Last week, it was rightly
predicted that there would be significant movements on the JPY pairs. The pairs
moved significantly upwards, breaching more and more supply levels. There are
currently pullbacks in the markets, but the uptrends would continue this week.
EUR/USD: After much dithering, this market has been able to bring
about an established bullish bias. The resistance line at 1.3900 was tried
before the price moved into a temporary consolidation. This resistance line
would be tested again and the price may attempt to move towards our ultimate
target at 1.4000.
USD/CHF: The sudden weakness in the USD has caused a serious plunge
in the price of the USD/CHF. At this point, the struggle between the bull and
the bear is so intense, but the bull cannot help being battered by the bear.
The easy/initial target for this week is at the support level of 0.8750. When
the price tests that support level, it may bounce temporarily upwards, but
there is a possibility of it being tested again and breached to the downside.
GBP/USD: Here, there has not
been a significant bullish move, but the signal in the market is still bullish.
The EMA 11 is above the EMA 56, while the RSI period 14 is not below the level
50. There may soon be a breakout to the upside.
USD/JPY: Last week, it was rightly
predicted that there would be significant movements on the JPY pairs. The pairs
moved significantly upwards, breaching more and more supply levels. There are
currently pullbacks in the markets, but the uptrends would continue this
week. The pullback on the USD/JPY could
be contained at the demand levels of 103.00 and 102.50 respectively.
EUR/JPY: This cross shot skywards by over 450 pips last week. Right
now, there is a bearish retracement which is supposed to be temporary. The
market can go upwards again and run into the supply zone at 144.00.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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