,100 pips since April 17, and that is just the beginning. The outlook on GBP pairs is mostly bearish for June, and as a result, directional long trades may not make much sense this month. GBPUSD tends to go into positive correlation with EURUSD, and the accumulation territories at 1.3300, 1.3250 and 1.3200 would be reached before the end of the week.

USDJPY
Dominant bias: Bullish
This trading instrument is bullish in the long –term, but bearish in the short-term. Since March 26, a long-term bullish journey started, but short-term bearish effort was also started on May 21. The short-term bearishness is still in place and it is supposed to override the long-term bullish bias on the market. This is because there is a very strong bearish outlook on JPY pairs this month, and so, USDJPY would eventually become like other JPY pairs, which are already bearish.


EURJPY
Dominant bias: Bearish
There is a Bearish Confirmation Pattern in this market, as a result of a vivid weakness that began in the market in April 16. Price has shed roughly 700 pips since then. Last week, the bearish journey continued as price rammed into the demand zone at 125.00, and then bounced upwards (300 pips), without being able to form a confirmed bullish bias. This week, a bearish reversal is expected, because of the weakness in EUR and owing to the bearish outlook on JPY pairs.


GBPJPY
Dominant bias: Bearish
In the first half of last week, this cross dropped and then started rising in the second half of the week. However, the major bias remains bearish and the rally that was seen was an opportunity to sell short dearly. Since GBP is weak and JPY is expected to gain further stamina, a bearish movement of at least 500 pips is expected in the month of June, and that may start before the end of this week.

This forecast is concluded with the quote below:

“You have to study the markets and learn how to take out profits from the market action… You can build up your trading skills through practice and experience and feel good knowing that you have mastered a skill that few have developed.” – Joe Ross

Source: www.tallinex.com

Technical Reviews for Gold and Silver (June 2018)

GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is bearish in the long-term, and neutral in the short-term. Apart from the noticeable downwards movement in the first half of May, price has not assumed any directional movement so far this week. A rise in volatility will be witnessed in this June, which would most probably favor bears, to corroborate the long-term bearish outlook on the market. The support levels at 1280.00, 1270.00 and 1260.00 may be breached to the downside. However, the expected southwards breakout may not happen without any challenge from bulls.


SILVER (XAGUSD)
Dominant Bias: Neutral
Silver has been mostly neutral this year. The ongoing consolidation started in January and it may continue in June (although this does not rule out any possibility of a maniacal breakout in the month). This year, price has generally oscillated between the supply level at 17.600 and the demand level at 16.000. As long as price stays within those demand and supply levels, the neutrality of the market will be in place. The more the neutrality continues, the stronger and the more protracted a breakout will be when it does occur. This is not a good market for swing and position traders, but market neutral strategies are ideal right now.


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (June 11 - 15, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair is bearish in the long-term, and bullish in a very short-term. Since May 30, price has been making a measure of bullish attempt (save the correction that was witnessed on Friday). A movement above the resistance lines at 1.1850, 1.1900 and 1.1950 will bring about a long-term bullish outlook on the market. On the other hand, a movement below the support lines at 1.1650, 1.1600 and 1.1550, will cancel the short-term bullishness in the market, while strengthening the major bearish outlook.

USDCHF
Dominant bias: Bearish
The market has been caught in a slow and gradual bearish movement since May 10 (over 230 pips). It is possible that the market would continue going further downwards (albeit slowly), especially when EURUSD gains a lot of stamina. The support levels at 0.9800 (which has previously been tested), 0.9750 and 0.9700, would be reached soon, and that might bring about a strong Bearish Confirmation Pattern in the market.


GBPUSD
Dominant bias: Bearish
Although there is currently a bearish trend in the market, price made faint effort to go upwards last week. It is much more likely that the faint bullish effort will eventually translate into a significant rally this week, because the outlook on GBP pairs is bullish. The distribution territories at 1.3450, 1.3500 and 1.3550 would be reached. This will eventually invalidate the bearish bias on the market, as everything turns bullish.

