EURUSD: This pair has opened with a gap-down this week, violating the ‘buy’ signal that was almost generated at the close of the last trading week. The price, however, bounced upwards after this occurrence and as a result of, it is assumed that the price is offering an opportunity to sell at a higher price. But as long as the price stays below the EMA 56, there cannot be a bullish scenario.
USDCHF: The pair gave a ‘sell’ signal last week. But at the open of this week, there was a gap-down in the market, and the price bounced upwards after this. The current price action has nearly rendered the new bearish scenario useless. So, one has to wait for further confirmation before taking a position. A bearish continuation is more likely.
GBPUSD: This remains a bull market – irrespective of what is happening currently. It is assumed that the price would trend upwards for the most part of this week, while any eventual pullbacks would not take the price lower than the accumulation zone of 1.5000 (at least, for the current scenario to remain valid).
USDJPY: The trend here is bullish as well. While an opportunity to buy at a cheaper price is being awaited, there was a gap-down at the start of this week, followed by a rally in the price. The current scenario gives a probability of a northward journey, but one would need to wait for the price to close above the EMA 56 before going long.
EURJPY: There was a gap-down of nearly 200 pips. After this, the price bounced upwards. It seems there would be a further sell-off around the price zone of 124.00, but one would need to wait for further confirmation before one takes a side. Nevertheless, it is more likely that the EURJPY pair would trend upwards this week.
