The current bullish effort on the USD/JPY is seen as another
opportunity to sell short. The supply levels at 118.00 and 118.50 may defend
the bearish outlook while there is a possibility that the demand levels at
116.50 and 116.00 could be tested again.
EUR/USD: This
pair trended downwards by more than 300 pips last week and therefore, the
current upwards bounce is shallow and it pales into insignificance when
compared to the existing bearish outlook. The support lines at 1.1500 and
1.1450 could be challenged again and they can be overcome.
USD/CHF: When the
USDCHF dropped like a stone last week, the EURUSD ought to spike skywards,
since they are negatively correlated in a normal condition. The latter was not
affected, and both pairs cannot remain bearish for a long time (and the USD is
strong in its own right). USDCHF would, therefore, move upwards by at least,
500 pips this week.
GBP/USD: This
currency trading instrument first went upwards by 150 pips and later dropped by
over 100 pips. The overall outlook is southwards and the accumulation
territories at 1.5100 and 1.5050 could be tried this week.
USD/JPY: The
current bullish effort on the USD/JPY is seen as another opportunity to sell
short. The supply levels at 118.00 and 118.50 may defend the bearish outlook
while there is a possibility that the demand levels at 116.50 and 116.00 could
be tested again.
EUR/JPY: Since the beginning of this year, this cross
has dropped by around 1000 pips (it dropped by around 400 pips last week). The
price closed below the supply zones at 136.50, and it is expected to go further
downwards, reaching the demand zones at 134.50 eventually. The only thing that
can change the bearish outlook this week is the event in which the JPY is
weakened.
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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