The EURUSD is now trading below the resistance level of 1.3300, targeting the support level at 1.3250. Furthermore the fundamental figures coming out today would have an impact on the Greenback.
EURUSD: The EURUSD is now trading below the resistance level of 1.3300, targeting the support level at 1.3250. Furthermore the fundamental figures coming out today would have an impact on the greenback. The price has already nosedived in what can be rightly called a massive sell-off.
USDCHF: This pair has been able to reject any further bearish pull on it, following the recent equilibrium phase. The price has shot upwards, closing above the EMA 56. As soon as the EMA 11 crosses the EMA 56 above, a long trade would be judicious, for there would have been a Bullish Confirmation Pattern by then.
GBPUSD: The Cable seems unaffected by the current show of real correlation between the EURUSD and the USDCHF, though it is in a bearish mode. Since the Greenback is strong, it is expected that the Cable would fall downwards further, for it has been weak before the Greenback experienced its present stamina.
USDJPY: This pair has skyrocketed upwards again after testing the demand level at 97.00. From the aforementioned level, the price moved upwards by more than 120 pips. However, it is prudent to wait for the continued presence of the bulls before going long, because most JPY pairs are still in a bearish mode.
EURJPY: What occurred as a significant bullish correction on the USDJPY is what happened as consolidation on this cross; as a result of the weakness in the EUR itself. The price still looks bearish and it is likely that when a breakout does occur, it would be to the downside, and then, the price would move towards the demand zone of 129.50.
The USDCHF has gone upwards this week. Having moved upwards by over 100 pips, the next resistance level to be breached is 0.9350.
EURUSD: This pair has moved downwards by more than 150 pips in this week. Trading below the resistance line of 1.3250, the next price target may be the support line at 1.3200. It should be noted that the resistance line at 1.3300 is a serious barrier to any bullish threats.
USDCHF: The USDCHF has gone upwards this week. Having moved upwards by over 100 pips, the next resistance level to be breached is 0.9350. Meanwhile, the support level at 0.9250 is expected to be a check to any bearish pulls along the way. The fact that the Williams’ % Range is in the overbought region suggests possible bearish pulls.
GBPUSD: This market, which is in an equilibrium phase, has also remained a bear market. This means that the equilibrium phase is a type that allows some movement to the downside. The Bearish Confirmation Pattern on the chart means that the price could fall downwards further, towards the accumulation territory of 1.5400.
USDJPY: This market is not attractive right now because of the recent signals that are short-lived rather than sustained. This week, the loss the market experienced has been recovered by the current bullish attempt. There are no safe signals on the chart now and it looks logical to wait for a clearer direction before taking any position.
EURJPY: There has been a consolidation to the downside on this cross. In spite of the recent sideways movement and bullish attempt, the bearish outlook remains a valid thing. On the chart, it can be seen that the price has been trending downwards, reaching out towards the demand zone at 129.50.
The EURUSD fell by roughly 170 pips last week, closing at 1.3222. There would be some short-lived bullish attempts this week, but the general outlook remains bearish.
EURUSD: The EURUSD fell by roughly 170 pips last week, closing at 1.3222. There would be some short-lived bullish attempts this week, but the general outlook remains bearish. There is a resistance line at 1.3300, and whereas the price may reach the support line of 1.3100.
USDCHF: This pair is a bull market which has been able to reject any serious bearish attempts on it. Last week was closed in a range movement, and this week could see the price being pushed upwards towards the resistance levels at 0.9350 and 0.9400 respectively. Would this pair ever see parity again?
GBPUSD: There is still a Bearish Confirmation Pattern on the Cable and this fact could continue serving as an aid to bears’ interest. The price action could rightly be called a ranging one, and when a breakout does occur, it is more likely to be towards the downside, going towards the accumulation territory of 1.5400.
USDJPY: This currency instrument – though a difficult market – has now produced a kind of clear signal. It shows a northward possibility, perhaps towards the supply level at 99.00, before any serious retracement. Long position could be opened with small sizes and tight stops.
