Market Overview

Weekly Trading Forecasts (April 8 - 12, 2013)

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EURUSD

Primary trend: Bearish

Although the EURUSD went upwards recently, the major bearish bias remains unchanged, and for it to be rendered invalid (for it is being threatened), the price would need to trend further upwards for at least, a few trading days. Even, should the price touch the resistance level at 1.3000, it is not supposed to breach it to the upside. Ultimately, the price could plunge towards the support level at 1.2800, especially within the next several trading days. One could either short the market at 1.3000 or wait for further bearish pull before going short.  

 

USDCHF

Primary trend: Bearish

This slow pair traded in a range recently, before it finally showed the direction it would take. The price has been bearish lately, and it is expected that the coming fundamentals would even add more to further bearish pressures (which would definitely take the price to additional support levels). Right now, there is a Bearish Confirmation Pattern on the chart. Any short-term rallies may not atke the price beyond the resistance levels at 0.9500, and in the meantime, the price could touch the support level at 0.9300.

 

GBPUSD

Primary trend: Bearish

Recently, the Cable regained its weekly loss. Yet, the gain was so significant enough to override the extant bearish outlook completely. Only a scenario in which the Cable trades upwards for a few more trading days would render the bearish outlook ineffectual. Should further bullish attempt prove abortive (which is not supposed to take the price beyond the distribution territory at 1.5300), the price would plunge downwards - enabling certain speculators to go short at a higher price – probably reaching the accumulation territory at 1.5000. 

 

USDJPY

Primary trend: Bullish

Following an exponential weakness in the Yen, the USDJPY pair recently shot skywards in a significant manner. This enabled the pair to regain its more than 2 weeks of losses. There is now Bullish Confirmation Pattern on the Chart (as most indicators support that). Further northward journey is expected, but not without some near-term retracement in the price. The retracement ought not to take the price below the demand level at 95.00, for the current outlook to be valid. Ultimately, the price would go towards the supply level of 97.00.

 

EURJPY

Primary trend: Bullish

Like the USDJPY and other JPY pairs, this market moved upwards by more than 530 pips on Thursday, April 4, 2013 (from a low of 119.10). This noteworthy occurrence helped the market to regain more than 2 weeks of losses. There is now a Bullish Confirmation Pattern on the chart, supported by technical indicators. Over the time, the northward journey would continue, but there could be some bearish retracement towards the demand zone 123.00. It is not expected that the price should go lower than that zone, or else, there could be a serious threat to the present northward outlook. Eventually, the market could reach the supply zone of 126.00.   

 

 

Source: www.paxforex.com

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Economics Markets Trading Ideas

 

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