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Sunday, March 8, 2015

Daily analysis of major pairs for March 9, 2015

The EUR/JPY dropped by over 350 pips last week, resulting in a strong Bearish Confirmation Pattern in the market. One reason for this is the weakness in the EUR. Unless the EUR gains some stamina, this cross will continue to drop further south, reaching the demand zones at 130.00 and 129.50. 

EUR/USD: This pair has experienced one of its strongest weaknesses in several weeks. The market broke though one support line after another (the support lines then became the resistance lines). While further southward dip is expected, there is a strong support line at 1.0500, which could act as a check to the bears’ frenzy. Unless the EUR is fated to reach parity with the USD, this pair is not expected to drop below the aforementioned support line.


USD/CHF: Yes, this market would keep going up as long as the EURUSD is weak. The price is currently trading above the support level at 0.9850. The next targets for this week are located at the resistance levels at 0.9900 and 0.9950.

GBP/USD:  The Cable plummeted by over 350 pips, going below the distribution territory at 1.5050. The accumulation territories at 1.5000 and 1.4950 are now vulnerable to bearish attacks. The outlook on the Cable this week is bearish.

USD/JPY:  This currency trading instrument has succeeded in going upwards. The dominance bias on the market is bullish and there is a possibility that it would continue its upward journey. The potential targets for the bulls are now at the supply levels at 121.50 and 122.00.

EUR/JPY:  The EUR/JPY dropped by over 350 pips last week, resulting in a strong Bearish Confirmation Pattern in the market. One reason for this is the weakness in the EUR. Unless the EUR gains some stamina, this cross will continue to drop further south, reaching the demand zones at 130.00 and 129.50. 

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



1 comment:

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