Daily Trading Forecasts for August 19, 2013

The JPY pairs ended in equilibrium zones, but there would be significant breakouts in the prices this week.

EURUSD: This pair is currently bullish (though not without turbulence). The price closed at 1.3327 on Friday and may go on to test the resistance line at 0.9400 this week. There would be bearish threats along the way; which are not supposed to take the price below the support lines of 1.3300 and 1.3250 respectively.

USDCHF: The USDCHF is in a southward mode, and it would be a new signal, should the current mode be something to be relied on. The price closed at 0.9264 on Friday, in what could be termed as a bearish propensity. This week, the price could go onwards to reach the support level at 0.9200.

GBPUSD: The Cable was able to reach our last week target at 1.5500, even going beyond it. The Bullish Confirmation Pattern on the chart shows the possibility of the price going upwards to reach the distribution territory of 1.5700 very soon, without noteworthy bearish retracements along the way.

USDJPY: This tumultuous market has gone bearish and would likely continue as such this week; except there is something extraordinarily fundamental which makes the pair skyrocket. For as long as the price is below the EMA 56 and the RSI period 14 is below the level 50, the market is bearish.

EURJPY: This currency instrument went upward from the demand zone of 128.00 to around the price zone of 130.00 last week. After this it has begun to consolidate by moving protractedly sideways. It is, however, probable that the price would go upwards when a breakout happens, for the current market conditions favor the bulls more than the bears.

Source: www.instaforex.com

Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders

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