EURUSD: This pair gave a bearish signal last week – something that is still valid. There has been some rally within the downtrend (the existing Bearish Confirmation Pattern). Bullish threats at the resistance line of 1.3700 (a point from which the price could plummet further) seem to be failed.
USDCHF: This pair gave a bullish signal last week – something that is still valid. There has been some rally within the downtrend (the existing Bearish Confirmation Pattern). Bearish threats at the support level of 0.8950 (a point from which the price could rise further) seem to be failed.
GBPUSD: This market was rough for most of the last week, giving no directional signal in favor of bears or bulls. For instance, the EMAs are supporting the bulls, but the RSI period 14 is supporting the bears. Although it is more likely that the price would ultimately go in favor of the bears, when a breakout occurs in the market. It would be wise to stay away until a clearer signal is generated.
USDJPY: USDJPY moved upwards by over 170 pips last week, challenging the supply zone of 104.50 before retracing southward. The southward retracement would be temporary; the price would soon trade further upwards.
EURJPY: Since a bullish signal was generated here in early November 2013, the cross has moved upwards by over 740 pips. However, it was not without some abrupt upswings and downswings of the price, whereas downswings tend to give opportunities to go long at better prices. The bias for this week remains bullish. The price closed at 142.32 on Friday.
