The USD/JPY is still in a
bearish mode, although the price is making some rally attempts. The rally may
be contained at the supply level of 101.50. This is an area from which the
price may go further downwards.
EUR/USD: The bias on this
market is bearish and the price is expected to go further downwards. On Friday,
July 11, 2014, the price closed at 1.3606: it would easily test the support
line at 1.3600 this week. This week may see the price going below that support
line.
USD/CHF: Unless one is a scalper or a day trader, this market is
not currently attractive. It seems the bulls and the bears have equal strength
(no-one is stronger than the other). The market would need to break either
above the resistance level at 0.8950 or below the support level at 0.8900.
After this, one would know the direction to take. If the resistance level is
breached, one would seek long trades. Reverse the logic for a scenario in which
the support level is breached.
GBP/USD: This market is also a bull market, in spite of
the consolidation on it. The consolidation is simply a pause in the market,
after which the bullish journey would resume. The price is expected to test the
distribution territory at 1.7200 this week.
USD/JPY: The USD/JPY is
still in a bearish mode, although the price is making some rally attempts. The
rally may be contained at the supply level of 101.50. This is an area from
which the price may go further downwards. When this happens, the price may
touch the demand level at 101.00.
EUR/JPY: The Bearish
Confirmation Pattern in the chart adds to the possibility that this cross would
be going further downwards. The demand zone at 137.50 was tested and it could
be tested again. The supply zone at 138.00 could also contain any possible
rally along the way.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn
from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
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