The EUR/USD merely consolidated to the downside � in the context of a downtrend. The support line at 1.0550 would be tested soon and it could even be breached to the downside. The support line at 1.0500 is thus the potential target for the week.
Since this pair is going above the big support level at 1.0000, it has moved upwards by 300 pips testing the resistance level at 1.0300. A Bullish Confirmation Pattern is very strong in the market, and further bullish movement is anticipated, especially in the face of the latest outlook for the US dollar (as well as the CAD).
The cable moved downwards by 140 pips last week closing below the distribution territory of 1.5050. Yes, it is highly possible that the current bearish bias would be sustained, because an outlook for the GBP/USD pair (including GB pairs) is gloomy for December 2015. The price is likely to drop further by at least 150 pips.
A bias in this currency trading instrument has become neutral in the near term owing to the fact that the price merely traded sideways last week. A breakout to the upside or to the downside is definitely expected this week, which would either take the price below the demand level of 122.00 or above the supply level of 123.50. A breakout above the supply level of 123.50 is more likely because the outlook for the USD is bright.
The EUR/JPY paur has shown its determination to keep on moving downwards. The bias is bearish and this would continue as long as the EUR is weak. The price looks ready to break the demand zone of 130.00 to the downside. Only a very strong weakness in the JPY could reverse the trend.
Technical analysis of NZD/USD for November 30, 2015 2015-11-30 0/5
NZD/USD is expected to trade on a bullish bias. The pair is reversing up after breaking above its previous key resistance at 0.6575, which should now play the key support role. A triple bottom pattern has been validated calling for an intraday trend reversal. Both ascending 20- and 50-period intraday moving averages maintain a bullish bias. Meanwhile, the relative strength index is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6575 at first. A breakout above this level would call for a further advance toward 0.6605. Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6575 and the second target at 0.6605. In the alternative scenario, short positions are recommended with the first target at 0.6490 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6460. The pivot point is at 0.6535. Resistance levels: 0.6575 0.6605 0.6640 Support levels: 0.6490 0.6460 0.6430
