Daily Analysis of Major Pairs for April 28, 2016
EUR/USD: The perpetual rally on the EUR/USD has become a threat to the recent bearish outlook on the market. The EMA 11 has almost crossed the EMA 56 to the upside; plus the Williams' % Range period 20 is now in the overbought area. The price could go further upwards, reaching the resistance line at 1.1400, which would lead to a Bullish Confirmation Pattern on the 4-hour chart.
USD/CHF: This pair has come down so far this week (coming down by 70 pips). Since the Williams' % Range period 20 is now in the oversold region, we can assume that there is a measure of threat against the recent bullish bias. The bullish bias would be valid as long as the support levels at 0.9650 and 0.9600 are not broken to the downside.
GBP/USD: Although the Cable is currently experiencing a minor bearish retracement in the context of a rally, the outlook on the market is bullish. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50, which means the bulls are in control. Some fundamental figures are expected today and they may have an impact on the market.
USD/JPY: So far this week, the price has generally moved sideways, though in a context of an uptrend. The EMA 11 is above the EMA 56, while the RSI period 14 is above the level 50. It is most likely that the price would continue going upwards when a breakout does occur, enabling the supply levels at 122.00 and 122.50 to the attained.
EUR/JPY: The EUR/JPY has gone slightly upwards so far this week. The price is now above the demand zone at 126.00, trying to go towards the supply zone at 126.50. This expectation is possible as a result of a Bullish Confirmation Pattern in the market, which may enable the price to go even beyond the initial target.
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