EURJPY: There is a bearish outlook here, and the price would probably keep on going downwards this week. The simple fact is that the EUR is weak and the USD is strong. Therefore the price could go further southward, reaching some demand zones of 129.00 and 128.50 successively.
Yesterday, the markets opened with gaps, which are visible on hourly charts. Since then the JPY pairs have trended northwards, indicating a bullish outlook. Generally, there would be great volatility in the markets.
EURUSD: In a vivid Bearish Confirmation Pattern, this pair has been trending downwards, following further weakness in the market. The price is now trading below the resistance line of 1.3200, going towards the support line of 1.3100. Generally, there would be great volatility in the market.
USDCHF: It is not implied that this pair would reach parity soon (though the idea is a possibility). It has already moved upwards by close to 60 pips in this week, and the nearest target to be tested is the resistance level at 0.9400. The support level at 0.9300 serves as a potential barrier to bearish threats.
GBPUSD: The Cable is still caught in a kind of consolidation to the upside. The RSI period 50 is above the level 50, but the EMA 11 is yet to cross the EMA 56 to the upside, although the price is above the latter. It would thus be sensible to wait for a Bullish Confirmation Pattern on the chart before opening long trades.
USDJPY: Yesterday, the markets opened with gaps, which are visible on hourly charts. Since then the JPY pairs have trended northwards, indicating a bullish outlook. The USDJPY is a bull market and would probably continue being so this week. The price is going upwards towards the supply level of 100.00.
EURJPY: This cross trended upwards significantly yesterday, and later trades sideways. Like all other JPY pairs, there is also a primary bullish trend here, and the expected breakout would probably be to the upside. A short-term target for buyers is at the supply zone of 132.00.
The fundamentals that were released on Friday, September 6, 2013 caused some corrections in the markets, but the dominant biases are still valid.
EURUSD: The dominant bias on this pair is bearish, and the bullish attempt that was brought about on Friday could encounter an immediate check at the resistance line of 1.3200. This week, it is more likely that support line of 1.3100 would end up being tested; even possibly breached to the downside.
USDCHF: The USDCHF went upwards last week. Getting to the resistance level of 0.9450 (which was tested a few times), it went downwards by 100 pips. Interestingly, the downward move was checked at the support level of 0.9350, from which the price bounced upwards. The support level is an immediate check to the current bearish attempt.
GBPUSD: This recalcitrant currency instrument has been turbulent, though going upwards steadily. The Bullish Confirmation Pattern on the chart affirms the possibility of the price going upwards. It is reasonable to continue to hold on to the possibility of the price reaching the distribution territory of 1.5700.
USDJPY: The fundamentals that were released on Friday, September 6, 2013 caused some corrections in this market, but the dominant bias is still valid. On the USDJPY, the price peaked at the demand level of 100.00 and went down spiraling, touching the demand level at 98.55. There could be a jeopardy to the bullish interest should the price go below that demand level.
EURJPY: From the supply zone of 132.00, the cross has nosedived by almost 200 pips. This price action is a serious threat to the bullish outlook, which would be rendered invalid should the price go further south.
The JPY pairs started this week with upwards gaps, and since then, they have been making bullish attempts.
EURUSD: This pair has rejected the recent bearish threat on it. The price moved upwards on Monday, breaching the resistance line at 1.3250 to the upside and trading above it. The Williams’ % Range has supported a bullish signal, but the EMAs are yet to do that, and therefore, it would be nice to wait for a confirmation of the new bias before opening orders.
USDCHF: The USDCHF suddenly experienced some weakness which dragged its price towards the support level of 0.9300. Should the support level be breached to the downside, and move towards the level at 0.925o, the bearish outlook would be over. Meanwhile, it would be better to wait for the EMAs to support what the Williams’ % Range is doing. Then, one could sensibly take a position.
GBPUSD: The Cable – which has been maintaining its stamina when its EURUSD counterpart was weak – would now find it very much easier to trend northward. When the Greenback was strong, the pair did not go down; so when the Greenback is now weak, the pair would easily trend upwards. The initial target remains at 1.5700.
