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As it was forecasted at the beginning of last week, GBP was able to rally against some majors, as witnessed on GBP/CHF, GBP/NZD, EUR/GBP, GBP/JPY, etc. GBP/USD was also able to rally last week, starting from the accumulation territory at 1.4150, and reaching the distribution territory at 1.4450. This is a movement of 300 pips, and further bullish journey is possible this week. It is also possible on GPB pairs.
EUR/USD: The bulls tried seriously to push this pair upwards, but following the volatility we witnessed here last week Thursday, the price came down on Friday. This has resulted in a “sell” signal in the market – further bearish movement is possible this week. But this does not rule out the possibility of an upward bounce, which might not threaten the current “sell” signal unless the resistance level at 1.1450 is overcome buy the bulls.
USD/CHF: The bears threatened to push the USD/CHF lower, but their effort was thwarted on Wednesday as the price started moving upwards. This has resulted in a Bullish Confirmation Pattern in the market. The price, which closed above the support level at 0.9750, would reach the resistance levels at 0.9800 and 0.9850 this week. The only hindrance to this bullish bias would be an expected rally on the CHF, which might affect CHF pairs.
GBP/USD: As it was forecasted at the beginning of last week, GBP was able to rally against some majors, as witnessed on GBP/CHF, GBP/NZD, EUR/GBP, GBP/JPY, etc. GBP/USD was also able to rally last week, starting from the accumulation territory at 1.4150, and reaching the distribution territory at 1.4450. This is a movement of 300 pips, and further bullish journey is possible this week. It is also possible on GPB pairs.
USD/JPY: Following the minor gap down into the demand level at 108.00 at the beginning of last week, this currency trading instrument started a bullish journey, which occurred gradually and gained momentum on Friday, April 22, 2016. The price closed above the demand level at 111.50; poised for further northward movement, which would be at least, 150 pips this week. As an aside, JPY pairs might also be weakened before the end of the month. Please watch JPY pairs.
EUR/JPY: There is now a Bullish Confirmation Pattern on the EUR/JPY. The price moved upwards by 360 pips last week, and it could move further upwards this week. Short trades are no longer advisable here until there is an indication of bears’ hegemony, which is possible before the end of April 2016.
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
