Elliott wave analysis of EUR/NZD for September 22, 2015 Market Analysis Review

Technical summary:

We are still looking for a move lower to strong support near 1.7455 before the next strong rally higher towards 1.8682 takes place. In the short term, only a direct break above resistance at 1.8000 will invalidate a call for a little more downside towards 1.7455.

The correction in wave ii has extended more than expected and becoming way more complicated than expected. Lots of unpredictable moves.

Trading recommendation:

Our stop at 1.7780 was hit and we will sideline for now. However, we will place EUR buy orders upon a break above 1.8000.

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Elliott wave analysis of EUR/JPY for September 22, 2015 Market Analysis Review

Technical summary:

A break below support at 134.98 has just added more confidence in a call for a continuation lower towards 132.23 and even lower to 131.45 before the extended correction from 141.06 is over.

In the short term, the broken support at 134.98 will act as resistance, but even stronger short-term resistance is found just above 135.47.

Trading recommendation:

We are short EUR from 136.62 moving our stop lower to 136.20. If you are not short EUR yet, sell near 135.47 and use the same stop at 136.20.

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Daily analysis of major pairs for September 22, 2015 Market Analysis Review

EUR/USD: The EUR/USD has continued its bearish journey started on Friday. From the resistance line at 1.1450, the price has gone 250 pips down. The price is now below the resistance line at 1.1200, going towards the support line at 1.1150. This bearish movement resulted in a Bearish Confirmation Pattern in the market.

USD/CHF: This pair has made another faint attempt to continue the bullish journey it started on Friday. From the support level at 0.9550, the price has gone upwards by, at least, 170 pips. This upwards movement is not yet strong enough to lead to any serious outlook, unless the price goes above the resistance level at 0.9800. Only a serious plunge in the EUR/USD and a great stamina in the USD could make the USD/CHF pair go above the resistance level of 0.9800. Until that happens, one might consider staying away from this market.

GBP/USD: Since testing the distribution territory of 1.5650, the cable has been coming down gradually, though the bullish outlook is still valid. Any movement below the accumulation territory around 1.5400 could lead to a fresh bearish bias. Until that happens, the bias is bullish.

USD/JPY: In this market, the current equilibrium phase is not over yet. This week, the price might go above the supply level at 121.50 or below the demand level at 119.00. Until that happens, this would remain an equilibrium market, with the price swinging between the aforementioned support and resistance levels.

EUR/JPY: This cross has also continued journeying southwards started on Friday. There is a confirmed bearish signal in the market now, which could continue to be valid unless the EUR gains loads of strength and the yen eases a little.

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Technical analysis of EUR/USD for September 22, 2015 Market Analysis Review

When the European market opens, economic news about the Consumer Confidence is due to be released. The US will publish economic data on the Richmond Manufacturing Index and HPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1240.

Strong Resistance:1.1234.

Original Resistance: 1.1223.

Inner Sell Area: 1.1212.

Target Inner Area: 1.1186.

Inner Buy Area: 1.1160.

Original Support: 1.1149.

Strong Support: 1.1138.

Breakout SELL Level: 1.1132.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for September 22, 2015 Market Analysis Review

In Asia, Japan will not release any economic data. But the US will publish data on the Richmond Manufacturing Index and HPI m/m. So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.06.

Resistance. 2: 120.82.

Resistance. 1: 120.58.

Support. 1: 120.29.

Support. 2: 120.06.

Support. 3: 119.82.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of USDX for September 22, 2015 Market Analysis Review

On the daily chart, the USDX is currently consolidating above the support zone of 95.83, focusing on the resistance level of 96.38. It is expected to see a bullish formation during the process, because the index is still strong. However, the pullbacks should take the USDX until the level of 95.26. The MACD indicator is entering the positive territory.

The index is performing a bullish consolidation above the 200 SMA on the H1 chart, because the USDX has been trading upwards during the day. This rally held during Monday's session has already given us a path, which will be followed by the USDX during this week at least, so be aware of further rallies. The MACD indicator is reaching overbought conditions.

