Daily analysis of major pairs for December 27, 2013
December 27, 2013 9:15 am
EUR/USD: This pair has rejected the recent bearish pull on it. The price broke upwards, cutting through the market line of 1.3750, while going further upwards. Clearly, the bias has turned bullish and short trades no longer make much sense now. The EMA 11 has crossed the EMA 56 to the upside, while the Williams’ % Range has followed suit. The new bullish bias is early enough to be capitalized upon. The price may reach the next target at the resistance line of 1.3800.
USD/CHF: It is now obvious that the USD is weak, for this pair has started going down (This is evident on the USD/JPY which has failed to go significantly upwards in spite of the fact that other JPY pairs are trending upwards). Now, the USD/CHF is weak, but no bearish signal has been generated in the 4-hour chart. The Williams’ % Range is already in the oversold area; thus one would need to wait for the EMAs to confirm it before taking a position.
GBP/USD: The Cable is already journeying upwards, as it was forecasted on Wednesday. The EUR/USD also has finally complied with the positive correlation phenomenon with the Cable. The Cable would now go towards the distribution territory of 1.6500.
USD/JPY: The JPY pairs experienced upwards gaps yesterday and have been trending upwards in most cases. This is in agreement with the extant bullish bias. Nevertheless, the USD is weak: this is evident on the USD/JPY which has failed to go significantly upwards in spite of the fact that other JPY pairs are trending upwards. The bullish bias is still valid and the market could eventually go upwards.
EUR/JPY: After the gap-up that occurred yesterday, this pair has moved upwards by close to 100 pips. The next target would be at the supply zone of 144.50.
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EUR/USD: This
pair has rejected the recent bearish pull on it. The price broke upwards,
cutting through the market line of 1.3750, while going further upwards.
Clearly, the bias has turned bullish and short trades no longer make much sense
now. The EMA 11 has crossed the EMA 56 to the upside, while the Williams’ %
Range has followed suit. The new bullish bias is early enough to be capitalized
upon. The price may reach the next target at the resistance line of 1.3800.
USD/CHF: It is now obvious that the USD is weak, for
this pair has started going down (This is evident on the USD/JPY which has
failed to go significantly upwards in spite of the fact that other JPY pairs
are trending upwards). Now, the USD/CHF is weak, but no bearish signal has been
generated in the 4-hour chart. The Williams’ % Range is already in the oversold
area; thus one would need to wait for the EMAs to confirm it before taking a
position.
GBP/USD: The Cable is already journeying upwards, as it
was forecasted on Wednesday. The EUR/USD also has finally complied with the positive
correlation phenomenon with the Cable. The Cable would now go towards the distribution
territory of 1.6500.
USD/JPY: The JPY
pairs experienced upwards gaps yesterday and have been trending upwards in most
cases. This is in agreement with the extant bullish bias. Nevertheless, the USD is weak: this is
evident on the USD/JPY which has failed to go significantly upwards in spite of
the fact that other JPY pairs are trending upwards. The bullish bias is still
valid and the market could eventually go upwards.
EUR/JPY: After
the gap-up that occurred yesterday, this pair has moved upwards by close to 100
pips. The next target would be at the supply zone of 144.50.
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