Daily Trading Forecasts for August 29, 2013

The EURUSD is now trading below the resistance level of 1.3300, targeting the support level at 1.3250. Furthermore the fundamental figures coming out today would have an impact on the Greenback.

EURUSD: The EURUSD is now trading below the resistance level of 1.3300, targeting the support level at 1.3250. Furthermore the fundamental figures coming out today would have an impact on the greenback. The price has already nosedived in what can be rightly called a massive sell-off.

USDCHF: This pair has been able to reject any further bearish pull on it, following the recent equilibrium phase. The price has shot upwards, closing above the EMA 56. As soon as the EMA 11 crosses the EMA 56 above, a long trade would be judicious, for there would have been a Bullish Confirmation Pattern by then.

GBPUSD: The Cable seems unaffected by the current show of real correlation between the EURUSD and the USDCHF, though it is in a bearish mode. Since the Greenback is strong, it is expected that the Cable would fall downwards further, for it has been weak before the Greenback experienced its present stamina.

USDJPY: This pair has skyrocketed upwards again after testing the demand level at 97.00. From the aforementioned level, the price moved upwards by more than 120 pips. However, it is prudent to wait for the continued presence of the bulls before going long, because most JPY pairs are still in a bearish mode.

EURJPY: What occurred as a significant bullish correction on the USDJPY is what happened as consolidation on this cross; as a result of the weakness in the EUR itself. The price still looks bearish and it is likely that when a breakout does occur, it would be to the downside, and then, the price would move towards the demand zone of 129.50.

Source: www.instaforex.com

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