For a few weeks, the EURJPY has been experiencing limited
bullish energy. Since the overall bias is bearish, it looks sensible to seek
ways to go short when the price rallies, at least, to make allowances for the
huge upswings and downswings in the price, as it occasionally happens. The price
has been moving sideways for some time, and it would soon experience a renewed
momentum in favor of the extant bias.
What would then happen if there is a renewed momentum
while the price stays in an equilibrium phase, going possibly downwards? The agreement
between the bulls and the bears would eventually result in wonderment, then inaction,
at times worry. The worry can then result in a mad rush, which would cause increased
selling pressure, thus driving the price further south.
EURUSD
Dominant
bias: Bearish
This pair has remained bearish since the
beginning of this year, although certain bullish attempts in the market nearly rendered
the bias invalid at some time. The price
is currently in an equilibrium phase, but there would soon be a breakout in the
favor of the sellers. The support line at 1.3550 stands a chance of being
breached to the downside. This support line was tested last week, and thus
could be tested again.
USDCHF
Dominant bias: Bullish
This pair has remained bullish since the
beginning of this year, although certain bearish attempts in the market nearly
rendered the bias invalid at some time.
The price is currently in an equilibrium phase, but there would soon be
a breakout in the favor of the buyers. The resistance level at 0.9100 stands a
chance of being breached to the upside. This resistance level was tested several
times this week and last week, and thus could be tested again.
GBPUSD
Dominant
bias: Bearish
Slowly
and steadily (sometimes with significant but short-term rallies) the Cable is
moving downwards. There is a Bearish Confirmation Pattern in the chart, and the
price could reach the accumulation territories at 1.6300 and 1.6250 within the
next several days, especially in the face of the extant bearish bias. Meanwhile
the distribution territories at 1.6400 and 1.6500 serve as major hurdles to
possible bullish attempts.
USDJPY
Dominant bias: Bearish
The situation
on this currency trading instrument is rather tricky, and would require some
patience. For a few weeks, it is clear that the bulls are having limited power
here; and at the same time, the price has not been able to go downwards
protractedly. Effective barriers to the buyers’ interest exist at the supply
levels of 105.00 and 105.50. We are watching the demand levels at 103.00, which
should be reached when the market plunges further.
EURJPY
Dominant bias: Bearish
For a few weeks, the EURJPY has been experiencing limited
bullish energy. Since the overall bias is bearish, it looks sensible to seek ways
to go short when the price rallies, at least, to make allowances for the huge
upswings and downswings in the price, as it occasionally happens. The price has
been moving sideways for some time, and it would soon experience a renewed
momentum in favor of the extant bias.
This forecast is concluded with the quote below:
“If you know how to read price on a chart, you will
understand how to recognize the true footprints of the major market players,
mainly the institutions.” – Sam Evans
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