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In the last several trading days, we can see that the GBP, the CHF, and the EUR have continued showing strength, while the USD has continued to be weakened against them. The JPY pairs are also showing signs of noteworthy pullbacks, following their testing of major supply levels. The more overextended and protracted the current biases, the more dependable there would be probable pullbacks and bullish retracements when they do occur (whether protractedly or transitorily).
EURUSD
Primary trend: Bullish
In spite of some disturbing fundamentals that have come out in recent times, this pair has been able to maintain its bullish bias. This is an example of “bad news but the instrument continues trending upwards.’ One resistance line after the other has been breached successfully, and the price may go on towards the resistance lines of 1.3400 and 1.3450, should the present bullish bias continue.
USDCHF
Primary trend: Bearish
In the last weekly trading forecast, it was hinted that the USDCHF could end up testing the support level of 0.9300. At the time of preparing this very market prognosis, the price was already trading below the aforementioned level. However, this did not happen without protracted equilibrium phases. In the face of the current Bearish Confirmation Pattern, the price may be able to go on lower and lower towards the support level of 0.9200.
GBPUSD
Primary trend: Bullish
There is a Bullish Confirmation on the Cable… and a northward determination… and vivid optimism surrounding it. The price territory is already a forgone conclusion as long as the buyers’ interest is concerned. Within the next several trading days, the Cable is expected to reach the distribution territories of 1.5500 and 1.5550 respectively. In the meantime, any bearish threats on in the market ought not to go below the accumulation territory of 1.5300.
USDJPY
Primary trend: Bearish
Consistent weakness in the USD has resulted in the weakening of this pair. In fact, this pair would be able to go in the way of other JPY pairs. Right now, the indicators on the chart confirm a bearish signal on the chart. However, this did not happen without significant rallies which gave spurious signals in some cases. It simply happened that the rallies were nice opportunities to sell short in view of the current bearish trend. The price could go on towards the demand level of 97.00.
EURJPY
Primary trend: Bullish
This currency instrument is also in the habit of going in the way of most JPY pairs. The price recently topped at 132.70 and later nosedived. From that supply zone of 132.70, the price has gone lower by more than 100 pips. Nevertheless, one would need to wait for further confirmation among oscillators and momentum indicators (for their signals are conflicting right now). After a confirmed bias, one would then take a position.
This article is ended by the quote below:
“Successful trading is about making money, that’s it. It ’s not about ego, or being cool, or having great stories to tell your friends at the bar. The more closely your trading style fits with your personality, the less conflict it will create, meaning the less negative emotions it will generate, and the better chance you have to be successful.” – Brian Lund (Source: www.tradersonline-mag.com)
Source: Paxforex.com
Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders
