The Cable was bullish
throughout last week; moving significantly upwards without much retracement.
The distribution territory at 1.5900 is thus an easy target.
EURUSD: This pair is still caught in a bullish bias in spite of the
turbulent consolidation that is presently going on. It is very much likely that
when the momentum is gathered, things would be favorable to buyers. The
near-term target is at the resistance line of 1.3350.
USDCHF: In a converse manner, the USDCHF is in a downtrend
irrespective of the tumultuous equilibrium zone on it right now. Based on the
price action cum the indicators positions, the possibility holds that the
market would continue trending downwards when the trend becomes significant
again.
GBPUSD: The Cable was
bullish throughout last week; moving significantly upwards without much
retracement. The distribution territory at 1.5900 is thus an easy target.
However, it may be possible that the price pull back in a shallow manner, not
going below the accumulation territory of 1.5800.
USDJPY: The weakness in the Greenback is not helping matters here.
The scenario on the pair is supposed to be bullish, but there is currently a
‘sell’ signal on the chart. This is the reality in the market, and the great
psychological supply level at 100.00 is acting as a barrier to the bulls’
interest.
EURJPY: This currency
instrument has been able to retain its northward outlook despite all. However,
it is advisable not to take a position until the signal becomes clearer. The
RSI period 14 may cross back above the level 50 to support a northward outlook;
or the price may cross the EMA 56 to the downside to jeopardize the northward
outlook.
Performed by Azeez
Mustapha,
Analytical expert
InstaForex Companies
Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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