Daily Analysis of Major Pairs for April 19, 2016
EUR/USD: The markets opened this week with minor gaps in some cases, which indicate serious trending movements this week. The EUR/USD did not move significantly on Monday but it would soon start moving in a trending mode. When the trending monde is assumed, it would most probably favor the bulls.
USD/CHF: This pair did not move seriously yesterday. Nonetheless, there is going to be a bearish journey this week, which would strengthen the recent bearish outlook and enable the price to reach the support levels at 0.9600, 0.9650 and 0.9500.
GBP/USD: The Cable moved upwards on April 18, 2016, closing above the accumulation territory at 1.4250. There is a "buy" signal in the market, at least in the short term, owing to the fact that the EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The next target for the bulls are the distribution territories at 1.4300 and 1.4350.
USD/JPY: This currency trading instrument gapped down at the beginning of this week and later bounced upwards in the context of a downtrend. There is a Bearish Confirmation Pattern on the chart, which might not be jeopardized unless the price goes above the supply zones at 109.50 and 110.00.
EUR/JPY: The EUR/JPY gapped into the demand zone at 122.00, and later bounced upwards in the context of a downtrend. The price is supposed to continuing moving upwards, possibly invalidating the bearish bias before the end of the week.