Daily chart's resistance levels: 96.38 / 96.91

Daily chart's support levels: 95.81 / 95.26

H1 chart's resistance levels: 95.94 / 96.15

H1 chart's support levels: 95.67 / 95.34

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 95.67, take profit is at 95.34, and stop loss is at 95.99.

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Daily analysis of GBP/USD for September 22, 2015 Market Analysis Review

GBP/USD is consolidating above the support level of 1.5479 on the daily chart, looking for an opportunity to break higher above the 200 SMA in coming days. We are still watching the dynamic resistance offered by that moving average. Eventually, the pair could turn lower until the support zone of 1.5344.

On the H1 chart, the cable is reaching the rebound zone offered by the 200 SMA and it would be expected to break resistance zone of 1.5516 in order to test the level of 1.5561. However, if GBP/USD does a breakout below the level of 1.5468, it would be expected to reach the level of 1.5417, only when that scenario happens.

Daily chart's resistance levels: 1.5559 / 1.5634

Daily chart's support levels: 1.5479 / 1.5344

H1 chart's resistance levels: 1.5516 / 1.5561

H1 chart's support levels: 1.5468 / 1.5417

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5516, take profit is at 1.5561, and stop loss is at 1.5473.

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GBP/USD intraday technical levels and trading recommendations for September 21, 2015 Market Analysis Review

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. That is where the depicted bullish swing was initiated.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered valid sell entries for risky traders (depicted with red numbers).

Recently, strong bullish pressure was applied at the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders pattern was confirmed.

The support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure which originated at 1.5800.

The nearest support zone to meet the GBP/USD pair was located at 1.5200-1.5170 where a valid Intraday buy entry was suggested then.

On the other hand, a valid sell entry can be offered around the current resistance zone of 1.5470-1.5540 as long as the market keeps defending the price level of 1.5580 (mid-range of the consolidation zone).

Note that persistence below the price levels of 1.5450 (lower limit of the depicted consolidation range) and 1.5350 (Recent Weekly Bottom) is mandatory to allow further bearish decline initially towards the price level of 1.5350.

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USD/CAD intraday technical levels and trading recommendations for September 21, 2015 Market Analysis Review

Overview:

Several months ago, when bulls pushed the price above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened the way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Higher lows were established. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. Bulls are revisiting this level this week.

Bearish corrective movement towards the level of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep trading below the Fibonacci Expansion zone around 1.3270 - 1.3300.

Moreover, bearish persistence below 1.3100 (lower limit of the depicted Flag pattern) is needed to expose the next support level around 1.2910 and then 1.2800 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry can be offered at the current price levels around 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400. T/P levels should be placed at 1.3200 and 1.3050.

On the other hand, conservative traders should wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes the recent strong support.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for September 21, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which has been providing evident resistance for the GBP/USD pair.

Previous weekly candlestick closure above 1.5500 hindered further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

Recent weekly candlesticks came as bearish engulfing ones, closing below the level of 1.5450 (Head and Shoulders neckline).

It supports the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located at the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5330.

Weekly persistence below 1.5500 is mandatory to allow further bearish decline to occur. On the other hand, a weekly closure above 1.5500 hinders the bearish scenario.

Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few months ago. All T/P levels were successfully reached.

The price level of 1.5550 which corresponded to the 50% Fibonacci level and the previous prominent top, was temporarily broken enabling further bearish decline towards 1.5350 where an ascending bottom was established.

Prominent supply/resistance existed around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern.

That is why, a valid sell entry was suggested for retesting at 1.5770 three weeks ago. All of its targets have been already achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (Prominent Demand Level), which prevented further bearish decline.

Instead of it, evident bullish rejection was expressed (bullish engulfing daily candlesticks) that lead to the recent bullish pullback towards 1.5560.

Trade Recommendation:

A valid sell entry was suggested around the price zone of 1.5550-1.5580 (recent resistance zone). It corresponds to 50% Fibonacci level and the backside of a broken uptrend.

T/P levels to be projected towards 1.5200 and then 1.5050, while S/L should be placed above 1.5680.

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Intraday technical levels and trading recommendations for EUR/USD for September 21, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection which exists around price level of 1.1450.

