The Cable was able to move more than 350 pips last week,
closing at 1.6747. The target for this week is at the distribution territory of
1.6800, though there are possibilities of transitory pullbacks.
EUR/USD: This
pair has been able to maintain its upward journey, moving close to the
resistance area at 1.3700. For the northward journey to continue, the price
would need to break the resistance area to the upside. The target for this week
is at the resistance line of 1.3800.
USD/CHF: This pair has been able to maintain its southward
journey, moving close to the support level at 0.8900. For the southward journey
to continue, the price would need to break the support level to the downside.
The target for this week is at the support level of 0.8850.
GBP/USD: The Cable was able to move more than 350 pips
last week, closing at 1.6747. The target for this week is at the distribution
territory of 1.6800, though there are possibilities of transitory pullbacks,
because the RSI period 14 has moved into the overbought region. The Bullish
Confirmation Pattern in the chart is extremely strong right now.
USD/JPY: The
bearish signal in the market is still in place – the price is below the EMA 56
while the RSI period 14 is below the level 50. However, the ‘sell’ signal which
comes as a result of the weakness in the Greenback, should be taken with tight
targets, for it is not likely that the price would move below the demand level
at 101.00.
EUR/JPY: This
cross moved sideways throughout last week, but it was able to maintain its
bullish outlook. Therefore it is more likely that when a breakout happens, it
would be to the upside.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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