WEEKLY FORECAST

Weekly Forecast

Favourite pairs:

GBP / JPY very bearish
USD / CHF very bullish

Other pairs:

GBP / USD bearish
USD / JPY bullish

The EURUSD continues to be losing ground because the start of February, but last week it rebound at a current support level down near 1.0500, demonstrating that buyers are coming back into the marketplace here, even if just briefly. That 1.0500 has held firm for the second time in two weeks, so it wouldn’t be astonishing to see costs float slightly higher in the near-term. Yet, right now we’re taking a more unbiased perspective on this particular marketplace, due to recent up rebound from support and the inconsistent downtrend. The degrees of value we’re observing this week are 1.0500 support, 1.0677 and 1.0830 opposition; we will be observing the price activity near those amounts carefully this week.

The USDJPY stays bullish following a bogus-break of the low side of range, down near 112.50 last week. Notice, the bullish fakey and pin bar set up which propelled costs higher from 112.50 midweek, last week. Whilst above recent lows at 111.60, the marketplace seems slightly bullish. This week, we are going to favor the buy side above 111.60 to 112.50; purchase weakness if an opportunity presents itself or following cost activity signal reconfirms bullish bias. Goals at 115.00 to high side of range place.

The GBPUSD fell under support at 1.2400 place last week and went lower, to examine a critical support level near 1.2200, before making a small upside reversal last Friday. In the day-to-day graph below, you’ll become aware of a little bullish reversal pub formed Friday (it is a bar having a more lower tail or wick), suggesting costs could move higher at least briefly. But, we do see vital opposition not far overhead, upwards near 1.2400, which would readily include any rally. So, this week, dealers can look for prospective purchasing chances in the mid 1.2200’s, to trade up to 1.2400, where we could then appear to be a seller. But, before committing to either direction, we’d choose to await a definite cost activity signal as signs.

Gold retraced lower going down within the general uptrend that is in place. On Friday, a little bullish pin bar (a cost activity reversal sign) formed, revealing rejection of 1220.000 support region; a degree we discussed lately as a possible amount to purchase close. If cost holds above 1220.00 this week, we could see the uptrend curriculum vitae from this pin bar, nevertheless, a failure at 1220.00 could see costs head back to examine 1180.00 again. The graph below is indicating that 1180.00 – 1200.00 is a ‘line in the sand’ for the short term up leg that we’ve seen lately. Our strategy of selection this week, would be to look to get pullbacks while cost continues to be trading above important support at 1180.00 – 1200.00.

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