The USD/JPY has trended
nicely downwards last week. The price has moved down by 110 pips, now below the
supply level at 120.50, and going towards the demand level at 120.00. There is
a very strong Bearish Confirmation Pattern in the chart; plus it is likely that
the price would go further south when momentum returns to the market.
EUR/USD: Last week, this pair
closed at 1.0952, on a slight bullish note. There may not be a serious moment
in the market this week, owing to “thin” trading activity, but we could see
surprise movements on some EUR pairs (like EURNZD, EURAUD and EURCAD). On the
EUR/USD, there is likelihood that the resistance lines at 1.0950 and 1.0000
would be reached within the next several trading days.
USD/CHF: This market merely
moved sideways last week, with no significant journey to the upside or to the
downside. There could be some movement in the market this week, but nothing
extraordinary is expected. However, it is very much likely that momentum would
return to the market in the first week of January 2016.
GBP/USD: What has happened so
far on the Cable is what can be rightly called a rally in the context of an
uptrend. The price has been going upward gradually since last week, while the
outlook on the market remains bearish. Only a movement above the distribution
territory at 1.5050 would render the bearish outlook invalid; otherwise, the
current rally would be logically taken for another short-selling opportunity.
USD/JPY: The USD/JPY has trended
nicely downwards last week. The price has moved down by 110 pips, now below the
supply level at 120.50, and going towards the demand level at 120.00. There is
a very strong Bearish Confirmation Pattern in the chart; plus it is likely that
the price would go further south when momentum returns to the market.
EUR/JPY: The upwards bounce we witnessed last week
proved to be an opportunity to sell short. The price has come down after that,
trying the demand zone at 131.50 – which might be breached to the downside
soon.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
What Super Traders Don’t
Want You To Know: Super Traders
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