The Cable is now trading above the accumulation territory of
1.6100, in what is called a bullish mode. This week, the price may reach the
distribution territory of 1.6200, even possibly breaching it to the upside.
EURUSD: There is
not yet a clear signal on the EURUSD, but it is much more likely that the price
is poised for a renewed upward journey. When the condition for a bullish signal
is met, you would see the price trading above the EMA 56 and the EMA 11 has also
crossed the EMA 56 to the upside.
USDCHF: There is
not yet a clear signal on the USDCHF, but it is much more likely that the price
is poised for a renewed downward journey. When the condition for a bearish signal
is met, you would see the price trading below the EMA 56 and the EMA 11 has
also crossed the EMA 56 to the downside. But right now, it is not safe to go
short until the above condition is met. Should there be any failure in meeting
the above condition, then the price may bounce upwards.
GBPUSD: The Cable
is now trading above the accumulation territory of 1.6100, in what is called a bullish
mode. This week, the price may reach the distribution territory of 1.6200, even
possibly breaching it to the upside.
USDJPY: This
currency trading instrument closed at 100.21 on Friday (also in a bullish mode).
The supply level at 100.50 is an easy target for the bulls, plus the demand
level at 101.00 is also a possible target for this week.
EURJPY: This market trended very strongly last week,
closing at 135.17. At that price zone, some may think that the price has long
been overbought. But the price is not overbought if the bulls are still interested
to purchase the EURJPY at that price zone, for the market might still go
further upwards this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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