Weekly Trading Forecasts on Major Pairs

Discussion in 'Trading Journals' started by analyst75, Mar 28, 2014.

  1. analyst75

    analyst75 Well-Known Member

    Joined:
    Mar 27, 2014
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    Weekly Trading Forecasts for Major Pairs (May 8 - 12, 2017)

    Here’s the market outlook for the week:



    EURUSD

    Dominant bias: Bullish

    This pair went sideways from Monday to Wednesday, and then started rising upwards on Thursday, in the context of an uptrend. Price is now very close to the resistance line at 1.1000. This week, it is possible for the market, and other EUR pairs, to open with gaps, owing to the events surrounding French presidential election. Should gaps occur, they would be followed by high volatility and strong movements. While the resistance lines at 1.1000, 1.1050 and 1.1100 could be tested, chances of considerable pullbacks within the next several days are increasing.


    USDCHF

    Dominant bias: Bearish

    USDCHF went lower last week, moving between the resistance level at 0.9950 and the support level at 0.9850. The bias is bearish, and price could go lower as long as EURUSD goes upwards. Eventually, USD would manage to gain some strength, either before the end of the week or at the beginning of next week, which would reverse the movement of USDCHF (as EURUSD is weakened). There must be a movement above the resistance level at 1.0000 in order for the current bearish bias to be threatened.


    GBPUSD

    Dominant bias: Bullish

    In the context of an uptrend, Cable consolidated from the beginning of last week, till Wednesday, and then trended further upwards on Thursday and Friday. Price closed above the accumulation territory at 1.2951, going towards the distribution territory at 1.3000. Once that distribution territory is breached to the upside, other distribution territories at 1.3050 and 1.3100 would become next targets, because the outlook on the market remains bullish for this week.


    USDJPY

    Dominant bias: Bullish

    USDJPY went upwards by more than 140 pips last week. Since April 24, price has gained more than 300 pips, which has resulted in a clean Bullish Confirmation Pattern in the market. The supply level at 113.00 has been tested and it would be re-tested, as price goes above it, targeting another supply level at 113.50 and 114.00. In May, JPY pairs could turn bearish, and that happens, the current bullishness in the market would be gotten rid of.


    EURJPY

    Dominant bias: Bullish

    Last week, this cross moved upwards by 250 pips. Price has gained 500 pips since April 24; plus the supply zone at 124.00 is currently under siege. Once the supply zone is breached to the upside, price would go towards the supply zones at 124.50, 125.00 and 125.50. There would be temporary pullbacks along the way, which should not overturn the current bullish bias, unless the pullback makes price lose at least, 300 pips.


    This forecast is concluded with the quote below:



    “I trained myself to think of trading as an endeavor in which I strive to make points. Only later are those points translated to dollars. In that sense, for me trading is making point.” – Joe Ross
     
  2. analyst75

    analyst75 Well-Known Member

    Joined:
    Mar 27, 2014
    Messages:
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    Weekly Trading Forecasts for Major Pairs (May 15 - 19, 2017)

    Here’s the market outlook for the week:



    EURUSD

    Dominant bias: Bullish

    This pair is bullish in the medium-term, but neutral in the short-term. Price tested the support line at 1.0850, closing above the support line at 1.0900 on Friday. A movement above the resistance line at 1.1000 would strengthen the existing bullish bias, while a movement below the support line 1.0700 would threaten it. This week, further pullback is possible, but EURUSD would not go really bearish until the support line at 1.0700 is breached to the downside.


    USDCHF

    Dominant bias: Neutral

    USDCHF moved upwards by 230 pips last week, almost testing the resistance level at 1.0100, and then pulled back towards the support level at 1.0000. The upwards movement of the first few days of last week has overridden the last short-term bearish signal, and the pullback that was seen on Friday has scuttled the bullish effort of last week. Both the bull and the bear would not gain upper hand until price goes seriously out of balance. A protracted movement is needed to form a directional outlook.


