Hot Features
Premium
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
The Greenback has been weak and the Yen has been strong. Most JPY pairs are also weak. The fundamentals that were released lately even added fuel to the extant biases. This means vivid bullish biases for some currency instruments like EURUSD and GBPUSD: and conspicuous bearish biases for some instruments like the USDCHF and EURJPY.
EURUSD
Primary trend: Bullish
The pair has moved upwards by roughly 270 pips recently, in conjunction with the vivid Bullish Confirmation Pattern on the chart. This northward journey is expected to continue, though there would be some consolidation and southward retracements on the way. The price could be trading above the resistance line of 1.3350 within the next few trading days. Along the line, the purported pullbacks should not take the price below the support line of 1.3150.
USDCHF
Primary trend: Bearish
The USDCHF has gone downwards by 300 pips recently. The indicators on the chart are in full support of this strong downwards bias. It could be said that since reaching the high of 0.9837 two weeks ago, the price has gone down by more than 550 pips. Any rallies on the pair would be transient in nature, not pushing the price above the resistance level at 0.9400. Within the next several trading days, the price could touch the support level at 0.9200.
GBPUSD
Primary trend: Bullish
The Cable, the lucky Cable. Isn’t it? There is a lot of optimism surrounding the Cable, and as a result of that, it is getting stronger and stronger. This volatile and strongly trending instrument has lately moved upwards by around 400 pips. There is a probability that the price could reach the distribution territory at 1.5800 during its journey further north. It could even breach the aforementioned territory to the upside.
USDJPY
Primary trend: Bearish
This instrument has become a boon to the bears. The price is going south and would possibly go on doing that. Recently, it went south by over 390 pips. There could be some transitory rallies now and then – something that is inevitable. Historically, any rally has proven to be short-term, leading to good shorting opportunities. Very soon, the price may be trading below the demand level of 96.00.
EURJPY
Primary trend: Bearish
The cross has given up all the gains it made in 4 week. It has moved downwards by more than 290 pips in the recent time. In the face of the current Bearish Confirmation Pattern, the cross would be going further downwards. The Yen is strong and the Euro is strong. But if the strong Euro succumbs to the mighty Yen, then one would need to imagine the intensity of the stamina in the Yen. Long trades are not advised here, for the cross would be going further downwards.
This article is concluded with the quote below:
“A good trader will always be better than a system, mainly because a good trader will be ahead of the system.” – Mark Williams (Source: Trade2win.com)
Attribution: Paxforex.com
Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders
