EUR/USD: The bullish signal on the EUR/USD has become stronger. The EMA 11 has gone above the EMA 56, and the Williams’ % Range period 20 remains in the overbought region, indicating a strong bullish momentum in the market. A further northward journey is a clear possibility.
USD/CHF: This currency trading instrument has been consolidating so far this week. There is a great resistance level at 1.0000, and bullish machinations may not push the price above that resistance level. This means that when a breakout does occur, it would most probably favor bears.
GBP/USD: This market is consolidating at best, and there is no directional, perpetual movement at the present. There are visible boundaries at the distribution territory at 1.3450 and the accumulation territory at 1.3300. In addition, some fundamental figures are expected today and they can have an impact on the market.
USD/JPY: Just like its EUR/JPY counterpart, the USD/JPY has also generated a bullish signal, which, though, is not as strong as that of EUR/JPY. There also a Bullish Confirmation Pattern in the market (the EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50). The next targets are the supply levels at 113.50 and 114.00.
EUR/JPY: The EUR/JPY has gained about 230 pips this week. This strong bullish movement has created a strong Bullish Confirmation Pattern in the market, and there is much room for price to go further upwards. Price is currently above the demand zone at 134.50 and it may soon reach the supply zones at 135.00 and 135.50.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Azeez Mustapha,
InstaForex Group © 2007-2017
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