The USD/JPY tested the
demand level at 116.00, and then bounced upwards by 280 pips. This is a threat
to the extant bearish outlook on the market, which would eventually be rendered
invalid in case the price continues going further upwards this week. The
outlook on USD is bright and therefore, the USD/JPY might continue moving
upwards.
EUR/USD: The EUR/USD was able to
move downwards last week, closing just below the resistance line at 1.0800 on
Friday. There is now a Bearish Confirmation Pattern on this pair, which means
the price could begin to trend further downwards. There is a potential bearish
target at the support line of 1.0750, while the resistance line at 1.0950 is a
formidable barrier to the bulls.
USD/CHF: There was an upwards movement of 150 pips on
the USD/CHF last week – something that has caused a clean bullish signal in the
market. Since the important market level at 1.0100 is being breached upwards successfully,
it might be logical to assume that the price would continue moving north. The
potential targets for the bulls this week are the resistance levels at 1.0200
and 1.0250.
GBP/USD: From Monday to Wednesday, GBP/USD moved
downwards by 170 pips, testing the accumulation territory at 1.4100 last week.
From that territory, the price started making some bullish effort, which might
not render the current bearish bias invalid unless the price moves above the
distribution territory at 1.4500. This would require serious attempts from the
bulls because a strong USD would make it difficult for this pair to rally this
week.
USD/JPY: The USD/JPY tested the demand level at 116.00,
and then bounced upwards by 280 pips. This is a threat to the extant bearish
outlook on the market, which would eventually be rendered invalid in case the
price continues going further upwards this week. The outlook on USD is bright
and therefore, the USD/JPY might continue moving upwards.
EUR/JPY: The outlook on this market remains bearish and
unchanged, though there are mixed signals in the market. It is better to stay
away from this market until there is a directional signal. There may be a
breakout this week, which would be influenced by the events affecting the Euro.
There would be a break above the supply level at 129.00 or below the demand
level at 126.50 this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
I would recommend that you go with the highest ranking Forex broker: AvaTrade.
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