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Monday, April 22, 2013

Weekly Trading Forecasts (April 22 - 26, 2013)

EURUSD
Primary trend: Bullish
The outlook on this popular pair remains bullish, and it is expected to be so. There is a Bullish Confirmation Pattern on the chart (with the indicators pointing to further northward possibility). A long position may be judicious on the EURUSD as long as a stop is put around the support line 1.3000. This is the line at which any bearish threat is supposed to be checked seriously. Meanwhile, the price could reach the resistance line of 1.3200 eventually.  

USDCHF
Primary trend: Bearish
Though reluctantly, this pair is moving downwards. Recently, it only went down a little. Yet, there are serious bearish pressures in the market, and long trades are not advisable right now. Should this analysis prove to be correct, the price would touch the support level at 0.9200 within the next several trading days. Any short-term rallies ought not to take the price above the resistance level of 0.9400.

GBPUSD
Primary trend: Bullish
The Bullish Confirmation Pattern on the GBPUSD is still valid, though the price has been very volatile recently. There was a sell-off that nearly overrode the extant bullish trend, but at the time of writing this article, the market has re-gained its recent losses. The indicators on the chart support the bullish trend, and the price could reach the distribution territory of 1.5500 within the next several trading days.  

USDJPY
Primary trend: Bullish
This instrument experienced heavy bearish pressure after topping at the supply level of 99.93, after which it recovered its recent losses and trended upwards again. It has been said that it would be unlikely for the price to break the great supply level of 100.00 to the upside. The outlook on the instrument is bullish, but one would do well to use the aforementioned supply level as the target.

EURJPY
Primary trend: Bullish
There is still some bullish determination on this cross, and the bulls would continue pushing the price upwards. Recently, there have been serious battles between the bulls and the bears (with the latter winning temporarily). The bulls, however, have shown their supremacy and have been pushing the price upwards. The demand zone at 128.00 serves as the ultimate barrier to any bearish threat, whereas the price could reach the supply zone of 131.50.

Conclusion: Some people fear what would happen when they open new trades. However, you must open new trades so that you can make more profits. No trades, no profits. Granted, not all the trades would win, but expert traders also experience the same thing.  As long as we make more money than we lose, then we are all OK. So why shouldn’t we trade? Trading is not easy – it will always be hard. Bear this fact in mind and continue to your trading success. Even when there is a loss, you already know that it is a normal part of doing any business. Even if you fail to see a great opportunity in the market, that is also a normal part of doing any business. Remember this fact when there are challenges. The truth is that you are going to win at last! It is totally wrong to say that those who persevere cannot win. You can be a market wizard, plus you will be victorious, though it is not easy.    

This article is concluded with the quote below:

“But quite honestly, I take the rough with the smooth. Some months will be negative. Some months will be positive. That's OK.” - Max Munroe


For more articles, go to: http://www.paxforex.com/forex-blog

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