USDJPY: The JPY pairs started this week with upwards gaps, and since then, they have been making bullish attempts. Out of all the available JPYs, it was only the USDJPY that traded downwards following the gaps-up, but it is currently trying to bounce upwards.
EURJPY: In spite of the recent momentous volatility on this market, it was able to check any bearish attempts on it. The price moved upwards by 115 pips on Monday, resulting in a Bullish Confirmation Pattern which portends a bullish bias.
The Cable was bullish throughout last week; moving significantly upwards without much retracement. The distribution territory at 1.5900 is thus an easy target.
EURUSD: This pair is still caught in a bullish bias in spite of the turbulent consolidation that is presently going on. It is very much likely that when the momentum is gathered, things would be favorable to buyers. The near-term target is at the resistance line of 1.3350.
USDCHF: In a converse manner, the USDCHF is in a downtrend irrespective of the tumultuous equilibrium zone on it right now. Based on the price action cum the indicators positions, the possibility holds that the market would continue trending downwards when the trend becomes significant again.
GBPUSD: The Cable was bullish throughout last week; moving significantly upwards without much retracement. The distribution territory at 1.5900 is thus an easy target. However, it may be possible that the price pull back in a shallow manner, not going below the accumulation territory of 1.5800.
USDJPY: The weakness in the Greenback is not helping matters here. The scenario on the pair is supposed to be bullish, but there is currently a ‘sell’ signal on the chart. This is the reality in the market, and the great psychological supply level at 100.00 is acting as a barrier to the bulls’ interest.
EURJPY: This currency instrument has been able to retain its northward outlook despite all. However, it is advisable not to take a position until the signal becomes clearer. The RSI period 14 may cross back above the level 50 to support a northward outlook; or the price may cross the EMA 56 to the downside to jeopardize the northward outlook.
It is interesting that some currency pairs and crosses opened with conspicuous gaps this week. This means that there would be directional movements in the markets sooner or later.
EURUSD: This pair opened with an upwards gap on Sunday, and it has been trending downwards since then. Should this downward attempt continue, it would be a serious threat to the current bullish outlook, which is still supported by the indicators on the chart. The resistance line at 1.3400 is thus a barrier to any bullish attempt.
USDCHF: There has been a gap-down on the USDCHF at the open of the market this week. The price has tried to rally after this, though it must be noted that there is a resistance level at 0.9300. Besides, the bias on the market is still bearish, and therefore, an upwards movement is not likely unless the Greenback can keep on showing continuous stamina.
GBPUSD: The Cable also gapped upwards at the open of the market. It gapped into the distribution territory of 1.5950, and then pulled back a little. There is another formidable distribution territory at 1.6000 – a serious threat to bullish interests.
USDJPY: It is interesting that some currency pairs and crosses opened with conspicuous gaps this week. This means that there would be directional movements in the markets sooner or later. This also affects JPY pairs in a few cases. Thus the USDJPY is expected to trend upwards this week.
EURJPY: There is no vivid gap on this currency instrument, but it is more likely that it would go in the way of most JPY pairs. The RSI period 14 is above the level 50 and the EMA 11 is above the EMA 56; plus price action, it is more likely that the price would trend upwards.
Although currently ranging, the JPY pairs ended being bullish last week. The bullish outlook remains valid for this week.
EURUSD: The EURUSD moved upwards last week by around 200 pips, topping at the resistance line of 1.3550 before retracing downwards a little. The aforementioned resistance line would still be tested again, and would be overcome, especially because the bullish outlook for this week is valid.
USDCHF: This pair trended downwards in the past few trading days. The support level at 0.9100 is now being challenged, and it is highly probable that it would be overcome, as the price trends downwards towards the next support level of 0.9000. Meanwhile, there is a resistance level at 0.9200.
GBPUSD: The Cable is a strong currency right now: creating new highs and retracing lower a little. At the present, the retracement is in place, but the Bullish Confirmation Pattern on the chart is still far from being violated. However, the price ought not to trade below the accumulation territory of 1.5900, for the bullish outlook not to be violated.
