EURUSD Dominant bias: Bullish This market gained over 210 pips this week after testing the support line at 1.2250, and all indications suggest that short trades are illogical in the near-term. It is still possible for the bears to regain control before the end of this year, but the immediate outlook is bullish, and a break above the resistance line at 1.2500 will confirm a stronger bullish influence. USDCHF Dominant bias: Bearish Weakness in the US Dollar has enabled this pair to drop over the past week. Price tested the resistance level at 0.9800, but it could not close above it and, from there, trended downwards by around 160 pips - going below the resistance level of 0.9650. From here, price may reach the support level at 0.9600 which, if broken, will mean that bulls have given up the fight for now. GBPUSD Dominant bias: Bullish Cable went bullish this week - initially moving upwards in a slow and steady manner, and then moving sideways until the close of the market. Price closed at 1.5715 on Friday, December 12, 2014; above the accumulation territory at 1.5700. The distribution territory at 1.5750 has been tested and could be again. With more strength in the market, another distribution territory at 1.5800 may ultimately be tested, as that is the short-term bullish target. However, Cable could easily weaken again before the end of this year. USDJPY Dominant bias: Bearish USDJPY managed to get above the supply level at 121.50, but further bullish movement was rejected and price dropped by over 400 pips to test the demand level at 117.50. Although bearish efforts have been rejected at that demand level, it could well be tested again and even breached. EURJPY Dominant bias: Bullish The situation on this cross is currently dicey. EUR is making an effort to turn bullish and JPY is nether weak. The market dropped seriously, but was contained at the demand zone of 146.50. From there, price has gone up 150 pips, sitting on the supply zone at 148.00 which is very likely to give way - enabling price to attack the supply zone at 149.00.
Posted on: Mon, 15 Dec 2014 05:59:57 +0000
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