The USD/JPY moved sideways last week and it later broke
upwards significantly as a result of the employment figures coming out of the
US. The upwards break happened in the context of an uptrend and thus, further
upward movement is possible this week.
EUR/USD: The
popular Non-Farm Employment Change and other employment figures coming out of
the US and Canada caused significant impact on the markets on June 5, 2015. The
figures had positive effects on USD and CAD and therefore, other USD pairs and
CAD pairs were seriously affected in the near-term. The effect on EURUSD was
negative, which was trying to make some bullish attempt last week. There is a
bullish outlook on this market unless the support line at 1.1000 is breached to
the downside. The NFP has given potential buyers an opportunity to enter the
market at better prices, because there could be an upwards bounce. However, a
movement below the aforementioned support line could be a beginning of another bearish
run.
USD/CHF: The NFP
had a positive impact on the USD/CHF, though the major bias remains bearish.
The bearish bias would be in place until the USD/CHF goes above the resistance
level at 0.9550. Unless that happens, long trades are not advisable.
GBP/USD: The NFP
had a negative effect on this pair, thus driving the already weak price further
south. Initially last week, the bulls tried to push the price upwards, but the
effect was thwarted by the NFP, resulting in the forfeiture of the bullish gains
that were made last week. The price could fall further from here.
USD/JPY: The
USD/JPY moved sideways last week and it later broke upwards significantly as a
result of the employment figures coming out of the US. The upwards break
happened in the context of an uptrend and thus, further upward movement is
possible this week.
EUR/JPY: The
EUR/JPY cross moved upwards very strongly last week. This is the kind of
movement that benefits traders more, when compared with weak movements. A
weekly movement of 500 pips is something that is significant enough to generate
a Clean Bullish Confirmation Pattern in the market. The outlook for this week
is bullish.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
What Super Traders Don’t Want You
To Know: http://www.advfnbooks.com/books/supertraders/index.html
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