In the long term, a projection target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high of 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above a weekly high of 1.1465 by the end of the current month ( low probability ).

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Extensive bullish pressure was applied until bearish resistance was expressed around the level of 1.1700.

The market looked overbought as bulls were pushing further beyond the price level of 1.1500 (Daily Supply Level).

Hence, bearish movement took place towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejection (note the recent daily candlesticks).

As anticipated, tThe intraday supply zone of 1.1300-1.1330 provided significant bearish rejection. An intraday sell ntry was suggested with T/P levels placed at 1.1150 and 1.1050.

On the other hand, daily persistence below the level of 1.1150 (61.8% Fibonacci level) is mandatory to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders should wait for a bearish pullback towards the price zone of 1.0980-1.1000 (the depicted uptrend line) for a valid buy entry.

S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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Technical analysis of USD/CHF for September 21, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range. The pair keeps trading on the upside while being supported by the rising 20-period MA. The bullish momentum is still strong, as the intraday RSI is well directed above its neutrality area at 50. Furthermore, a strong support base has formed around 0.9625, which should limit any downward attempts. Above 0.9625, further advance is more likely to challenge 0.9760 (an intraday resistance). In case of a breakout, look for 0.9760 and 0.9790.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9760 and the second target at 0.9790. In the alternative scenario, short positions are recommended with the first target at 0.9585 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9560. The pivot point is at 0.9625.

Resistance levels: 0.9760 0.9790 0.9825

Support levels: 0.9585 0.9560 0.95

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Technical analysis of NZD/USD for September 21, 2015 Market Analysis Review

NZD/USD is expected to trade in a lower range as the pair is turning down. The pair has failed to hold above the support of its 50-period MA. The 20-period MA is about to cross below the 50-period one, which should confirm a negative outlook. Besides, the intraday RSI is bearish, without showing any signals of reversal. As long as the intraday resistance at 0.64 is not surpassed, further consolidations seem more likely to occur towards 0.6310.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6310. A break of that target will move the pair further downwards to 0.6290. The pivot point stands at 0.64. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6410 and the second target at 0.6435.

Resistance levels: 0.6415 0.6435 0.6475

Support levels: 0.6310 0.6290 0.6250

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Technical analysis of GBP/JPY for September 21, 2015 Market Analysis Review

GBP/JPY is expected to trade in a lower range as the pair is moving under pressure. The pair is moving in a downtrend on an intraday basis. The falling 20-period and 50-period MAs maintain strong selling pressure. Furthermore, the intraday RSI is below its neutrality area at 50 lacking upward momentum. In this case, as long as 187.50 holds on the upside, a test of 185.95 (a major support) would be expected, and a slide below this threshold would trigger a bearish acceleration towards 134.90.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 185.95. A breakout of that target will move the pair further downwards to 184.90. The pivot point stands at 187.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 187.95 and the second target at 189.

Resistance levels: 187.95 189 189.85

Support levels: 185.95 184.90 184.10

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Technical analysis of NZD/USD for September 21, 2015 Market Analysis Review

Overview:

• The NZD/USD pair movement will be continued directly from the resistance level of 0.6375 (61.8% of Fibonacci retracement levels) in the H1 chart. Therefore, the NZD/USD pair is showing signs of weakness, following the break of the lowest level of 0.6375, for that it will be a good sign to sell below the level of 0.6375 in the short term with the first target of 0.6325 in order to test the pivot point and further to 0.6293 to form the double bottom, then this price will act as strong suport. For that, it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 23.6% of Fibonacci retracement levels. However, in case if a reversal takes place and the NZD/USD pair breaks through the minor resistance level of 0.6375 , the market will increase further to 0.6410 for indicating bullish market.

Notes:

• We expect a range about 82 pips (0.6293 - 0.6375) today.
• The risk of 82 pips must make a profit of 123 pips.
• The value of 50% Fibonacci retracement levels is 0.6349.
• The level of 0.6349 will confirm the bearish market.
• Volatility is 125.53. As a rule, the market is highly volatile if the last day had a huge volatility.