USDJPY
Dominant bias: Bullish
This trading instrument is bullish in the long-term, but neutral in the short-term. In the last two weeks, price has generally oscillated between the demand level at 108.50 and the supply level at 110.50. As long as price continues to oscillate between those demand and supply levels, the short-term bias would be neutral. A break above the supply level at 110.50 will result in confirmation of the existing long-term bullish outlook while a break below the demand level at 108.50 will result in a clean bearish outlook.


EURJPY
Dominant bias: Bullish
The bias on the EURJPY has just turned bullish. Since May 30, price has rallied by 500 pips, reaching the supply zone at 130.00, before the current bearish correction (which happened on June . A test of the demand zone at 127.50 will threaten the new bullish bias on the market; while a movement towards the supply zones at 129.50, 130.00 and 130.50 will strengthen it. There will be a measure of volatility in the market this week.


GBPJPY
Dominant bias: Bullish
Although a bearish correction was experienced on Thursday and Friday, the bias on the market remains bullish. A sideways movement throughout this week will bring about a neutral bias on the market. A drop of 150 – 200 pips will result in a bearish signal, while a movement towards the supply zones at 147.50, 148.00 and 148.50, will save the ongoing bullish outlook on the market. It is much more likely that bulls would be able to hold out this week.

This forecast is concluded with the quote below:

“Once you know how to trade, no-one and nothing can sweep aside your skill. It’s something you can do no matter how old you are. As long as you have a dream in your heart that you yearn for, the sun never has to set on your identity as a ‘trader’.” – Louise Bedford

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (June 11 - 15, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The market began the current strong bearish movement in April. This month (especially from early June), price consolidated till June 14, before the large pullback we are currently witnessing. The large pullback has put more emphasis on the dominant bearish bias; thus price is expected to go further southwards this week, reaching the support lines at 1.1600 (an easy target), 1.1550 and 1.1500.

USDCHF
Dominant bias: Bearish
This pair is bearish in the long-term, but bullish in the short-term. It is somewhat weird that both USDCHF and EURUSD have been bearish for some time, but the situation seems about to change. On June 14, there was a sudden bullish breakout, which was strong enough to bring about a short-term bullish signal. There is a possibility that price could keep on going northwards this week, reaching the resistance levels at 1.0000 (an important level), 1.0050 and 1.0100. However, an exceptionally strong buying pressure would be needed for the resistance level at 1.0100 to be reached.


GBPUSD
Dominant bias: Bearish
In the first week of June, Cable consolidated in the context of a downtrend. The same thing happened last week…. before the bearish movement that occurred on Thursday, which points to bears’ supremacy. The weakness in the market is currently visible and since the outlook on GBP pairs is bearish for this month, further southwards movement is expected, which would enable price to reach the accumulation territories at 1.3250, 1.3200 and 1.3150.

USDJPY
Dominant bias: Bullish
USDJPY managed to go upwards last week, and it was able to close above the demand level at 110.50 on Friday. There is a Bullish Confirmation Pattern in the market, which points to the possibility of price going towards the supply levels at 111.00, 111.50 and 112.00. Nonetheless, the further northwards the market goes, the greater the potential of a strong pullback, which can happen before the end of the week.


EURJPY
Dominant bias: Bearish
The pullback that occurred on April 14 points to the fact that bears are still a force to reckon with. The major bias on the market is bearish, and since EUR is currently weak, price is supposed to continue moving downwards. The outlook on JPY is bearish for this week – another factor that may contribute to continuous weakness in the market. The next targets are the demand zones at 128.00, 127.50 and 127.00.

