Subscribe to RSS

Weekly Trading Forecasts on Major Pairs (February 8 – 12, 2016)

Here’s the market outlook for the week:

EURUSD

Dominant bias: Bullish   

This pair was engaged in a smooth bullish run last week, moving upwards 420 pips before the bearish retracement that was seen on Friday (February 5, 2016). The bearish retracement could be taken as a sale in the context of an uptrend, for the uptrend might continue this week. As long as price is above the support line at 1.0950, the bullish bias cannot be threatened. The resistance lines at 1.1250 and 1.1300 are the potential targets for bulls this week.

USDCHF

Dominant bias: Bearish

Owing to the perceived weakness in USD, USDCHF dropped 340 pips last week, ending the recent bullish outlook on the market. The support level at 0.9900 was tried, before the current upward bounce, which is, however, shallow. That support level at 0.9900 could be retried again and get breached to the downside, as price possibly attains the support levels at 0.9850 and 0.9800 this week.  It must be noted that the market is now below the psychological level at 1.0000; so it might be difficult for bulls to effect any bullish changes that would take the price above that level. In case the psychological level at 1.0000 is broken to the upside, then a rally that would eventually threaten the bearish bias might begin.

GBPUSD

Dominant bias: Bullish    

From the low of January 29, 2016, Cable rose steeply, testing the distribution territory at 1.4650 on Thursday, February 4, 2016. From that distribution territory, price has come down by 200 pips, on the following day. That correction is a proof of the vulnerability of the ongoing strength in Sterling, for the outlook on GBP pairs remains bearish for this month. While GBP is strong versus USD, it is weak against certain other currencies, for instance, GBPJPY, GBPCHF, EURGBP, etc. The market might resume a rally this week, albeit further bearish correction of another 200 pips would put an end to the current bullish outlook.

USDJPY

Dominant bias: Bearish   

The sudden and unexpected weakness of this currency trading instrument was partly due to the weakness of USD. On January 29, 2016, price touched the supply level at 121.50 and dropped 500 pips in the following week, which has resulted in an undisputed Bearish Confirmation Pattern in the market. Long trades are not currently logical until there is a clear indication that bulls have taken control again. Right now, bears are the ones in control.

EURJPY

Dominant bias: Bullish

Unlike other JPY pairs (e.g. NZDJPY, AUDJPY, etc.), EURJPY did not come down significantly because of the strength in EUR itself. Last week, price came down only by 160 pips – a movement that was not strong enough to invalidate the bullish bias on the market. Only a movement below the demand zone at 128.50 would put an end to the extant bullish bias, as price is expected to rally this week or next. It would be mentioned that JPY pairs still have the possibility of rallying this month.

This forecast is concluded with the quote below:

“As I have matured as a trader I have become better at dealing with the emotions that come with trading. That has come simply from exposure, self-awareness and time.”  – Rachel Shasha

Source: www.tallinex.com

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

100% Bonus on your $100 Minimum Deposit – AvaTrade

100% Bonus on your $100 Minimum Deposit – AvaTrade(0)

Up to 100% Bonus on your $100 Minimum Deposit. Start forex trading today and in honour of our Irish roots we’ll give you a St. Patricks Day special bonus of up to 100% Link:  100% Special Bonus to Your First Deposit Available to: All new account Ending Date: 31 December 2017 Bonus offer: 100% New

Pro Forex Contest for Demo Trading Accounts – FBS

Pro Forex Contest for Demo Trading Accounts – FBS(0)

FBS Pro Forex Contest for Demo Trading Account Total Prize fund $1000. It is necessary to open a forex demo contest account and finish with the biggest balance. Link:  Event for Malaysian and Thailand clients Link:  $88.8 Forex No Deposit Bonus Link:  $123 Forex No Deposit Bonus Link:  100% Forex Deposit Bonus Promotion Contest conditions

