EUR/USD: EURUSD trended gracefully to the downside last week. However, the graceful downward movement was challenged at the support line of 1.3650. That support line needs to be breached to the downside, so that the bearish outlook may continue to be valid. We envisage the support line at 1.3600 as our target for this week.
USD/CHF: This pair moved gracefully to the upside last week. However, the graceful upward movement was challenged at the resistance line of 0.8950. That resistance line needs to be breached to the upside, so that the bullish outlook may continue to be valid. We envisage the resistance line at 0.9000 as our target for this week.
GBP/USD: From the accumulation territory at 1.6750, the Cable bounced upwards. The upward bounce should be paused at the distribution territory of 1.6850, so that the present bearish outlook may continue to be valid. The price should reach the accumulation territory at 1.6700 this week. Any movement above the aforementioned distribution territory will put the bearish outlook in jeopardy.
USD/JPY: The bias on this market has been bearish, but there is a stubborn barrier at the demand level of 101.50. Around this level, there was a serious battle between the bull and the bear – as the bulls are giving way with great reluctance. The price should go more southward, thus breaking the stubborn demand level at 101.50 to the downside.
EUR/JPY: Here too, the demand zone at 139.00 was battered mercilessly, since the bears are determined to push the price lower than that demand zone. Should they succeed in doing this, the next price target would be at the demand zone of 138.50.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Daily analysis of major pairs for May 19, 2014 . Thanks for your support on Daily analysis of major pairs for May 19, 2014
No comments:
Post a Comment