EURUSD: The EURUSD pair is expected to be bullish on Friday. The Williams’ % Range has gone around the overbought region while the EMAs 11 and 56 positions are still in full support of the bullish bias. The market is now trading above the resistance line at 1.3350, and it may reach the resistance line at 1.3400 sooner than it is thought.
USDCHF: The recent bullish signal on this pair is now precarious in the face of the current price action. For the trend not to turn bearish, the price would need to hold above the price level at 0.9300 – just as it is currently. The indicators (the EMA and the Williams’ % Range) still support a possible bullish outlook. Really, the price has consolidated lately; rather than nosedive, so the northward possibility still holds for Friday.
GBPUSD: Contrary to what is happening on the EURUSD pair, a long trade is not recommended on the cable, because of GBP hopelessness against USD. The EMAs and the RSI period 14 still support a bearish scenario. The price might reach the accumulation territory of 1.6000 on Friday; in spite of the present weak rally.
USDJPY: On Wednesday, the RSI period 14 gave a bearish possibility on the USDJPY pair, but it was said that one should wait for the price to cross the EMA 56 to the downside before on would go short. Now that outlook is no longer valid. The RSI period 14 has gone above the level 50 again, while the price has shot above the supply level at 89.00. On Friday, the buying pressure will continue, and the price might possibly reach the supply level at 90.00.
EURJPY: What is happening on this cross is similar to the price action that occurred on the USDJPY pair. There was bearish threat, and we were waiting for the EMAs to confirm it, just as the RSI 14 has done. But the RSI 14 has gone upwards now, and the price is up, and the supply zone at 118.50 has been broken upwards, and what should we do on Friday? We have to look for buying opportunities.
