The EUR/USD went north last week – just as it was predicted. Although the
market went south on Monday and Tuesday, it went northward in the last few days
of last week. Price went briefly above the resistance line at 1.0750 and later
closed below it on Friday. This week, some vivid correction is expected, for
the outlook on EUR is bearish for the week.
EUR/USD: The EUR/USD went
north last week – just as it was predicted. Although the market went south on
Monday and Tuesday, it went northward in the last few days of last week. Price
went briefly above the resistance line at 1.0750 and later closed below it on
Friday. This week, some vivid correction is expected, for the outlook on EUR is
bearish for the week.
USD/CHF: This pair moved
sideways from Monday till Wednesday and then plummeted on Thursday. Price went
down by 150 pips, testing the support level at 0.9950. The USD/CHF is supposed
to continue going downwards as long as the EUR/USD is going upwards, although
things may reverse this week.
GBP/USD: As it was anticipated,
the Cable went upwards last week. A factor that was responsible for this is the
weakness in USD, for the Cable is weak in its own right. From the accumulation
territory at 1.2150, price went upwards by 250 pips, closing at 1.2395, after
testing the distribution territory at 1.2400. This week, there could be a
reversal in the market, especially when USD shows some strength.
USD/JPY: This currency trading instrument went sideways
in the first few days of last week, and then dropped like a stone. What brought
about this is the weakness in USD, which brought about the southwards journey
in the market. Price went south by 220 pips last week, and further southwards
journey is possible. However, there could be a rally before the end of the
month, for the outlook on JPY pairs is bullish.
EUR/JPY: This cross pair
consolidated to the downside last month. Apart from this, the overall movement
was essentially flat. The fact that the cross did not trend upwards last week,
reveal some hidden stamina in JPY. This week, more consolidation would bring
about a neutral outlook on the market, although it is possible that JPY pairs
would rally soon.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
No comments:
Post a Comment