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Sunday, September 4, 2016

Daily analysis of major pairs for September 5, 2016

The USD/JPY cross has continued the bullish journey it started on August 26, 2016. Since then, price has gone upwards 400 pips, now around the supply level at 104.00, which was tested last week and could be retested this week. This bias on this pair, as well as other JPY pairs, is bullish. Until there is a noteworthy change in the market, long trades would be logical.

EUR/USD: The EUR/USD underwent a measure of bearish activity last week. Bulls made attempt to push up the market on Thursday and Friday, but bears prevented that from happening as they halted further upward movement, thus saving the current bearish signal. Unless price goes above the resistance line at 0.9850, the bearish signal would be intact.



USD/CHF: The USD/CHF underwent a measure of bullish activity last week. Bears made attempt to push down the market on Thursday and Friday, but bulls prevented that from happening as they halted further downside movement, thus saving the current bullish bias. Unless price goes below the support level at 0.9650, the bullish bias would be intact.

GBP/USD: The Cable went sideways from Monday to Wednesday and started going upwards on Thursday and Friday. This was an upwards movement of 280 pips, and price has already tested the distribution territory at 1.3350. The bias on the market is bullish in the near-term and bearish in the long term. Other GBP pairs are also bullish (while EUR/GBP is bearish), and therefore, high volatility is expected this week.

USD/JPY: The USD/JPY cross has continued the bullish journey it started on August 26, 2016. Since then, price has gone upwards 400 pips, now around the supply level at 104.00, which was tested last week and could be retested this week. This bias on this pair, as well as other JPY pairs, is bullish. Until there is a noteworthy change in the market, long trades would be logical.

EUR/JPY: The protracted equilibrium phase that occurred on this cross ended on August 26, 2016. Since then, price has gone upwards by 300 pips, now testing the supply zone at 116.00. Once price goes above that supply zone, the next target for bulls are at the supply zones at 116.50 and 117.00.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

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1 comment:

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