Daily Trading Forecasts for August 5, 2013

The reversals that happened last week have resulted in new signals in most cases. The EURUSD has continued its bullish journey.

EURUSD: The bearish threats that happened on the EURUSD last week did not succeed in pushing the price below the support line of 1.3200. From the point of ‘nearly resulting in a bearish confirmation,’ the price has been able to rally in the direction of the recent bias. The resistance line at 1.3400 is the target for this week. 

USDCHF:  This pair, which was trying to rally last week, did not succeed in resulting in a bullish confirmation. From the weekly high of 0.9388, the price plummeted and resulted in a renewed bearish confirmation.  The price is expected touch the support level at 0.9200 this week. 

 

GBPUSD:  The Cable has been caught in a serious northward determination. Last week, it could not go below the accumulation territory at 1.5100. The RSI period 14 has already given a bullish indication - yet to be confirmed by the EMAs. As soon as the EMA 11 crosses the EMA 56 to the upside, a long trade would be opened.

   

USDJPY:  There was a bullish signal in this market until the NFP data sent this pair spiraling downwards. This proves to be a threat to the current bulls’ interest, but the indicators and the price action still signify some northward determination, which shows that this could be a good long entry.

EURJPY:  This currency instrument gave a good long signal last week, topping at 131.90 before it was sent downwards. On the chart, it can be seen that the bullish scenario is still valid (as shown by the indicators). As long as the price stays above the demand zone of 131.00, the bullish signal remains valid.

Performed by Azeez Mustapha,

Analytical expert

www.instaforex.com    

InstaForex Companies Group