The GBP/USD went upwards
by 370 pips last week, testing the distribution territory at 1.2550. This has
led to a bullish bias in the short-term, and additional movement of 1000 pips
to the upside would also result in bullish bias on a bigger timeframe like the
daily chart. Unless USD gathers lots of stamina this week, bulls would attempt
to reach the distribution territories at 1.2600 and 1.2650.
EUR/USD: This
market was able to go further upward, following the rally attempt it began on
October 28. Since then, price has gone upwards 240 pips, leading to a bullish
outlook on the market, Further rally is anticipated this week, for bulls would
be willing to target the resistance lines at 1.1150, 1.1200 and 1.1250. The
only threat to the current bullish signal is when USD gathers vivid
stamina.
USD/CHF: Since this pair could
not go above the great psychological level at 1.0000 (even an attempt to reach
it on October 25 was forestalled), price dropped sharply last week. The market
closed below the resistance level at 0.9700, forming a strong Bearish
Confirmation Pattern in the 4-hour chart. Unless USD gathers lots of stamina this
week, further bearish movement is possible.
GBP/USD: The GBP/USD went
upwards by 370 pips last week, testing the distribution territory at 1.2550.
This has led to a bullish bias in the short-term, and additional movement of
1000 pips to the upside would also result in bullish bias on a bigger timeframe
like the daily chart. Unless USD gathers lots of stamina this week, bulls would
attempt to reach the distribution territories at 1.2600 and 1.2650.
USD/JPY: The USD/JPY went flat
on Monday, and then began to decline on Tuesday. Price almost tested the demand
level at 102.50, and it would make an attempt to test it this week (it could
even breach it to the downside). The recent bullish bias has been rendered
invalid because of the decline that was witnessed last week. However, this does
not rule out a possibility of bullish attempts on JPY pairs.
EUR/JPY: This
currency trading instrument did not do anything significant last week. Price
merely underwent some bearish correction in the middle of last week, and then
ended with a bullish candle on Friday. By the end of this week, price would
have gone above the supply zone at 115.50; or below the demand zone at 113.00.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
QUANTUM BINARY SIGNALS
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