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Sunday, April 23, 2017

Daily analysis of major pairs for April 24, 2017

The EUR/USD went upwards last week, reaching the resistance line at 1.0750. The upwards movement was not significant enough to bring about a Bullish Confirmation Pattern in the market, unless the resistance line at 1.0800 is breached to the upside. The bearish correction that was experienced on Friday may bring good opportunities to go long at better prices, because the EUR/USD, as well as other EUR pairs, is expected to go further upwards this week.

EUR/USD: The EUR/USD went upwards last week, reaching the resistance line at 1.0750. The upwards movement was not significant enough to bring about a Bullish Confirmation Pattern in the market, unless the resistance line at 1.0800 is breached to the upside. The bearish correction that was experienced on Friday may bring good opportunities to go long at better prices, because the EUR/USD, as well as other EUR pairs, is expected to go further upwards this week.




USD/CHF: This currency trading instrument is neutral in the long term, and bearish in the short-term. This month, price has generally moved between the support level at 0.9900 and the resistance level at 1.0100. Movements above the psychological level at 1.0000 would cause short-term bullish signals, while movements below it would cause short-term bearish signals. For a directional bias to form in the long-term, there is a need for price to, either move above the resistance level at 1.0100 or below the support level at 0.9900.

GBP/USD: The GBP/USD moved upwards by some 370 pips last week, testing the distribution territory at 1.2900, before price moved sideways till the end of last week. The sideways movement is merely a pause in the bullish journey; for momentum is expected to rise this week, pushing price towards the distribution territories at 1.2850, 1.2900 and 1.2950. The outlook on other GBP pairs are also bearish.

USD/JPY: This pair was caught in a short-term equilibrium phase, in the context of a downtrend. The equilibrium phase may end this week as price goes further southwards, reaching the demand levels at 108.50 and 108.00. The outlook on JPY pairs is bearish for this week.

EUR/JPY: In the context of a downtrend, this cross pair rose from the demand zone at 115.00, and reached the supply zone at 117.50 (a movement of 250 pips). Price got caught in some bearish retracement on Friday, and since the outlook on JPY pairs is bearish, what happened last week may bring nice opportunities to go short at better prices. This week, the cross could reach the demand zones at 116.00, 115.50 and 115.00.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group




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