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Technical analysis of GBP/CHF for September 21, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is confined in a trading range of 200 pips between 1.4900 and 1.5100 levelsб respectively. The pair is trading at the 1.5030 levels at the moment, looking to break higher above the 1.5100 levels in the sessions to come. It is recommended to initiate 50% long positions now and the remaining around the 1.4950/1.5000 levels with risk at the 1.4850 levels. Immediate support is seen at the 1.4900 levels followed by 1.4700, 1.4600 levels, while resistance is seen at the 1.5100 levels (interim) followed by 1.5350, 1.5400/10 and higher, respectively.

Trading recommendations:

Initiate 50% long positions now, stop is at 1.4850, target is open.

Good luck!

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Technical analysis of USD/CHF for September 21, 2015 Market Analysis Review

Overview:

• The price of the USD/CHF pair has traded between the levels of 0.9642 and 0.9710, but these levels are coinciding with 38.2% and 61.8% of Fibonacci retracement levels on the H1 chart, and the pair has already formed a strong resistance at the level of 0.9760. Moreover, the price has set below strong resistance at the levels of 0.9760 (78.6% of Fibonacci retracement levels in H1 chart). So now it is approaching it in order to test it. Therefore, buy above the price of 0.9710 and 0.9755. On the other hand, the Swissy's downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9760, it will be a good decision to sell below 0.9760 with the first target of 0.9705. It will call for a downtrend continuing falling towards 0.9675 to try to break the weekly pivot point. Thus, if the trend can break the weekly pivot point, it will lead the market to the price of 0.9650.

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Global macro overview for 21/09/2015 Market Analysis Review

Global macro overview for 21/09/2015

Saudi Arabia led the OPEC earlier this year to boosting production to keep market share amid a global oversupply concerns. As a result, its oil stockpiles rose to a new record high in July this year. According to the website of the Riyadh-based Joint Organizations Data Initiative, the petroleum inventories rose from 319.5 mln barrels to 320 mln barrels and crude oil exports decreased to 7.28 mln barrels a day from 7.9 mln barrels in March 2015. It seems the crude oil and other commodities market can not overcome the glut of supply and the prices for commodities like crude oil might fall even lower to the levels below $30 a barrel in the long-term.

The daily chart of crude oil shows that the market is trading inside the congestion area between the 23% and 36% Fibonacci retracement of the previous swing low. The price is currently below the 200-day moving average and as long as the level of 49.54 is violated, the long-term outlook is still bearish.

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Global macro overview for 21/09/2015 Market Analysis Review

Global macro overview for 21/09/2015

Alexis Tsipras' Syriza party has been given the credit of confidence again after winning the Greek elections in the weekend, but secured only 145 of the 300 seats in parliament. There is a high possibility that Tsipras will seek a coalition with small right wing party called Independent Greeks that currently have 10 seats. Nevertheless, the Greek people has given his party a fresh mandate built on the recent successful bailout negotiations with the creditors. Moreover, they gave a clear message to the rest of the EU members that they want to be a part of the EU even if this means more austerity measures in the near term.

The EUR/USD pair did not react that much to the Greek election results, and it is trading in the daily support zone around the level of 1.1268.

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Technical analysis of EUR/JPY for September 21, 2015 Market Analysis Review

General overview for 21/09/2015 10:00 CET

The low for the wave b green has been made, but is not confirmed so far as the market trades below the golden trendline and below the lower channel line. Both of this lines will be acting as dynamic resistance and only a clear breakout above them will make the bullish scenario possible.

Support/Resistance:

133.49 - WS2

134.35 - WS1

135.20 - Intraday Support

135.91 - Weekly Pivot

135.99 - Intraday Resistance

136.84 - WR1

137.43 - Intraday Resistance

Trading recommendations:

Daytraders should consider opening sell orders with SL above the level of 136.40 and open TP for now. In case of a clear violation of the level 136.40, no sell orders should be opened as the market might be heading towards a new high above the level of 137.43.

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Technical analysis of USD/CAD for September 21, 2015 Market Analysis Review

General overview for 21/09/2015 09:40 CET

There are two possible counts on near-term charts: main and alternative. The main count is a bearish impulsive count that indicates a possible top at the level of 1.3355 and the invalidation line for this count is seen at the level of 1.3309. This would meant, that any breakout higher will possibly reach another higher high in the last wave alt.5 purple. Nevertheless, there is no immediate confirmation yet and we must wait for the market to show us direction by either violating the level of 1.3309 or reachinga new local low.

