The JPY pairs ended in
equilibrium zones, but there would be significant breakouts in the prices this
week.
EURUSD: This pair is currently bullish (though not without
turbulence). The price closed at 1.3327 on Friday and may go on to test the
resistance line at 0.9400 this week. There would be bearish threats along the
way; which are not supposed to take the price below the support lines of 1.3300
and 1.3250 respectively.
USDCHF: The USDCHF is in a
southward mode, and it would be a new signal, should the current mode be
something to be relied on. The price closed at 0.9264 on Friday, in what could
be termed as a bearish propensity. This week, the price could go onwards to
reach the support level at 0.9200.
GBPUSD: The Cable was able
to reach our last week target at 1.5500, even going beyond it. The Bullish
Confirmation Pattern on the chart shows the possibility of the price going
upwards to reach the distribution territory of 1.5700 very soon, without noteworthy
bearish retracements along the way.
USDJPY: This tumultuous market has gone bearish and would likely
continue as such this week; except there is something extraordinarily
fundamental which makes the pair skyrocket. For as long as the price is below
the EMA 56 and the RSI period 14 is below the level 50, the market is bearish.
EURJPY: This currency instrument went upward from the demand zone
of 128.00 to around the price zone of 130.00 last week. After this it has begun
to consolidate by moving protractedly sideways. It is, however, probable that
the price would go upwards when a breakout happens, for the current market
conditions favor the bulls more than the bears.
Performed by Azeez
Mustapha,
Analytical expert
InstaForex Companies
Group
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