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The markets are now at critical levels and thus require tact to handle. Prices are now approach major supply and demand zones. When open orders are smoothed, bulls go against bears and bears go against bulls. This kind of scenario would signal that, should Smart Money exit all their orders, the market would be forced to go southward. Should there be an absence of some bulls to push up the prices, the prices would nosedive. This kind of scenario cannot favor the bulls, since they would be unable to dump their stakes at the optimal market levels; for the prices have gone downwards as a result of a massive sell-off. Thus short orders are smoothed gradually until all the orders are no longer open.
EURUSD
Primary trend: Bullish
The EURUSD moved upwards recently, but it has given up all the gains as a result of the stamina of the Greenback. There is a serious threat to the current bullish outlook: should the price continue to nosedive, the bullish outlook may be eventually rendered invalid. For the bullish outlook not to be rendered invalid, the price must stay constantly above the current support line at 1.3000.
USDCHF
Primary trend: Bearish
Although the present long-term bias on this pair is bearish, there is a serious threat to it, and the price merely needs to move upwards for a few more days for the bias to be rendered ineffectual completely. Nevertheless, as long as the price is below the resistance level of 0.9450, the long-term bearish trend remains sensible. If that resistance level is breached and the price closes above it, then a new bullish signal is generated.
GBPUSD
Primary trend: Bullish
This unique market has been in a bullish mode constantly. However, the northward movement this week so far has been tardy, and that one has nearly been rendered invalid by the recent event in the market. There are mixed signals on the chart – oscillators confirm a change in the trend whereas the momentum indicators are yet to confirm this. As long as the price stays above the accumulation territory at 1.5400, the signal is ‘buy.’
USDJPY
Primary trend: Bullish
Lately, there was a threat to the bullish outlook, since May 2, 2013; the fundamental facts coming from the markets have made the USD a stronger entity. There is now clear a direction in the market, which means the price is going northwards. Nevertheless, it must be noted that the price is unlikely to go above the supply level at 100.00, since it is a significant level. The bullish activity would not be able to carry the price beyond that level in the next several trading days.
EURJPY
Primary trend: Bullish
The signal on the EURJPY cross is also a ‘buy’ signal. The cross was moving in some tight range (in which there are serious struggle between the bears and the bulls), right before the price broke upwards. There is a Bullish Confirmation Pattern on the chart, but the bullish move would be limited. It is not expected that the price would go beyond the supply zone of 131.00 within the next several trading days.
