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Sunday, November 29, 2015

Daily analysis of major pairs for November 30, 2015

The EUR/JPY has shown determination to keep on moving downwards. The bias is bearish and this would continue as long as the EUR is weak. The price looks ready to break the demand zone at 130.00 to the downside. Only a very strong weakness in the JPY could reverse the trend.

EUR/USD: The EUR/USD merely consolidated to the downside – in the context of a downtrend. The support line at 1.0550 would soon be tested and it could even be breached to the downside. The support line at 1.0500 is thus the potential target for the week.


USD/CHF: Since going above the big support level at 1.0000, this pair has moved upwards by 300 pips, testing the resistance level at 1.0300. The Bullish Confirmation Pattern in the market is very strong, and further bullish movement is anticipated, especially in the face of the bright outlook on the US Dollar (as well as the CAD).

GBP/USD:  The Cable moved downwards by 140 pips last week, closing below the distribution territory at 1.5050. Yes, it is highly possible that the current bearish bias would be sustained, because the outlook on GBPUSD (including GB pairs) is gloomy for the month of December 2015. It is likely that the price would drop further by 150 pips minimum.

USD/JPY: The bias on this currency trading instrument has become neutral in the near-term, owing to the fact that the price merely traded sideways last week. A breakout to the upside or to the downside is definitely expected this week, which would either take the price below the demand level at 122.00 or above the supply level at 123.50. A break above the supply level at 123.50 is more likely because the outlook on the USD is bright.

EUR/JPY:  The EUR/JPY has shown determination to keep on moving downwards. The bias is bearish and this would continue as long as the EUR is weak. The price looks ready to break the demand zone at 130.00 to the downside. Only a very strong weakness in the JPY could reverse the trend.

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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