USDJPY: Although currently ranging, the JPY pairs ended being bullish last week. The bullish outlook remains valid for this week. Therefore, the outlook for the USDJPY is bullish, unless the price goes below the EMA 56 and close below it. It is likely that the price would reach the great supply level at 100.00 very soon.
EURJPY: This trading instrument closed at 134.34 on Friday, during a minor southward correction in the price. In the presence of the strong bullish outlook in the market, it is normal that the supply zone at 135.00 would be challenged very soon. There is a demand zone at 134.00.
The USDJPY is trading below the supply level of 99.00. The next target is at the demand level of 98.00.
EURUSD: This pair is currently moving sideways in the context of an uptrend. There is a support line at 1.3450, while it is expected that the price could rise further towards the resistance line of 1.3550, possibly breaking it to the upside, and closing above it. That could happen today or tomorrow.
USDCHF: The outlook on this currency instrument is in dichotomy with the EURUSD. The bias is bearish, but the price is currently ranging, the barrier being the support level of 0.9100. That support level could probably be breached to the downside (it has been tested severally), going towards another support level of 0.9000.
GBPUSD: There is still a clean Bullish Confirmation Pattern here – in spite of the recent shallow southward retracement. The accumulation territories of 1.6000 and 1.5900 ought to serve as barriers to the threats posed by the bears, for anything that makes the price trade below the accumulation territory of 1.5900 would have succeeded in rendering the bullish bias invalid.
USDJPY: The USDJPY is trading below the supply level of 99.00. The next target is at the demand level of 98.00. This pair is now trading below the EMA 56, as the RSI period 14 itself is below the level 50. It looks prudent to seek short trades at the juncture. Should serious selling pressure resume, it could reach the demand level at 98.00; just as it did last week. The price is now close to the demand level of 98.50.
EURJPY: The EURJPY is trading below the supply zone of 133.50. The next target is at the demand zone of 133.00. The immediate barriers to any rallies are at the supply zones of 134.00 and 134.50.
After much consolidation, the markets ended the last week trending according to the dominant biases.
EURUSD: This pair closed at 1.3522, being in a bullish mode. The price trended upwards last week, and it is supposed to do so this week. Although this would not be without serious struggle between buyers and sellers, it is likely that the price would reach the resistance level at 1.3600.
USDCHF: The USDCHF remains a bear market. The price spent a considerable amount of time in an equilibrium phase, before it broke the support level at 0.9100 to the downside. As it was mentioned in earlier forecasts about this special trading instrument, the ultimate destination for the price is the south area of the support level at 0.9000.
GBPUSD: After much consolidation, the markets ended the last week trending according to the dominant biases. With this in consideration, it is no wonder that the Cable itself was able to rise and trend upwards, challenging the distribution territory at 1.6150 (which was also tested two weeks ago). This distribution territory would eventually be overcome.
USDJPY: The USDJPY has already given a bearish signal – with the demand level of 98.00 in sight. This is an easy prey, and it is expected that that level would eventually be challenged and overcome. Therefore, the price may end up reaching the demand levels of 97.50 and 97.00 respectively.
EURJPY: The situation on this currency trading instrument requires some tact right now. There is some uncertainty here: the RSI period 14 is below the level 50, while the price threatens to break the EMA 50 to the downside, and close below it. Should this happen and should the price close below the aforementioned EMA, short trades would be preferred.
The JPY pairs opened with gap-downs and later rebounded upwards. The outlook on the JPY pairs for this week is thus bullish.
EURUSD: The EURUSD is a bull market, with the possibility that the market would keep on going upwards (though not without bearish retracements). The price line at 1.3550, which has been tested constantly in the last few weeks, is under test again, and it may be breached to the upside.
USDCHF: The pair – which is also in a bearish mode – is now trading below the resistance level of 0.9050. As it has been suggested by the past forecasts, it is very much probable that the price would end up testing, at least, the support level at 0.9000. The level could end up being broken to the downside.
