It's time for Wednesday's Main Dukascopy Spike Controller. Let’s take a look at the average and peak spread levels for the three non-cross majors. Euro/Dollar…
EUR/USD: This pair has gone
upwards this week, resulting in a Bullish Confirmation Pattern in the market.
The EMA 11 is above the EMA 56, and the Williams’ % Range period 20 is in the
overbought region. This means that, while there may be occasional pullbacks in
the market, the general movement would be towards the north.
USD/CHF: The USD/CHF
pair consolidated from Monday till Wednesday and then plummeted by 150 pips, testing
the support line at 0.9950. Further downwards movement is expected, especially
as long as EUR/USD goes upwards. Some fundamental figures are expected
today and they may have impact on the market.
GBP/USD: There is a short-term
bearish signal on the GBP/USD pair. From the accumulation territory at 1.2150, price
went upwards by 210 pips, now slightly below the distribution territory at
1.2350. Price has recently been consolidating, but when there is a breakout in
the market, it would most probably be in favor of bulls.
USD/JPY: As for USD/JPY, a “sell” signal has been
brought about by the large pullback that occurred on Wednesday. One factor responsible
for this is the weakness in the Greenback. More bearish movement is possible,
but there could be a rally before the end of March 2017.
EUR/JPY: The bullish bias here
remains valid. The EMA 11 is still above the EMA 56, and the RSI period 14 is above
the level 50. Further rally would result in another affirmation of the recent
bullish outlook; plus the supply zones at 122.50 and 123.00 would be tested any
moment from today or next week.
The material has been provided by InstaForex Company – www.instaforex.com