Among the majors, the
Cable was the strongest moving last week. The movement was so strong that the
price fell by 400 pips, testing the accumulation territory at 1.5050. The
outlook on this market remains bearish and it is possible that the accumulation
territories at 1.5000 and 1.4950 would be attained this week.
EUR/USD: The EUR/USD went down
by 300 pips last week, in conjunction with the bearish outlook on the market.
There are resistance lines at 1.0850 and 1.0900, which should resist any
serious bullish attempts as the price endeavors to go further south. There are
also support lines at 1.0650 and 1.0600. These are the potential targets for
the bears this week.
USD/CHF: Last week, this pair
achieved a predictable feat – the USD reaching parity with the CHF. The price
went above the great psychological levels at 1.0000 and 1.0050, closing above
the latter on Friday. In the face of the ongoing strength in the Greenback, the
pair would continue its upwards journey this week, possibly reaching the
resistance levels at 1.0100 and 1.0150.
GBP/USD: Among the majors, the Cable was the strongest
moving last week. The movement was so strong that the price fell by 400 pips,
testing the accumulation territory at 1.5050. The outlook on this market
remains bearish and it is possible that the accumulation territories at 1.5000
and 1.4950 would be attained this week.
USD/JPY: The price on this
currency trading instrument moved upwards slowly and steadily last week, and
then jumped further upwards on November 6, 2015. Price closed at 123.17 on that
day, on a strong bullish note. The bullish journey would continue this week
(and this month), owing to a positive outlook on most JPY pairs.
EUR/JPY: The EUR/JPY remains in
a bearish mode, though the journey southward was not significant last week. As
long as the Euro is strong, the EUR/JPY would continue trending downwards. The
only occurrence that can reverse this expectation is the occurrence that
enables the Yen to be suddenly weaker than the Euro.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
No comments:
Post a Comment