GBPUSD: There is still much optimism surrounding this market instrument, and it is reasonable to think that it would keep on going northwards, irrespective of southwards threats along the way. The price territory at 1.6250 is being challenged and would soon be overcome, as the price goes further upwards towards the distribution territory at 1.6300.
USDJPY: The JPY pairs opened with gap-downs and later rebounded upwards. The outlook on the JPY pairs for this week is thus bullish. The USDJPY gapped downwards at the open of the markets: later bouncing upwards from the demand level of 97.50. However, the bias is to the upside.
EURJPY: This cross , which gave a bearish signal following the gap-down that occurred at the beginning of this week, has encountered a scenario which makes it not sensible to go short until there is a clearer signal (whether in favor of the bears and the bulls).
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Daily Trading Forecasts for October 7, 2013
The vivid southward reversal on the cable has resulted in a new bearish bias on the pair. Right now, the accumulation territory at 1.6000 is about to be breached.
EURUSD: This pair trended upwards last week, but the current southward reversal in the market is a threat to the bulls’ interest. Should this go further downwards, it would lead to the total loss of all the gain that was realized last week. Any movement below the support line of 1.3500 will signal a complete end of the bullish outlook.
USDCHF: The tardy but sure pair has been trying to reject further bearish movement (however it moved southward last week). Although the price tested the support level at 0.9000 several times and even breached it downwards temporarily, it has been moving upwards. Any move above the resistance level at 0.9100 means the bearish outlook is over.
GBPUSD: The vivid southward reversal on the cable has resulted in a new bearish bias on the pair. Right now, the accumulation territory at 1.6000 is about to be breached. The price has closed below the EMA 56 (the EMA 11 has almost crossed the EMA 56 to the downside), and the RSI period 14 has crossed the level 50 to the downside. The bias is bearish.
USDJPY: The USDJPY closed at 97.46 on Friday – having tested the demand level of 97.00 a few times. The bearish outlook is still intact on the market, unless the price crosses the supply level at 98.00 to the upside.
EURJPY: This currency instrument is still bearish in outlook. As it has happened recently, any rally in the market is a shorting opportunity. This time around, there is another opportunity to sell at 132.50
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The EURJPY is now in a bullish retracement, and there is a supply level at 132.00.
EURUSD: Irrespective of the range movement that has been characteristic of this pair so far, the overall bias is still bullish. The EMA 11 is above the EMA 56: the Williams’ % Range is close to the oversold area, which means that the price would end up going further northward when a breakout does occur in the market.
USDCHF: This is a bear market – and there is a Bearish Confirmation Pattern on the chart in spite of the current bullish correction in the market. The resistance level of 0.9100 is a formidable barrier to further northward move, plus the price may end up testing the support level of 0.9000, which is also a great check to further southward scenario.
GBPUSD: Here, there is a possibility that the accumulation territory of 1.6000 may be tested and probably breached towards the downside. The Cable is seen as a kind of expensive and may therefore go further downwards. Please note that the ‘sell’ signal on the chart remains valid.
USDJPY: The outlook on this market is bearish; which means that the present rally would be transitory in nature. This is an opportunity for astute bears to sell at a better price (when things rally in the context of an uptrend). The demand zone of 96.50 is a possible target that the price can reach today or tomorrow.
EURJPY: The EURJPY is now in a bullish retracement, and there is a supply level at 132.00. The near-term target for the bears is at the demand level of 131.00; which could possibly be breached to the downside, should selling pressure resume (which could halt the current rally in the price).
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The JPY pairs are currently in a bullish mode, and that is what would likely be the bias for this week.
EURUSD: The EURUSD has been moving in a highly volatile manner – giving room for palpable turbulence. There are mixed signals in the market and it is advisable to wait for a clearer direction before one takes a position. This direction may be in favor of the bulls or the bears.
USDCHF: This pair closed at 0.9114; the price itself in a bullish mode. There is a Bullish Confirmation Pattern in the market (and the indicators on the chart support this). For this week, it is normal to assume that the price would continue to trend in the favor of the bulls.
