EUR/USD: This market has continued its slow and tardy journey towards the south. The market has only gone down by 40 pips, though it may still go further downwards. It is likely that the market would eventually reach the support line at 1.3550, and with a continuation of the southward journey, the support line at 1.3500 could also be reached.
USD/CHF: This is a bull market, with the Bullish Confirmation Pattern in the chart being valid. The price has been going upwards in a slow and steady way. At the present, the price is above the support level at 0.8950; it may end up reaching the resistance level at 0.9000, which is a psychological level.
GBP/USD: As it was forecasted, the Cable has continued to dive, even going beyond our target. This is expected to continue, although with the possibility of transitory rally in the market. In spite of the holiday in some parts of Europe, there are certain fundamental figures which may impact the market today. For example, strong economic figures are expected from the US today and they may have some impact on the Cable. The accumulation territory at 1.6700 has been tested and it may be breached to the downside.
USD/JPY: The bullish signal on this market is getting precarious and unstable. For the bullish signal to be stable, the price must break the supply level at 102.00 to the upside and close above it. Otherwise, one may need to prepare for a southward breakout.
EUR/JPY: Yes, this currency trading instrument has been unable to break the EMA 56 to the upside (not to mention the supply zone at 139.50). The price has been caught in a strong bearish move it may soon reach the demand zone at 138.00.
is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
| ||
Performed by , Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for May 29, 2014
No comments:
Post a Comment