The GBP/USD pair consolidated on Tuesday. There is a clean Bearish Confirmation Pattern in the market, and the price could still continue its journey by at least 200 pips down this week. The accumulation territories around 1.5100 and 1.5000 act as potential targets for bears.
This is a strong equilibrium market with no clear uptrend or downtrend in it. It is better for swing and position traders to stay away from the market until a reliable breakout from the strong equilibrium phase takes place; this would require a movement of at least 200 pips upwards or downwards. Right now, the market is OK for scalpers and intraday traders.
There was no directional movement in the EUR/JPY chart yesterday, and the same thing is true of most other majors. The price is consolidating, while the overall bias remains bearish. There could be a breakout today or tomorrow, which would most probably favor bears.
There was no directional movement in the EUR/JPY chart yesterday, and the same thing is true of most other majors. The price is consolidating, while the overall bias remains bearish. There could be a breakout today or tomorrow, which would most probably favor bears.
This pair performed some bearish attempts, which resulted in a Bearish Confirmation Pattern in the chart. The EMA 11 has crossed the EMA 56 to the downside, while the Williams' % Range period 20 is now entering the oversold territory. This means there is a rising momentum in the market, which could favor bears.
There is a "buy" signal, which would become even stronger when the resistance level at 0.9800 gets broken to the upside. The new "buy" signal cannot be rendered invalid as long as the price stays above the support level at 0.9700. Normally, the movement in the EUR/USD pair would determine the fate of the USD/CHF pair.
This pair has been consolidating to the downside since Monday - though the bearish bias is clearly visible. The price is below the distribution territory of 1.5150; and it could test the accumulation territory at 1.5100. It could even breach it to the downside, for the outlook on GBP is generally weak. So, any meaningful rallies would be difficult to perform.
This is a strong equilibrium market in which there is no clear uptrend or downtrend. A breakout would happen any time this week or next week. When it does happen it would be a significant one. Some fundamental figures are expected today and they can have impact on the market.
After a few days of consolidation in the context of a downtrend, the EUR/JPY pair broke out towards the south. This price action has confirmed the bearish outlook. The demand zones at 133.50 and 133.00 could be tested. There are supply zones around 135.50 and 136.00, which would pose as hindrances to bullish attempts.
It is better for position traders to stay away from this market. The market is good for short-term swing traders, since the price is currently swinging within the resistance region around 1.1300 and the support line at 1.1100, all in the context of a downtrend. A rise is expected today or next week.