GBPJPY
Dominant bias: Bullish
This trading instrument simply moved in a range last week. Price ranged between the supply zone at 148.00 and the demand zone at 146.00. This week, either the supply zone or the demand zone would be breached forcefully as price assumes a strong, directional movement. The most likely direction is bearish (which may invalidate the extant bullish bias), and that may enable price to reach the demand zones at 146.50, 146.00 and 145.50.

This forecast is concluded with the quote below:

“Regardless of time frame and date, a chart is a chart. The only thing that really changes over the years is how you manage what you see. As long as human beings trade a market, human emotional reaction to the movement of price will cause certain patterns to form.” – Joe Ross

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (June 25 - 29, 2018)


Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The market swung upwards and downwards last week, without a directional movement. Nevertheless, the major bias remains bearish, and the outlook on EUR pairs is mostly bearish for this week. It is possible that price will test the support lines at 1.1600, 1.1550 (which were previously tested last week). Price may also reach the support line at 1.1500, and possibly breach it to the downside. But that will require a heavy selling pressure.

USDCHF
Dominant bias: Bearish
Price went sideways from Monday to Wednesday, and fell on Thursday and Friday, corroborating the outgoing bearish outlook on the market. Both USDCHF and EURUSD are currently bearish: But protracted bearish pressure on the latter may help a bullish signal to be generated on the former. There are support levels at 0.9850 and 0.9800. There are also resistance levels at 0.9900 and 0.9950.

GBPUSD
Dominant bias: Bearish
In the context of a downtrend, price went further southwards, shedding 160 pips and almost testing the accumulation territory at 1.3100. There was an upwards bounce on Thursday, but that would be an opportunity to sell short at higher prices (unless the distribution territory at 1.3400 is breached to the upside). GBP pairs (as well as other major pairs) will experience high volatility this week, and also in the first week of July.

USDJPY
Dominant bias: Neutral
The long-term bias is bullish, but the short-term bias is bearish. Throughout last week, price meandered between the demand level at 109.50 and the supply level at 111.00. Should price continue to move within the confines of the aforementioned demand and supply levels, the short-term bias would remain neutral. Once the confines are breached, a directional movement will resume, and it could most likely favor bulls.

EURJPY
Dominant bias: Bearish
Just like its USDJPY counterpart, this cross mostly ranged last week (though the recent bias on the market is bearish). For the ranging movement to end, it is either price will breach the demand zone at 127.00 to the downside (going further downwards), or price would need to breach the supply zone at 129.00 to the upside (going further upwards). One of these conditions must be met for the bearish bias to be supported or invalidated; otherwise the trend would become neutral.

GBPJPY
Dominant bias: Bearish
This cross underwent a heavy selling pressure on July 18 and 19, but bulls pushed price upwards on July 20 and 21. There remains a Bearish Confirmation Pattern in the market, and it would be invalidated only when price moves upwards by 500 pips from here. On the other hand, price could continue falling towards the demand zones at 145.00, 144.50 and 144.00. Price could even go further downwards than that.

This forecast is concluded with the quote below:

“Trading is a process-oriented endeavor for those who are serious about becoming and remaining a consistently successful trader.” – Dr. Woody Johnson


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (July 2 – 6, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The market is bearish, but price was not able to go downwards seriously last week. Thus the market is bearish in the long-term, but neutral in the short-term. A strong opposition was particularly met at the support line at 1.1550, after which price bounced off the support line. However, that would turn out to be an opportunity to go short at a better price, for the outlook on EUR pairs is bearish for this week. One major task for bears is to break the support line at 1.1550 to the downside, as price goes further downwards.


USDCHF
Dominant bias: Neutral
The bias on this pair has become neutral, especially in the face of the fact that USDCHF was characterized by trendlessness throughout June. Last week, price went upwards, to move above the resistance level at 0.9950, and then moved below that resistance (now close to the support level at 0.9900). As long as EURUSD remains weak, there will not be a significant bearish movement on USDCHF pair this week (although the pair will eventually give way to bearish pressures before the end of July).