GBPUSD: On the GBPUSD, the bias is bearish. Although the recent historical data shows the deadly struggle between the bears and the bulls, it is evident that the bears are gaining more and more ground. Eventually the price would reach the accumulation territory at 1.5900.
USDJPY: This currency trading instrument has been trending upwards nicely. From the low of 96.57, the price has reached the high of 98.59, and closing at 98.58. The buying pressure in the market is very strong and the price would continue to trend towards the supply level of 99.00.
EURJPY: The JPY pairs are currently in a bullish mode, and that is what would likely be the bias for this week. On this very cross, the EMA 11 has crossed the EMA 56 to the upside and the RSI period 14 has also crossed the level 50 to the upside. The price is gallivanting towards the north.
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Most JPY pairs opened with minor gaps at the beginning of the week. Overall, the JPY pairs may go further northward.
EURUSD: The EURUSD moved indecisively yesterday; whereas the bullish signal on it is still valid (given the position of the indicators). The resistance line at 1.3600 would soon be broken to the upside, because when a breakout does occur, it would be in favor of the bulls.
USDCHF: Oddly enough, the signal on this pair is also bullish. The word ‘oddly enough’ is used because it is normally expected that the pair would go in a negative correlation with the EURUSD. As a result of this strange but true scenario, one might consider a long trade with a tight stop.
GBPUSD: On the Cable, the price territory at 1.6000 is proving to be a near-term barrier towards the bulls’ interest. This is no surprise, for the overall sentiment in the market is bearish. The price is under the EMA 56, and the RSI period 14 is below the level 50. It is more likely that the price would fall further.
USDJPY: The USDJPY is a strong market at the present. Therefore, a short trade is not advisable. Any dips in the price would give opportunities to buy long at better prices. The demand level at 98.00 is supposed to be a check to the bears’ excessiveness; while the price may go towards the supply level at 99.00.
EURJPY: Most JPY pairs opened with minor gaps at the beginning of the week. Overall, the JPY pairs may go further bullish this week. This cross would also go north this week. The bullish signal has been in place since the last week, and the price would soon reach the supply zone at 134.00.
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Last week, the GBPUSD shot towards the north. Some transitory pullback is normally expected, but the northward bias is valid for this week.
EURUSD: The pair moved upwards by more than 140 pips last week, but not after disheartening pullbacks and volatility. This week, it is expected that the upward move would continue, though there could also be some bearish corrections along the way. There is a support line at 1.3600.
USDCHF: The USDCHF has been trending downwards with limited thrust. This is because the price has not been able to break the support level of 0.9000 to the downside, although that feat would be achieved this week (especially in the face of the continued Bearish Conformation Pattern in the market).
GBPUSD: Last week, the GBPUSD shot towards the north. Some transitory pullback is expected, but the northward bias is valid for this week. On Friday, the price closed at 1.6169. The accumulation territory of 1.6100 ought to serve as a barrier to the bears’ machination, while the market attempts to journey upwards.
USDJPY: This is a bear market, and it is slightly strange so (for most other JPY pairs hold their ground in the face of the bears’ attack). The price is below the EMA 56, and the RSI period 14 is below the level 50. However, should the bearish move continue, it might be limited in nature – perhaps not going below the demand level at 97.00.
EURJPY: This cross is a great indication of the stamina in the Euro. The overall bias is bullish, and it is understood that, should the EURUSD continue to go upwards, this cross would also be doing something similar, although some consolidation phases and price retracements cannot be ruled out along the way.
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There is a bullish signal on the USDJPY, and the pair may go towards the supply level at
98.50 and 99.00 respectively.
EURUSD: The bias on this pair is bullish and in spite of the current consolidation in the price, it is expected to resume its upwards journey. There is a strong support level at 1.3600 – a formidable check to any bearish threat. Meanwhile, the price can go towards the resistance level at 1.3700.
