pair is in a downtrend and the present upwards bounce in the market would be
seen as an opportunity to sell short when the price rallies and in the context
of a downtrend. With the continuation of the current bias, the support line at
1.0800 may be attained this week or next week.
currency trading instrument has maintained its upwards journey, and
irrespective of any equilibrium phase and/or correction along the way, the
price could continue going upwards as long as USD has stamina. In addition,
some fundamental figures are expected today and they may have some impact on
GBP/USD: The cable is also weak with a clean Bearish Confirmation Pattern in the market.
The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. The price is likely to continue its downward journey.
USD/JPY: The USD/JPY pair has continued its significant journey to the upside, battering the supply level at 124.00. This supply level could even be breached to the upside as the price targets another supply level at 125.00. The expectation would be valid as long as USD has stamina.
price action has made the market situation dicey. There is
a threat to the recent bearish bias and it would be worthwhile to wait and see
what the price would do next. A break above the supply zone at 136.00 would
invalidate the existing bearish outlook.
The material has been provided by InstaForex Company – www.instaforex.com