    GBPUSD

    Dominant bias: Bullish

    The outlook on the Cable remains bullish, though price consolidated throughout last week. Further consolidation could result in a neutral outlook. The accumulation territory at 1.2850 has been tested and it may be breached to the downside. The current price action shows more and more noticeable weakness in the bullish trend, thereby increasing chances of a large pullback this week, especially when the accumulation territories at 1.2850 and 1.2800 are breached to the downside.


    USDJPY

    Dominant bias: Bullish

    This trading instrument initially went upwards last week, briefly going above the demand level at 114.00. Price got corrected lower by 80 pips on Thursday and Friday. The bias on the market is bullish, and it would remain so as long as price does not go below the demand level at 112.00. There is a possibility that the supply levels at 113.50, 114.00 and 114.50 would be targeted this week.


    EURJPY

    Dominant bias: Bullish

    EURJPY went sideways last week, in the context of an uptrend. There was a movement between the demand zone at 123.00 and the supply zone at 124.50. A rise in momentum is anticipated this week, which would emphasize the current Bullish Confirmation Pattern in the market, especially when the supply zone at 125.00 is overcome. The bullish bias would be jeopardized when price goes below the demand zone at 122.00.


    This forecast is concluded with the quote below:


    “I’ve always believed that on every trader's journey, emotions are nice companions but lousy guides…This phrase is meant to remind us that life would be pretty darned boring if we never experienced any emotions. But more importantly in trading, decisions made when we are in a non-productive emotional state will likely produce results we don’t like. That’s where a great trading system comes to the rescue. It gives us a framework to calmly and coolly evaluate situations and make the right moves…” - D.R. Barton, Jr.
     
  3. analyst75

    analyst75 Well-Known Member

    Joined:
    Mar 27, 2014
    Messages:
    482
    Weekly Trading Forecasts for Major Pairs (May 22 - 26, 2017)

    Here’s the market outlook for the week:



    EURUSD

    Dominant bias: Bullish

    This pair went upwards by 290 pips last week, putting greater emphasis on the recent bullish bias that has formed this month. Price closed slightly above the support line at 1.1200 on Friday. The bullish momentum is currently strong, and the resistance lines at 1.1250, 1.1300 and 1.1350 may be tested this week. This however, does not rule out possibilities of pullbacks in the market, because EUR would rise against some currencies while falling against others.


    USDCHF

    Dominant bias: Bearish

    USDCHF plummeted last week, losing 280 pips and closing below the resistance level at 0.9750. Price has fallen by 340 pips since May 12, and further fall is expected this week. The support levels at 0.9700, 0.9650 and 0.9600, may be tested this week, owing to the Bearish Confirmation Pattern in the market. USDCHF would continue to trend southwards as long as EURUSD journeys northwards.


    GBPUSD

    Dominant bias: Bullish

    GBPUSD was able to maintain its bullishness last week. The market closed above the accumulation territory at 1.3000 on Friday, going towards the distribution territory at 1.3050 (which may be tested or even breached to the upside). On the other hand, there is also a possibility of a deep bearish correction this week, because bearish movements may occur on certain GBP pairs, and the ripple effect may affect GBPUSD.


    USDJPY

    Dominant bias: Bearish

    The market went bearish last week, thus invalidating the bullish signal that was formed earlier this month, and creating a new short-term bearish signal. Price has dropped roughly 290 pips last week, slashed the demand level at 110.50, and closed above the demand level at 111.00. The demand levels at 110.00 and 109.50 may try to reject any meaningful bearish movement, for the outlook on JPY pairs is bullish for this week. Some form of reversal may be witnessed in the market.



    EURJPY

    Dominant bias: Bullish

    This cross pair is still bullish, while being volatile in the long-term. Price has formed a zigzag pattern in the market: It went up on Monday and Tuesday, came down on Wednesday and Thursday, and then went upwards again on Friday. The present “buy” signal can push price towards the supply zones at 125.50, 126.00 and 127.50. These targets might even be exceeded, especially given the expected bullish movements on JPY pairs.


    This forecast is concluded with the quote below:



    “New and creative trading ideas are important for a trader to be able to stay ahead of the crowd, so doing whatever you can to prepare your mind to consider new ideas will help to develop creative trading strategies that are essential to profitable trading.” – Joes Ross
     

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