USDCHF: For now, it would be realistic to assume a short-term bearish target of 0.9000. The Bearish Confirmation Pattern on the chart remains a valid thing, and therefore a long trade is not recommended at this point. As long as the price remains under the EMA 56, it is not advisable to buy long.
GBPUSD: There has been a plan to set a Buy Limit order at 1.6100. The reasons are these: the overall bias is bullish, and the southward correction that is taking place right now is a good chance to buy cheaper. Moreover, there is a great accumulation territory at 1.6000 which most probably would be an obstacle to the bears.
USDJPY: There is a bullish signal on the USDJPY, and the pair may go towards the supply level at 98.50 and 99.00 respectively. The phenomenon on the chart is called a bullish effort because the price is above the EMA 56, and the RSI period 14 is above the level 50.
EURJPY: The price on this cross would easily touch the supply zone of 134.50, although the ultimate target is at the supply zone of 135.00. The northward trend on the chart is expected to be slow and steady, plus the demand zones at 134.00 and 133.50 would serve as barriers to bearish pulls.
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The EURJPY closed at 134.43 On Friday (October 25, 2013), still breathing the bullish trend. It is likely that the price would continue to trend upwards this week, going towards the supply zone of 135.50 in order to test it again.
EURUSD: This currency instrument was able to maintain its bullish stance last week, in spite of the threats for the bears. The price moved upwards by over 140 pips before encountering a challenge at the resistance line of 1.3800. For this week, the support line at 1.3700 should serve as a check to the bearish threats.
USDCHF: This pair is bearish, and the bearish pressures come now and then. Last week, the price bottomed at the support level of 0.8900, which is a significant pivot point in the market. Since then, the price has been trying to rally in the context of a downtrend. That rally could be halted at the resistance level of 0.9000.
GBPUSD: In reality, the Cable is inclined to yield to bullish pressure more than bearish pulls; and the market is highly volatile and turbulent. In this kind of scenario, it would be OK not to use tight stops, because one would be easily stopped out. There market could go upwards, but it is best to wait for the RSI period 14 to go above the level 50 before one does that.
USDJPY: This market was unable to hold its ground against the bears and as a result of that, it is now in a bearish outlook. The price tested the demand level of 97.00, and then bounced upwards from thence. The upwards bounce is something transitory, giving us some short selling opportunities.
EURJPY: The EURJPY closed at 134.43 On Friday (October 25, 2013), still breathing the bullish trend. It is likely that the price would continue to trend upwards this week, going towards the supply zone of 135.50 in order to test it again.
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The bullish bias on the EURJPY is still valid, although the price is currently experiencing some bearish pull. As long as the price trades above the demand zone of 134.00, the price has the probability of a northward journey.
EURUSD: It would behoove one to seek a short trade in this market, perhaps setting a Buy Limit order at the support line of 1.3750. This is because the bias on the market is bullish, and the Williams’ % Range forage into the oversold area is an excellent opportunity for astute speculators to go long when the price is on sale, and in a context of an uptrend.
USDCHF: The outlook on this pair is similar to that of the EURUSD, albeit it is in an apparent dichotomy to each other. This pair is trying to rally in the context of downtrend – which proffers a nice opportunity to go long. The price may eventually plummet towards the support level of 0.8900.
GBPUSD: The bears have battered the Cable too much; to the extent of putting the recent Bullish outlook in jeopardy. The RSI period 14 is below the level 50, and the price itself is trading below the EMAs. It has closed below them. Therefore, should the EMA 11 cross the EMA 56 to the downside, it would lead to a Bearish Confirmation Pattern on the chart, which would mean that it is no longer sensible to buy long during that phase.
USDJPY: There are mixed signals on this currency instrument and it is thus OK to wait for a clearer signal before one takes a position. Most probably, the market would nosedive, because the indicators on the chart still support a southward possibility in the market.
EURJPY: The bullish bias on the EURJPY is still valid, although the price is currently experiencing some bearish pull. As long as the price trades above the demand zone of 134.00, the price has the probability of a northwards journey.
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