EURUSD
Primary trend: Bearish
Recently, the EURUSD started to experience a kind of negligible reversal in the market. But this seemingly negligible reversal has turned out to be significant enough to render the major bullish outlook useless. Based on what is happening on the chart, long trades are no more useful on this market: short trades should be sought. There has now been a bearish confirmation signal, which may take the market to the support line at 1.3300.
USDCHF
Primary trend: Bearish
Surprisingly, the major bias on the USDCHF is valid (just like that of its EURUSD counterpart). Normally, the USDCHF ought to go up as the EURUSD went down, but the former has simply range-traded recently. A long trade is imminent, but not yet recommended until further price action confirms that a new northward possibility has come to stay. For this to be true, the price would need to cross the resistance level at 0.9300 and go further upwards.
GBPUSD
Primary trend: Bearish
Despite some recent bullish attempts on the Cable, the trend remains bearish. Should the EURUSD continue its bearish journey, the pressure might drag the Cable itself downwards. The indicators on the chart still support the southward possibility. However, for an absence of a serious threat to the current outlook, the price should not cross the market territory at 1.5800 to the upside.
USDJPY
Primary trend: Bullish
The bullish bias is still valid here and it is something that should not be underrated. Though, recently, the bullish attempts have been weak (neither has the price been able to assume any noteworthy southward possibility). When breaking the supply level at 94.00 to the upside, the price should head up towards another supply level at 95.00, for the current outlook to be valid. There is a possibility of the price retracing towards the demand level at 93.00, however.
EURJPY
Primary trend: Bullish
It is not an exaggeration to say that the situation on the EURJPY remains tricky – just as it is tricky on all other JPY pairs. The overall trend is still bullish, whereas the current market outlook is not to be neglected. During the recent correction, the cross gave up its weekly gains and dropped by over 100 pips further! The price ought to continue staying above the price market zone 124.00; otherwise it would be a serious threat to the overall bullish trend.
Conclusion: As a result of the foregoing, should you be capable of pinpointing the general outlook for a particular instrument, coupled with the understanding of the big picture, you could eventually have a very high hit rate as you go with the flow of the markets. Should a particular outlook be significant enough to whack those going against it, then the result should be seen as a normal part of this popular business.
This article is concluded with the quote below:
“Trading with the trend offers by far the highest probability of success and it also offers the highest potential rewards.” – Nick McDonald
Azeez Mustapha
Forex Signals Strategist, Funds Manager &Coach
Yahoo! Messenger ID: saazalmu
NB: Trading has become a calling!
Source: www.paxforex.com
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