GBPUSD
Dominant bias: Bearish
The market went smoothly downwards, testing the accumulation territory at 1.3050 (over 200 pips of bearish movement). After testing the accumulation territory at 1.3050, price rallied seriously and closed above the accumulation territory at 1.3200. The outlook on GBP pairs is bearish for this week, so a movement towards the accumulation territories at 1.3200, 1.3150 and 1.3100 are highly anticipated. There could even be a movement below the accumulation territory at 1.3100.

USDJPY
Dominant bias: Bearish
A Bullish Confirmation Pattern is present on the USDJPY. In the short-term, price rallied from the demand level at 109.50, to close above the demand level at 110.50 on Friday. This week, there could be further upwards movement towards the supply levels at 111.00 and 111.50. However, price is not expected to go further upwards than that because the outlook on certain JPY pairs is bearish for the month of July.

EURJPY
Dominant bias: Bearish
This cross is bearish in the long-term, and bullish in the short-term. In short-term, a movement above the demand zone at 129.00 has resulted in a ‘buy” signal, which could enable price to reach the supply zones at 129.50 and 130.000, However, any movement to the upside would be limited, partly because of the ongoing weakness in EUR, which means price could also be retraced lower before the end of this week.

GBPJPY
Dominant bias: Bearish
Owing to the present Bearish Confirmation Pattern in the chart, the bias on this trading instrument is bearish, but the strong bullish surge that was witnessed on Friday has posed a threat to the bearish outlook. On Thursday and Friday, price gained 250 pips, after testing the demand zone at 144.00. Should price gain another 200 pips this week, things will turn completely bullish. On the other hand, a downward movement from here would save the bearish bias.


This forecast is concluded with the quote below:


“There are opportunities… It’s a matter of seeking them out, in the biggest playground of all... the markets.” – Louise Bedford

Source: www.tallinex.com

Technical Reviews for Gold and Silver (July 2018)

GOLD (XAUUSD)
Dominant Bias: Bearish
Gold moved sideways in the beginning of June 2018, until June 14. Since then, price has come down by roughly 6000 pips. July has been bullish so far (in the short-term), but the upwards bounce in the market has paled into insignificance when compared to the overall bearish bias on the market. A movement above the supply level at 1280.00 will threaten the bullish bias; while a movement above the supply zone at 1300.00 will invalidate it. All this upwards movement, however, requires extremely strong bullish momentum to be effective. Therefore, in the absence of any strong bullish momentum, Gold may continue its downwards movement.


SILVER (XAGUSD)
Dominant Bias: Bearish
There is a Bearish Confirmation Pattern on Silver, which is not as strong as the Bearish Confirmation Pattern on Gold. Following a few months of boring consolidation (February – May, 2018), price rallied in early June, reaching the distribution territory at 17.2000. From there, price moved downwards gradually until the end of June. In the short-term, Silver started July on a bearish note, and then rallied, and then movies sideways. The sideways movement is still in place, but it will soon be ended as price resumes its bearish journey, reaching the accumulation territories at 15.7000, 15.5000, and 15.3000. On the other hand, a strong bullish momentum will challenge this bearish outlook.


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (July 9 - 13, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The market is bearish in the long-term, and bullish in the short-term. Last week, after testing the support line at 1.1600, price went upwards by 150 pips, to test the resistance line at 1.1750. Price can still go further upwards towards the resistance lines at 1.1800 and 1.1850. However, a strong buying pressure is needed to reach the resistance line at 1.1850. A southwards movement from here would render this expectation invalid.


USDCHF
Dominant bias: Neutral
The market is virtually flat. Since the past two weeks, price has moved between the support level at 0.9850 and the resistance level at 1.0000. As long as price moves between the aforementioned support and resistance levels, things will remain neutral. This week, it is not likely that price would break the support level at 0.9850 to the downside; or break the resistance level at 1.0000 to the upside, because much volatility is not expected in the market this week. However, before the end of the month, a rise in momentum is expected, which would create a directional bias.


