The Cable was able to maintain the bullish scenario on it
last week. This week, we are watching the distribution territories at 1.6800
and 1.6850 as potential targets.
EUR/USD: The
market was able to skyrocket from the support line at 1.3650 towards the
resistance line at 1.3800. That was a movement of at least, 150 pips. The
resistance line at 1.3800 itself is under furious attack, and it is currently
giving way for the price to move further north. It is possible that the price
would top at the next resistance line at 1.3900 this week.
USD/CHF: This pair was able to go beyond our target
last week. The support level at 0.8800 is currently under siege and it is
almost breached for further southward plunge. The battle between the bulls and
the bears is very hot at this point, but the bears must maintain the price below
the support level at 0.8800, even pushing it further south. This is what they
need to do in order to show they are currently stronger than the bulls.
GBP/USD: The Cable was able to maintain the bullish
scenario on it last week. There is a Bullish Confirmation Pattern in the chart
and the price should go further upwards from here. This week, we are watching
the distribution territories at 1.6800 and 1.6850 as potential targets.
USD/JPY: The weakness of the USD has made the USD/JPY to continue
to look bearish. The price closed at 101.77 on Friday (below the EMA 56). Since
the RSI period 14 itself is also below the level 50, it is probable that the
price could go further bearish this week.
EUR/JPY: This is
a bull market – in contrast to what its USD/JPY counterpart is doing. The cross
will thus go further upwards this week, possibly targeting the supply zone at
141.50. The price could go beyond the target, but the bears are also looking
for opportunities to overcome this trend.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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