The vivid southward
reversal on the cable has resulted in a new bearish bias on the pair. Right
now, the accumulation territory at 1.6000 is about to be breached.
EURUSD: This pair trended upwards last week, but the current
southward reversal in the market is a threat to the bulls’ interest. Should
this go further downwards, it would lead to the total loss of all the gain that
was realized last week. Any movement below the support line of 1.3500 will
signal a complete end of the bullish outlook.
USDCHF: The tardy but sure pair has been trying to reject further
bearish movement (however it moved southward last week). Although the price
tested the support level at 0.9000 several times and even breached it downwards
temporarily, it has been moving upwards. Any move above the resistance level at
0.9100 means the bearish outlook is over.
GBPUSD: The vivid southward reversal on the cable has resulted in a
new bearish bias on the pair. Right now, the accumulation territory at 1.6000
is about to be breached. The price has closed below the EMA 56 (the EMA 11 has almost
crossed the EMA 56 to the downside), and the RSI period 14 has crossed the
level 50 to the downside. The bias is bearish.
USDJPY: The USDJPY closed at 97.46 on Friday – having tested the
demand level of 97.00 a few times. The bearish outlook is still intact on the
market, unless the price crosses the supply level at 98.00 to the upside.
EURJPY: This currency
instrument is still bearish in outlook. As it has happened recently, any rally
in the market is a shorting opportunity. This time around, there is another
opportunity to sell at 132.50
Performed by Azeez
Mustapha,
Analytical expert
InstaForex Companies
Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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