GBPUSD
Dominant bias: Bearish
GBPUSD Is bearish in the long-term, and bullish in the short-term, just like EURUSD. Since testing the accumulation territory at 1.3100, price has gone upwards by roughly 200 pips, closing above the accumulation territory at 1.3250 and aiming the distribution territory at 1.3300. Nonetheless, the major outlook remains bearish, which means the market needs to gain, at least, another 300 pips, before the bias can turn bullish.

USDJPY
Dominant bias: Bullish
Since March 26, the market has been going northwards slowly and gradually. Right now, the bullish bias is weak, although bears have not been able to push price lower significantly. There was an attempt to go south last week, after the supply level at 111.00 was tested. Price closed slightly below the supply level at 110.50, and it may go towards the demand level at 110.00, where bearish effort should be contained, just for the bullish bias to be saved.

EURJPY
Dominant bias: Neutral
This cross is bullish in the short-term, and neutral in the long-term. Some bullish effort started around the end of June, and it has been upheld till now. In the short-term, price could move upwards and downwards, within the supply zone at 131.00 and the demand zone at 128.00. Price may not be able to go beyond these boundaries because much volatility is not expected this month, unless some fundamental figure causes a radical change in the market.

GBPJPY
Dominant bias: Bullish
Since June 28, this trading instrument has been going upwards, leading to a bullish bias in the short-term (a Bullish Confirmation Pattern). Last week ended on a bullish note and it is probable that price would continue going upwards, reaching the supply zones at 147.00, 147.50 and 148.00. There would be a reversal along the way, which would, nevertheless, not be serious enough to invalidate the ongoing bullish bias.


This forecast is concluded with the quote below:


“But in trading, often the best solution is the simplest...” - Michael Carr

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (July 16 - 20, 2018) [b][/b]

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
In the long-term, the pair is bearish, and last week was bearish too. Price dropped by 140 pips, moved briefly below the support line at 1.1650, and then closed above it. This week, there could be a test of the support lines at 1.1650 and 1.1600, but they may not be broken to the downside because price has a high probability of going northwards, reaching the resistance lines at 1.1700, 1.1750 and 1.1800.


USDCHF
Dominant bias: Bullish
Last week, owing to a sudden surge of stamina in USD, the pair skyrocketed, reaching the high of 1.0066. The test of that high is significant because the last time price reached that level was May 2017. Since the high of the year (1.0066) was tested, price has shown a sharp reversal, shedding 60 pips and closing at 1.0002 on July 13. Price might attempt to go further upwards, but it would encounter stiff opposition around the high of 1.0066. Even there will be stiffer opposition above the high of the year, like the resistance levels at 1.0150, 1.0200 and 1.0250. Movement towards the south may be more visible this week.


GBPUSD
Dominant bias: Bearish
In the long-term, Cable is bearish, and last week was bearish too. From the distribution territory at 1.3350, price dropped by 250 pips, and almost touched the accumulation territory at 1.3100, and then closed above the accumulation territory at 1.3200. This week, there could be a test of the accumulation territories at 1.3200 and 1.3150, but they may not be broken to the downside because price has a high probability of going northwards, reaching the distribution territories at 1.3250, 1.3300 and 1.3350.

USDJPY
Dominant bias: Bullish
Last week was bullish. In fact, the market has been going upwards since March 26, and it has gained close to 800 pips. A clean bullish run has taken price towards the supply level at 112.50 and there is a lot of trading activity around that level, as bears are making attempt to effect a bearish reversal. There are demand levels at 112.00, 111.50 and 111.00. However, price could go upwards to reach the supply levels at 113.50, 114.00 and 115.00.