Support/Resistance:

1.3356 - WR1|Swing High|

1.3309 - Green Impulsive Count Invalidation Level

1.3230 - Intraday Resistnace

1.3184 - Weekly Pivot

1.3089 - WS1

1.3011 - Technical Support

Trading recommendations:

Daytraders and swingtraders should consider opening sell orders with SL above the level of 1.3309 and open TP for now. In case of violation taking place at the level 1.3309, no sell orders should be opened as market might be heading towards a new high above the level of 1.3355.

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USDX technical analysis for September 21, 2015 Market Analysis Review

The US Dollar index made an upward bounce as expected from the 61.8% Fibonacci retracement. The price has bounced back towards cloud resistance and dollar bulls could try to get some profit. We are below important resistance levels and bulls will need to show more strength in order to make a breakout.

Green line - resistance

The US Dollar Index is testing short-term cloud resistance. I expect an initial price rejection at the current levels, but I do not give many chances of breaking below Friday's lows. I expect the price to reach a higher low and then reverse back upwards.

Red line - resistance

Green line - support

The US Dollar Index has touched the weekly Ichimoku cloud support and bounced strongly. Weekly resistance is found at 95.50-96 by the tenkan- and kijun-sen indicators. The weekly cloud is important support and I believe the index will hold above it. The bullish flag pattern is still in play but with no clear long-term signal yet.

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Gold technical analysis for September 21, 2015 Market Analysis Review

Gold price remains in a short-term bullish trend and can moveeven higher towards $1,150 over the next couple of days as long as the price is above $1,125. At $1,150, we found very important resistance. In case it gets broken, it would open the way towards $1,200.

Red line - trend line resistance

Gold price is trading above the Ichimoku cloud and is reaching short-term higher highs and higher lows. Th eprice is heading towards the red downward sloping trend-line resistance at $1,150. This trend line proves last two important highs of $1,233 and $1,170. Ibn case it gets broken, the way towards $1,200 would be open. Support is found at $1,100. This is critical for the bullish medium-term trend.

The weekly chart remains bullish in the short term as we closed last week above the tenkan-sen (red line indicator). Next important resistance is seen at $1,150-55 where we found the weekly kijun-sen (yellow line indicator). Cloud resistance is seen at $1,200, a target that we can achieve in case of a breakout above $1,150-55.The material has been provided by InstaForex Company - www.instaforex.com

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Daily analysis of major pairs for September 21, 2015 Market Analysis Review

EUR/USD: The outlook for this pair is still bullish, though threatened. The price managed to test the resistance line at 1.1450, before being corrected to the downside. A downward movement was not strong enough to render the current bullish outlook invalid, unless the support line at 1.1200 is breached to the downside.

USD/CHF: The USD/CHF pair remains under bearish control. As long as the resistance level at 0.9800 is not broken to the upside, bearishness would be a rational thing. The market is expected to continue moving downwards this week; coupled with the fact that the resistance level at 0.9800 is a serious challenge to bulls.

GBP/USD: This pair went 300 pips upwards last week, rising from the accumulation territory of 1.5350, and reaching the distribution territory at 1.5650. From that distribution territory, the price has eased by 110 pips. There would be strong volatility in the market this week, for the price would perform a series of upswings and downswings.

USD/JPY: The USD/JPY pair moved sideways during the last week, without any significant movement to the upside or to the downside. There would be a serious breakout any day this week, which would most probably favor bears. There is the demand level at 119.00 and support is found at 121.50.

EUR/JPY: This cross is highly volatile with serious struggles between bulls and bears. The determinant of this week's movement on the cross is the situation on the EUR and the JPY - a stronger JPY would cause the cross to tumble and a stronger EUR could cause it to skyrocket. The outlook on JPY pairs remains bearish, and therefore, there is a strong probability that the cross would trend downwards.

The material has been provided by InstaForex Company - www.instaforex.com

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