100 USD Wanga Bonus Promotion – Fort Financial

100 USD Wanga Bonus Promotion – Fort Financial(0)

100 USD Free Wanga Bonus Promotion to All New and Existing Traders. You can withdraw your Free Wanga Bonus Amount or use it for further forex trading on your account Link:  100 USD Wanga Bonus Promotion Link:  $5 Forex No Deposit Welcome Bonus Link:  Up to 50% Bonus of Every Deposit Link:  15% Support Margin

$50 Forex No Deposit Free Power Bonus – GIC Market

$50 Forex No Deposit Free Power Bonus – GIC Market(0)

$50 Forex No Deposit Free Power Bonus Promotion to All New Traders. $50 Forex No Deposit Free Bonus is one of the unique promotions that offer new traders money to open a live trading account. Link: $50 Forex No Deposit Power Bonus Available to: New and Existing Traders. Ending Date: 31 December 2017 Bonus Offer:

$3500 Free Forex No Deposit Trading Bonus – InstaForex

$3500 Free Forex No Deposit Trading Bonus – InstaForex(0)

Get $3500 Free Forex No Deposit Trading Bonus Start Trading Forex and CFD Without Deposit and Without Risks. The new $3500 No Deposit Forex Bonus from InstaForex is an exciting opportunity to start Forex Trade. Link:  $3500 Free No Deposit Bonus Link:  Get 250% Bonus for First Deposit Link:  100% Deposit Bonus Campaign Available to: 

Up to $1000 Welcome Bonus of Every Deposit – FortFS

Up to $1000 Welcome Bonus of Every Deposit – FortFS(0)

Up to 50% Bonus of Every Deposit to All New and Existing Traders. You Deposited $1000 on your account, chose a 50% bonus and got 500 extra dollars to the initial deposit amount. Link:  $50 Forex No Deposit Welcome Bonus Link: Up to 50% Bonus of Every Deposit Link: $5 Forex No Deposit Welcome Bonus

30 USD Forex No Deposit Bonus Promotion – Tickmill

30 USD Forex No Deposit Bonus Promotion – Tickmill(0)

$30 No Deposit Forex Welcome Bonus Campaign to All new traders. $30 Free Forex Welcome Account is available to all new clients who expressed a wish for it during the registration process. Link:  Weekly Demo Race Trading Contest Link:  $30 Free Welcome Bonus Campaign Link:  Forex Monthly Live Trading Contest Available to: All new traders

$25 Deposit and earn $5000 Cashback Bonus – UFX

$25 Deposit and earn $5000 Cashback Bonus – UFX(0)

100% Forex Real Money Cash-back Bonus Promotion to all new and existing clients. Join and gain exclusive access to the ONLY online trading 100% Forex Cashback rewards bonus program Link:  $5000 BitCoin Rewards Bonus Promo Link:  $50 Free and Trade in Three Steps Link:  $50 Free No Deposit Bitcoin Bonus Link:  100% Real Money CashBack

300% Deposit Bonus Plus Free Forex Signals – MarketsYes

300% Deposit Bonus Plus Free Forex Signals – MarketsYes(0)

300% Tradable Bonus Promotion up to $3000. MarketsYes is offering all prospective clients’ deposit for up to 3000 USD/EUR/GBP a 300% Forex Tradable Bonus. Link:  300% Tradable Bonus Promotion Available to: All new traders Ending Date: 31 December 2018 Bonus Offer: 300% Tradable Bonus Promotion up to $3000 to all new traders SETTLEMENT COMPANY CORPORATION

Receive $100 Free on your Trading Account – FxFinance

Receive $100 Free on your Trading Account – FxFinance(0)

Receive $100 Free on your FxFinance Live Trading Account. $100 Free offer is valid for an unlimited period of time, for all those who have made accruals for the shares before August 31, 2017. Link:  Receive $100 Free on your Account Available to: All new trading account Ending Date: 31 August 2017 Terms of action:

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories