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Sunday, March 29, 2015

Daily analysis of major pairs for March 30, 2015

The Cable moved only sideways throughout last week, with neither the bull nor the bear gaining an upper hand. As long as the bull and the bear seem to have equal stamina, the sideways movement can continue – until there is a rise in momentum which could cause an imbalance in the market. The imbalance will most probably favor the bull.

EUR/USD: On Friday, March 27, 2015, this pair closed at 1.0887, on a slight bullish note. The bias is still bullish while there are support lines at 1.0750 and 1.0700. Moreover, there are resistance lines at 1.1000 and 1.1050. There must be a break above the resistance lines or below the support lines, for the trend to continue in favor or against the bull.


USD/CHF:  In spite of some visible effort by the bull, to push the price upwards. This is a bear market. The only thing that can render the bearish outlook useless is an event that causes the price to go above the resistance level at 0.9800 first, and then 0.9850 later. Should the current weakness in the USD continue, the price could retest the support line at 0.9500, which was tried last week.

GBP/USD: The Cable moved only sideways throughout last week, with neither the bull nor the bear gaining an upper hand. As long as the bull and the bear seem to have equal stamina, the sideways movement can continue – until there is a rise in momentum which could cause an imbalance in the market. The imbalance will most probably favor the bull.

USD/JPY: This is currently a weak currency trading instrument. There is a clean Bearish Confirmation Pattern in the market and the demand level at 118.50 could be tested. On the other hand, some weakness in the Yen is expected this week or next week, which may cause this instrument to rally eventually.

EUR/JPY: The situation on this cross is dicey and on would need to wait to know the next price action before taking a position. The bullish gain that was realized last week has nearly been forfeited, but a possible rally might cause the recent bullish outlook to become more significant.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



1 comment:

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