The GBP/USD is bearish
in the 4-hour and daily charts. Price declined further last week, in spite of
bulls’ opposition, and their footprints can be seen in the chart. On the
GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore,
further decline is anticipated, which may take price towards the accumulation
territories at 1.2950 and 1.2900.
EUR/USD: This
pair is neutral in the long-term but bullish in the short-term. There is a
Bullish Confirmation Pattern in the chart, and price is supposed to test the
resistance lines at 1.1250, 1.1300 and 1.1350. However, there is a need for a
very strong buying pressure to achieve this objective.
USD/CHF: Though the market is
neutral in the long-term and bearish in the short-term. There is a Bearish
Confirmation Pattern in the chart, and price is supposed to test the support
levels at 0.9700 and 0.9650 this week. However, there is a need for a very
strong selling pressure to achieve this aim.
GBP/USD: The GBP/USD is bearish
in the 4-hour and daily charts. Price declined further last week, in spite of
bulls’ opposition, and their footprints can be seen in the chart. On the
GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore,
further decline is anticipated, which may take price towards the accumulation
territories at 1.2950 and 1.2900.
USD/JPY: This trading instrument
is a bear market. Price consolidated on Monday and Tuesday, and then came down
on Wednesday. It consolidated again towards the market close on Friday. Since
the outlook on JPY pairs is bearish for this week, it is expected that the
USD/JPY would continue its bearish journey, which would take price towards the
demand levels at 100.50 and 100.00.
EUR/JPY: This cross pair also
went bearish last week, just as it was prognosticated. Price went briefly below
the demand zone at 112.50 and then started making some rally attempts – in the
context of a downtrend. Since price is supposed to continue trending downwards
this week, the current rally effort could be an opportunity to sell short at
better prices.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Super Trading Strategies: http://www.advfnbooks.com/books/supertradingstrategies/index.html
Buy and sell Neteller here; get funded quickly: www.ituglobalfx.com.ng
No comments:
Post a Comment