EURUSD: The EURUSD pair has been bullish in this week – moving upwards by around 150 pips. However, this is not without a sharp retracement that occurred in the middle of this week. Right now there is a new ‘buy’ signal on the chart, though there is also a strong resistance line at 1.3000, which would soon be breached.
USDCHF: In opposite position to what is happening on the EURUSD pair, this pair is in a strong bearish correction mode. This has forced the Williams’ % Range to go into the oversold region, though the EMAs still give an indication of the bullish possibility. It is good to stay out of the market till a clearer signal is generated.
GBPUSD: Come what may (and based on the present scenario), the outlook on the cable remains bearish. Any rally is expected to be short-term, leading to a chance to sell higher in a downtrend. That is the real situation right now: the Bearish Confirmation Pattern is still on the chart, so short trades are preferred.
USDJPY: This instrument, which went upwards in the beginning of this week, had its northward intent rejected at the supply level of 103.50. The instrument nosedived seriously after this, closing below the EMA 56. The RSI period 14 has also gone down below the level 50. Unless otherwise proven by the market, a bearish trend is imminent.
EURJPY: The EURJPY pair went up at the beginning of this week, and it later went down vividly at the middle of the week. Strange enough, it is not safe to go short yet. The EMAs still support a northward outlook, and the price is also above the EMA 56. The RSI period 14 remains neutral: it is better to wait for a clearer signal in the market.
