The EUR/JPY ended up
being bullish last week, having formed a Bullish Confirmation Pattern in the
chart. The supply level at 127.00 has been tested and it would be tested again,
as the bulls are determined to continue pushing the price upwards. The price is
supposed to continue moving upwards this week, reaching the supply zones at
127.50 and 130.00.
EUR/USD: This
pair ended up being bullish last week, especially as the price skyrocketed from
the low of 1.0821, which was formed on Thursday (March 10, 2016). From that
weekly low, the price skyrocketed by almost 400 pips, bringing an abrupt end to
the recent bearish outlook on the market. There is now a “buy” signal on the
EUR/USD, for the price could continue moving higher this week.
USD/CHF: The USD/CHF ended up
being bearish last week, especially as the price fell from the high of 1.0092,
which was formed on Thursday (March 10, 2016). From that weekly high, the price
fell like a stone, by almost 280 pips, bringing an abrupt end to the recent protracted
consolidation in the market. There is now a “sell” signal on the USD/CHF, for
the price could continue moving lower this week. Generally, the USD would be
facing attacks at many fronts, since the GBP/USD, EUR/USD and especially, the
NZD/USD, would be seen trending upwards this week.
GBP/USD: In spite of occasional
shallow corrections on the Cable, the bulls managed to push up the price by
roughly 250 pips last week, as the price closed at 1.4383 on Friday, March 11,
2016. The EMA 11 is now above the EMA 56 as the RSI period 14 is above the
level 50. Normally, the price should continue going upwards this week.
USD/JPY: What this currency
trading instrument experienced last week could best be called “wild
volatility.” There were sharp upswings alternated by sharp downswings in the
chart, with no clear victory between the bull and the bear. However, there
should be a directional movement this week, which would most probably favor the
bulls.
EUR/JPY: The EUR/JPY ended up
being bullish last week, having formed a Bullish Confirmation Pattern in the
chart. The supply level at 127.00 has been tested and it would be tested again,
as the bulls are determined to continue pushing the price upwards. The price is
supposed to continue moving upwards this week, reaching the supply zones at
127.50 and 130.00.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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