This pair has gone upwards by about 90 pips this week. Now, bulls are making some effort to push the price to the upside; and the price is close to the resistance level of 0.9700. With more buying pressure, the resistance level of 0.9700 could be breached to the upside as bulls push the price further northwards.
This pair is very weak now. There is a Bearish Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 while the RSI period 14 is below the level of 50. We expected the GBP/USD pair to reach lower highs and lower lows in the days to come. The accumulation territory around 1.5300 has been tested, but the price is yet to stay below it.
There is less momentum in this market at present. There pair could gain momentum on the background of today's releases. There is a dependable hope of a significant upwards or downwards movement this week - though the current outlook remains bearish.
As it was mentioned yesterday, the pair made a breakout that favored bears. Yesterday, the cross could not close below the demand zone at 135.00, and there is a lot of activity around that zone. With further stamina in the jen, there would be a movement below the demand zone.
The EUR/USD has now broken out of its recent sideways phase. The breakout favored the bears as the price tested the support line at 1.1100. The bears' willingness to continue testing the support line is perceived and the line may yield as the EUR/USD goes further south today.
The bias on this pair is bullish, owing to the near-term strength in the USD. There is now a Bullish Confirmation Pattern in the chart. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The price has tested the resistance level at 0.9750, and it may test it again, breaching it to the upside.
The cable has dived by 160 pips this week, resting on the accumulation territory of 1.5250. There are now a lot of activities around the accumulation territory, as bull and the bear continue to struggle for supremacy, an ongoing volatility would be observed. The accumulation territory at 1.5200 remains an easy target for bear.
This market is also bearish vividly. Based on the price action, it would be rational to seek short trades when the market rallies a bit. As long as the rally does not hit the market above the supply level of 121.50, this would be called a bearish market.
The EUR/JPY cross, which became bearish last week, has fallen by 250 pips this week. In line with our expectations, the price has gone below the supply zones at 134.50 and 134.00. With more selling pressure in the market, this cross could also test the demand zone of 133.00.
For the most of the last week, this market consolidated to the downside. There could be a breakout this week (most probably in favor of bulls). Thus, the resistance lines at 1.1300 and 1.1400 could be reached. On the other hand, there are support lines at 1.1050 and 1.1000.
