The GBP/USD moved
upwards by 400 pips last week, rising from the accumulation territory at 1.3850
and reaching the distribution territory at 1.4250. This upward movement was
strong enough to invalidate the recent bearish outlook on the pair, and there
is a clean bullish signal in the market. The GBP/USD is supposed to continue
moving upwards this week.
EUR/USD: Last
week, this pair moved down on Monday. It moved sideways from Tuesday to
Thursday and afterward rose steeply by 160 pips. This kind of movement is a
threat to the recent bearish bias, which would no longer be logical once the
price moves further north by 200 pips this week (something which is very much
likely).
USD/CHF: This currency trading
instrument traded largely sideways last week, not going above the resistance
level at 1.0000 and below the support level at 0.9900. There is bound to be a
breakout this week, which would take the price below the aforementioned support
level or above the resistance level. Since it is expected that the EUR/USD
would continue going upwards, the USD/CHF would most probably go downwards.
GBP/USD: The GBP/USD moved
upwards by 400 pips last week, rising from the accumulation territory at 1.3850
and reaching the distribution territory at 1.4250. This upward movement was
strong enough to invalidate the recent bearish outlook on the pair, and there
is a clean bullish signal in the market. The GBP/USD is supposed to continue
moving upwards this week.
USD/JPY: Since this currency
trading instrument moved sideways last week, the bias on the market has turned
neutral in the medium-term. Unlike other JPY pairs, the USD/JPY has not traded
upwards because the Greenback is currently weak. This week, however, would determine
the next direction in the market.
EUR/JPY: There is a bullish
signal leading to a Bullish Confirmation Pattern on this cross, which closed at
125.23 on Friday, March 4, 2016. Since the EMA 11 has crossed the EMA 56 to the
upside and the RSI period 14 has moved above the level 50, it is assumed that
the cross would continue trending upwards, just as it is expected of some other
JPY pairs.
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