The perpetual weakness on the USD/JPY
has resulted in a ‘sell’ signal. This week, the price may reach the demand
level at 101.50.
EUR/USD: This market traded
in a range last week, but the bulls are now gaining upper hands. The price is
now showing some bullish determination, but the determination would be clearer
when the price closes above the resistance line at 1.3850. Should this become
possible, the target for this week would be at the resistance line of 1.3900.
USD/CHF: When the EUR/USD goes upwards, the USD/CHF would have
nowhere to go but south. In fact, there has been an initial bearish indication
in the chart – which would become very sensible when the price closes below the
support level at 0.8800. Should this become possible, the target for the week
would be at the support level at 0.8750.
GBP/USD: The Cable is still
bullish and it may go further upwards this week, for this is what is expected
to follow the recent consolidation in the market. The price needs to stay
cleanly above the market territory at 1.6800, while it tries to go towards the
distribution territory at 1.6900.
USD/JPY: The perpetual weakness on the USD/JPY has
resulted in a ‘sell’ signal. This week, the price may reach the demand level at
101.50. There are supply levels at
102.50 and 103.00. The supply levels would act as barriers to sudden rallies
that could threaten the novel bearish signal.
EUR/JPY: This market is not yet attractive; so it is OK to stay
aside until there is a directional movement. The most probable direction is
southward, especially when the price goes below the demand zone at 141.00.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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