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Because of the weakness on the Greenback, the EURUSD and the GBPUSD have been bullish, whereas the USDCHF has been bearish. This outlook may be valid for the next several trading days. The JPY pairs also have the potential to maintain their extant outlook.
EURUSD
Primary trend: Bullish
There is a bullish indication on the EURUSD, with the current Bullish Confirmation Pattern on the chart. The price recently reached a weekly low of 1.2887 during a bearish retracement attempt, and it has been going upwards since then, to the point of generating a bullish signal. The price could reach the resistance lines at 1.3100 and 1.3200 respectively. During that attempt, any bearish correction along the way ought not to take the price below the support line of 1.2950.
USDCHF
Primary trend: Bearish
This is a bear market which has a Bearish Confirmation Pattern (as signified by the indicators). There was a recent clean rally in the market, reaching a peak of 0.9780, which was a weekly high. From that weekly high, the price has gone downwards by over 200 pips. This is an outlook that is supposed to continue to be valid. Eventually, the price may fall towards the support level at 0.9400.
GBPUSD
Primary trend: Bullish
There is a new era for this wonderful pair. From the weekly low of 1.5008, the Cable has gone upwards by roughly 230 pips. There is now a Bullish Confirmation Pattern on the chart, for the indicators now point to the bulls’ supremacy. The nearest target to be reached between now and the next several trading days is the distribution territory at 1.5300. Along the way, any potential bearish threats ought not to take the price below the accumulation territory of 1.5100.
USDJPY
Primary trend: Bearish
This is a bear market – something that could remain so. One reason behind this is the weakness of the Greenback. The Greenback is not strong enough to pull this pair higher, and as a result of this, there is still a bearish indication on the chart. It is advisable that only short trades ought to be sought here, unless otherwise indicated. The only thing that can render this possibility invalid is the condition in which the price breaks the supply level at 102.50 to the upside and closes above it.
EURJPY
Primary trend: Bullish
There is currently a degree of uncertainty on this cross. The new lease of strength in the EUR has made it possible to help the cross withstand bearish threats. So it can be said that the price has been bullish recently. The price has not gone upwards determinedly. Nevertheless, it is sagacious to seek long trades because there is a great probability that when the price does break out, it would be to the upside.
This article is concluded with the quote below:
“The key to success is to decide when to follow the crowd and when to go against it.” – Joe Ross
Attribution: Paxforex.com
Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders
