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Monday, July 22, 2013

Weekly Trading Forecasts (July 22 – 26, 2013)

In the last several trading days, the currency instruments have been able to maintain their overall outlook, though the majors do not move that significantly, except the JPY pairs. The EUR and the GBP are strong, while the JPY and the USD are weak. Matching these weak and strong currencies together with sensible logic would result in better odds. Each week, multitudes are learning what it takes to be great traders. As a result, they’re realizing their dreams and building lasting career.

EURUSD
Primary trend: Bullish
This pair has been able to trend according to the dominant bias in the market (i.e. the bullish bias), although the movement has not been that significant. The indicators on the chart are still in favor of the bullish outlook, and as such, the price is expected to continue trending upwards – something that may possibly reach the resistance lines of 1.3200 and 1.3300 in the next several trading days.

USDCHF
Primary trend: Bearish
In a negative correlation to what the EURUSD is doing, this pair has been able to move further downwards in the direction of the latest bearish indication in the market. Although the southward dive is nothing to be called ‘serious,’ it is in support of the current bearish outlook. The price is expected to touch the support lines of 0.9300 and 0.9250 respectively, as the market continues its weakness.

GBPUSD
Primary trend: Bullish
The Cable has been noted for its consolidation phases, though it has been able to reject any bearish threats on it for the main time. The pair traded towards the upside in a slow and steady manner, moving upwards by over 110 pips. In the face of the current Bullish Confirmation Pattern on the chart, it is safe to assume that the Cable would be trending upwards towards the accumulation territories of 1.5300 and 1.5400 respectively.

USDJPY
Primary trend: Bullish
As this currency instruments continue to respect its assured northward signal (for the bearish signal that occurred on July 17, 20123 proved to be bogus). However, there could be some corrections on the way, as it is happening right now. These corrections are not supposed to take the price below the demand levels of 99.50 and 99.00; otherwise the current outlook would be in serious jeopardy. The price could rise further eventually.

EURJPY
Primary trend: Bullish
In the last weekly forecast, it is said that the bias on this cross was bullish. Yes, it is still bullish, for the EURJPY is among the currency instruments that moved upwards significantly in the recent trading days. Since the EUR is strong and the JPY is weak, it is no surprise that the cross trended upwards by over 240 pips within the last several trading days. It is then probable that the price would resume its northward attempts when the current pullback pans out.  

This article is ended by the quote below:

“Life is much more pleasant when we recognize and manage risk in any kind of venture.” - Jim Weigel (Source: Vantharp.com)



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

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