Welcome to the Traders Laboratory.

Technical Analysis The technical discussion forum for traders.

Reply
Old 01-28-2018, 05:37 AM   #1

Join Date: Feb 2015
Posts: 298
Ignore this user

Thanks: 3
Thanked 7 Times in 7 Posts

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
__________________
Articles posted by: Tallinex.com
analyst75 is offline  
Reply With Quote

Reply

Thread Tools
Display Modes Help Others By Rating This Thread
Help Others By Rating This Thread:

Similar Threads
Thread Thread Starter Forum Replies Last Post
Weekly Trading Forecasts for Major Pairs (January 22 - 26, 2018) analyst75 Technical Analysis 0 01-21-2018 05:33 AM
Weekly Trading Forecasts for Major Pairs (January 15 - 19, 2018) analyst75 Technical Analysis 0 01-13-2018 09:27 PM
Weekly Trading Forecasts for Major Pairs (January 8 - 12, 2018) analyst75 Technical Analysis 0 01-06-2018 06:25 PM
Weekly Trading Forecasts for Major Pairs (January 1 – 5, 2018) analyst75 Technical Analysis 0 12-31-2017 07:10 AM
Weekly Trading Forecasts on Major Pairs (January 30 – February 3, 2017) analyst75 Technical Analysis 0 01-29-2017 04:22 AM

All times are GMT -4. The time now is 06:43 AM.
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
CS to VB integration by DeskLancer
©2006-2011 Traders Laboratory, All Rights Reserved.