EURJPY
Dominant bias: Bullish
This cross has become a bull market in the medium-term. Price gained 180 pips last week (it has gained over 650 pips since May 25), and managed to closed above the demand zone at 131.00. Short trades are not recommend in this market, owing to the Bullish Confirmation Pattern in it, and owing to the bullish outlook on EUR for this week and next. Price is thus expected to continue going upwards, reaching the supply zones at 131.50, 132.00 and 132.50.

GBPJPY
Dominant bias: Bullish
GBPJPY is a volatile market, though with a Bullish Confirmation Pattern present in it. This month has been bullish so far (the bullish movement started late June and it has been upheld till now). Having gained 500 pips since June 28, there is still much room for bulls to shine. This week, another 200 pips can be gained amid high volatility. Nonetheless, this does not rule out possibility of bears overpowering bulls along the way.


This forecast is concluded with the quote below:

“You should not draw the conclusion that winning traders are reckless. They aren't. They approach trading systematically. They develop clearly defined trading plans and they trade them. They wait for market conditions that increase their odds of success. But most of all, they have a positive attitude. They know that if they do their homework and make enough trades, they will take home a profit.” – Joe Ross


Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (July 23 - 27, 2018)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
Price made a bullish attempt on Monday, but started coming down afterwards. The support line at 1.1600 was tested and price bounced off it, closing above another support line at 1.1700. The market is neutral, and that status will continue as long as price oscillates between the support line at 1.1550 and the resistance line at 1.1800. However, the neutrality in the market will soon end, and ensuing movement could most probably favor bulls. This means a break above the resistance line at 1.1800 is possible before the end of the week.

USDCHF
Dominant bias: Neutral
This pair also went downwards at the beginning of last week, and then rallied around the middle of the week, only to come downward again at the end of the week. Price closed below the resistance level at 0.9950, threatening to go further downwards. The bias on the market is eventually neutral, and it would remain so until the support level at 0.9850 is breached to the downside. The most probable direction is southwards.

GBPUSD
Dominant bias: Bearish
GBPUSD is a weak trading instrument. Since April 14, price has been going downwards. Price moved briefly below the accumulation territory at 1.3000, and then rallied by 170 pips, almost reaching the distribution territory at 1.3150. The bias remains essentially bearish (but perpetual bullish effort could threaten the bearish bias). There are additional distribution territories 1.3200, 1.3250 and 1.3300.

USDJPY
Dominant bias: Bullish
After testing the supply level at 113.00 several times, a bearish correction was started, which made the price close below the supply level at 111.50 on July 20 (a drop of 150 pips). The bias is bullish in the long-term, but going bearish in the short-term. Things will go completely bearish when price moves further downwards by another 200 pips, reaching the demand levels at 111.00, 110.50 and 110.00, and going further downwards.

EURJPY
Dominant bias: Bullish
The market had been going upwards since June 28 until recently. The recent bias is bullish but there is a high possibility of price going bearish. Price has made a bearish U-turn, after almost reaching the supply zone at 132.00. It is expected that price will continue to go downwards this week, thereby rendering the recent bullish bias invalid and reaching the demand zones at 130.00, 129.50 and 129.00. Those demand zones may even be exceeded before the end of July.

GBPJPY
Dominant bias: Bearish
There is a Bearish Confirmation Pattern in the market, as a result of a drop of 300 pips last week. The drop has already generated a bearish signal in the market, brought about by the perceived weakness in GBP, and the strength in JPY. This week (even till the end of July), the outlook on JPY pairs is bearish, and that means GBPJPY also will experience further bearish movement, which would enable it to reach the demand zones at 145.50, 140.00 and 135.50.


This forecast is concluded with the quote below:

“A surprising insight for me in Jack Schwager’s Market Wizards was that most of the top traders he interviewed are 1-trick ponies: they do one thing — and they do it very well. Their success was built upon their ability to discover what others overlooked. I concluded that ‘doing one thing well’ would immediately simplify my trading life and could eventually evolve one thing into an important trading edge.” – VTI

Source: www.tallinex.com