The GBP/USD moved
sideways throughout last week, resulting in a neutral bias in the near-term.
The neutral bias has been going on for about two weeks, while the dominant bias
on higher timeframes is bearish. A break out of the sideways movement is expected
this week or next, and would most probably favor bears.
EUR/USD: This
pair consolidated throughout last week – in the context of a downtrend. A rise
in momentum is expected this week, and it would most probably favor bears.
Therefore, the support lines at 1.0550, 1.0500 and 1.0450 would be targeted
this week. This pair would make some bullish attempt in due course, but the
bearish journey would eventually resume. It would even be strong in December.
USD/CHF: This pair did not go
upwards significantly last week, but it made some noticeable bullish effort, in
a bull market. There is a Bullish Confirmation Pattern in the chart, and when
the trend resumes, the resistance levels at 1.0150, 1.0200 and 1.0250, would be
tested. Bearish corrections along the way would be transitory, and may not take
price below the support levels at 1.0050 and 1.0000.
GBP/USD: The GBP/USD moved
sideways throughout last week, resulting in a neutral bias in the near-term.
The neutral bias has been going on for about two weeks, while the dominant bias
on higher timeframes is bearish. A break out of the sideways movement is
expected this week or next, and would most probably favor bears.
USD/JPY: This currency trading
instrument is one of the strongest moving currency pairs at the present. Since
the low of November 9, 2016, price has moved upwards by 1250 pips, and the
current shallow bearish correction is simply another resting phase for bulls,
before they continue pushing price further northwards. The outlook on JPY pairs
is bullish for this week, which could make the USD/JPY go further north.
EUR/JPY: This
cross moved upwards by 250 pips last week, testing the supply zone at 120.00.
The supply zone would be tested again and get breached to the upside, as price
targets another supply zones at 121.00 and 122.00. One reason for this clean
bullish movement is a persistent weakness in the Yen, which enables the Euro to
go upwards against it until Yen will gather some stamina.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Quantum Binary Signals
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