pair has moved downwards by around 120 pips this week. Now, it is trading below the
resistance line at 1.0900. The support line at 1.0800 could be tested this week
as the price continues its weakness. The resistance line at 1.0950 is a
good barrier to the bulls’ interests now.
currency trading instrument has moved upwards by about 100 pips this week. Now it is moving above the support level at 0.9500. The resistance level of 0.9600 could
be tested today or tomorrow as the price continues to show lots of stamina.
The support level at 0.9400 could do a good job in frustrating the bears’
effort in the days to come.
GBP/USD: As it
was mentioned in yesterday’s forecast, the distribution territory at
1.5400 was breached to the downside. There is a strong Bearish
Confirmation Pattern in the market and additional accumulation territories at
1.5300 and 1.5250 could be breached to the downside. However, this would not
happen without some obstruction from bulls.
USD/JPY: The USD/JPY pair has moved upwards by over 370 pips since it went up from the demand level at 119.50. There is a very strong bullish bias on the market, which would continue until there is significant weakness in USD. As long as USD is strong, the price would continue its upward journey, battering the supply level at 124.00.
weakness in the yen lets this cross to avoid bearish plunge, which is as strong as that of the EUR/USD. However, a bias is
bearish as the EMA 11 is below the EMA 56 and the RSI period 14 is below the
level of 50. Further bearish movement is possible.
The material has been provided by InstaForex Company – www.instaforex.com