Author Topic: Daily analysis of major pairs for November 22, 2016  (Read 281 times)

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Daily analysis of major pairs for November 22, 2016
« on: November 22, 2016, 03:49:01 AM »
The Cable moved upwards by 180 pips yesterday ? in the context of a downtrend. The upwards movement was not significant enough to override the short-term bearish bias. Further bullish movement of about 200 pips, would however, result in a bullish signal in the 4-hour chart.

EUR/USD: This currency trading instrument simply went flat on Monday. There would soon be a rise in the momentum, and further downwards movement is possible this week, provided that USD does not showcase any signs of strength.

USD/CHF: The USD/CHF did not do much on November 21. It managed to climb above the great psychological level at 1.0000 last week, and testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in USD may send the pair plunging below the psychological level at 1.0000.

GBP/USD: The Cable moved upwards by 180 pips yesterday ? in the context of a downtrend. The upwards movement was not significant enough to override the short-term bearish bias. Further bullish movement of about 200 pips, would however, result in a bullish signal in the 4-hour chart.

USD/JPY: The USD/JPY has been going further and further upwards. There is a huge Bullish Confirmation Pattern in the market, and further northwards journey is anticipated. So bulls might target the supply levels at 115.50, 112.00 and 112.50 this week. This kind of bullish movement would hold as long as the Yen is weak.

EUR/JPY: This cross pair moved a bit upwards on Monday, and it is now very close to the supply zone at 118.00. A break above the supply zones at 118.50 and 119.00 is anticipated this week. This should happen unless the Yen gains a considerable amount of stamina, which might result in a large pullback.

Performed by Azeez Mustapha,
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Daily analysis of major pairs for November 22, 2016
« on: November 22, 2016, 03:49:01 AM »

 

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