This is a bullish market, with a clean Bullish Confirmation Pattern on the chart. The 14-period RSI is above the level of 50. The EMA 11 is above the EMA 56, while the price is above them. This shows that the price could continue going upwards, though there is a form of opposition at the distribution territory at 1.5650. With more buying pressure, that distribution territory could be breached to the upside.
The USD/JPY pair has gone up by at least 150 pips this week. Since the bullish signal was formed, the price has gone above the demand levels at 123.00 and 123.50. The next target is the supply levels at 124.00 and 124.50. These supply levels must be reached, otherwise the price could experience a bearish correction.
This cross continues to trend sideways, but a breakout is imminent. Will it go upward or downwards? In the meantime, it would be great to stay away from the cross until a clear directional bias is confirmed.
This market has gone below the resistance line at 1.0900. Going below that resistance means that bears have lots of energy at the moment, so long trades are not recommended now. Unless the USD loses stamina, the support line at 1.0850 could be easily tested and breached to the downside.
Since this currency trading instrument has to go in an opposite direction to the EUR/USD pair, it has succeeded in going above the support level at 0.9550. The next target to be reached is the resistance level at 0.9600; unless the USD loses stamina.
The cable has made some attempt to go further upwards this week, but there is a form of opposition at the distribution territory of 1.5650. It looks as though the price is in opposition to bears. With more buying pressure, that distribution territory could be breached to the upside.
This pair has gone above the demand level at 124.00, going towards the supply level at 124.50. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The Bullish Confirmation Pattern in the chart is now very strong and further bullish movement is possible.
The EUR/JPY cross has started trending downwards owing to the weakness in EUR. A southward breakout of the recent short-term equilibrium phase means that the price could go further south. The demand zone at 134.50 could be breached to the downside.
The EUR/USD pair dropped by 280 pips last week closing below the resistance line at 1.0850. The next targets for bears are located around the support lines at 1.0800 and 1.0750. The resistance lines at 1.0950 and 1.0900 were successfully broken by bears. Thus, they might resist any rally attempts this week.
As long as the EUR/USD pair goes down, the USD/CHF pair must go up. The pair moved upwards by over 200 pips last week closing above the support level at 0.9600. A break of the support level at 0.9500 (which was formerly a resistance level) was a major achievement for bulls. Until EUR or CHF gains a lot of stamina, this pair would continue going up.
