In spite of the struggles of the bulls, the USD/JPY is still
bearish in the short-term. The only factor that can render the bearish trend
useless is an event in which the price goes above the supply level at 125.00;
otherwise the bearish outlook would be valid for most part of this week.
EUR/USD: There is
still a valid ‘buy’ signal on this pair, and it is rational to expect that the
pair would go further upwards, testing the resistance lines at 1.1350 and 1.1400.
After all, the resistance line at 1.1350 was tested last week. A continuous
movement above the support line at 1.1150 would make the bullish expectation
valid; otherwise, things would go bearish.
USD/CHF: This is
a bear market, and the desperate struggle between the bulls and bears have
created lots of volatility here. Last week, it can be seen that the price
tested the support line at 0.9250 a few times, but it was unable to break it to
the downside. The support line must be broken to the downside this week in
order for the bearish bias to be strengthened further. Should that fail to
happen, there would be a high risk of a bullish breakout.
GBP/USD: The
Cable is currently strong and it should reach the distribution territory at
1.5700 this week. Nevertheless, a serious weakness could happen later this week
or before the end of the month.
USD/JPY: In spite
of the struggles of the bulls, the USD/JPY is still bearish in the short-term.
The only factor that can render the bearish trend useless is an event in which
the price goes above the supply level at 125.00; otherwise the bearish outlook
would be valid for most part of this week.
EUR/JPY: The
dominant bias on this cross is bullish but the current price action in the
market is a threat to the dominant bias. This week and next week, the events on
this cross would be largely determined by what happens to the Euro; and
therefore a significant weakness in the Euro could make the cross tumble.
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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