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Sunday, October 13, 2013

Daily Trading Forecasts for October 14, 2013


The JPY pairs are currently in a bullish mode, and that is what would likely be the bias for this week. 

EURUSD: The EURUSD has been moving in a highly volatile manner – giving room for palpable turbulence. There are mixed signals in the market and it is advisable to wait for a clearer direction before one takes a position. This direction may be in favor of the bulls or the bears.


USDCHF: This pair closed at 0.9114; the price itself in a bullish mode. There is a Bullish Confirmation Pattern in the market (and the indicators on the chart support this). For this week, it is normal to assume that the price would continue to trend in the favor of the bulls.

GBPUSD: On the GBPUSD, the bias is bearish. Although the recent historical data shows the deadly struggle between the bears and the bulls, it is evident that the bears are gaining more and more ground. Eventually the price would reach the accumulation territory at 1.5900.

USDJPY: This currency trading instrument has been trending upwards nicely. From the low of 96.57, the price has reached the high of 98.59, and closing at 98.58. The buying pressure in the market is very strong and the price would continue to trend towards the supply level of 99.00. 

EURJPY: The JPY pairs are currently in a bullish mode, and that is what would likely be the bias for this week. On this very cross, the EMA 11 has crossed the EMA 56 to the upside and the RSI period 14 has also crossed the level 50 to the upside. The price is gallivanting towards the north.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


Eye-opening trading lessons: http://www.harriman-house.com/experttraders

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