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Sunday, March 15, 2015

Daily analysis of major pairs for March 16, 2015

The Cable is a weak market right now. The market moved downwards by more than 300 pips last week, closing below the distribution territory 1.4750. The accumulation territories at 1.4700 and 1.4650 are now potential targets for the bears. While those accumulation territories may be tested, it is unlikely that the price would breach them to the downside this week.  

EUR/USD: This pair has been so weak to the point that long trades do not make sense at the moment. The possibility of the EUR reaching parity with the USD is now very high. If the CAD, the CHF and the AUD could reach parity with the USD, why can’t the EUR reach parity with it? The bulls and the bears are fighting a serious battle around the great support line at 1.0500, and should the support line be breached to the downside, we may see the price testing another support lines at 1.0400 and 1.0300. The outlook for the EUR/USD is bearish indeed.


USD/CHF: Since the EUR/USD is weak, the USD/CHF would continue its upward journey for as long as the EUR/USD is weak. The price is now between the support level at 1.0000 and the resistance level at 1.0100. A breach above the resistance level at 1.0100 is very likely.

GBP/USD:  The Cable is a weak market right now. The market moved downwards by more than 300 pips last week, closing below the distribution territory 1.4750. The accumulation territories at 1.4700 and 1.4650 are now potential targets for the bears. While those accumulation territories may be tested, it is unlikely that the price would breach them to the downside this week. 

USD/JPY: This currency trading instrument is bullish in outlook – though there was no significant northward movement last week. On Friday, March 13, 2015, price closed at 121.39; on a bullish note. This week or next week, the probability of this instrument rallying is very high.

EUR/JPY: This is a bear market and it would continue to be weak as long as the EUR does not have any strength. Only an exponential stamina in the EUR could reverse the trend; or a strong weakness in the JPY itself.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group




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