The reality on the
EURUSD chart brings two possibilities: either this is a temporary pullback or
the beginning of a new downtrend.
EURUSD: The reality on the EURUSD chart brings two possibilities:
either this is a temporary pullback or the beginning of a new downtrend. This
is a bone of contention among traders, but the Bearish Confirmation Pattern on
the chart shows that it is not sensible to buy long on this weak pair.
USDCHF: The Bullish bias on the chart shows that the price is most
likely to continue trending upwards this week. There may, however, be some
transitory pullbacks along the way, which may not take the price below the
support levels of 0.9050 and 0.9000. The price may ultimately reach the resistance
level of 0.9200 this week.
GBPUSD: The Cable will easily reach the accumulation territory of
1.5900, after which the territory may be overcome, as the price falls to the
downside. It may be possible for the price to experience some upwards bounce at
the aforementioned level, which would be temporary in the face of this weak
market.
USDJPY: This trading instrument closed at 98.68 on Friday (November
1, 2013). The price may easily reach the supply level of 99.00. Should that
level be overcome, the next price target would be the supply level of 99.50.
But it is unlikely that the price would touch the great psychological level of
100.00 this week.
EURJPY: This cross closed at 133.58 on Friday, having trended
seriously downwards last week. The present upwards bounce in the market
proffers a wonderful offer to sell short when the price rallies and in the
context of a downtrend. This would, nevertheless, be valid only if the price
does not go above the supply zone of 134.00.
Performed by Azeez
Mustapha,
Analytical expert
InstaForex Companies
Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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