Forex Analysis and News for Major Currency pairs
Forex Analysis and News for Major Currency pairs April, Week 2
This Analysis is brought to you by PROFIFOREX
Here is the market outlook for this week:
EURUSD
Price Trend: Bearish
This previous week, there was sideways movement in the EURUSD through out the week. By the end of the week, the pair finished under the resistance level located at 1.0600 only managing to stay above the support line located at 1.0550. For this week, it looks likely the EURUSD will continue sliding down although the pair will make attempts to push up. This may end up being for a short time and a better opportunity to sell. For now there is a Bearish Confirmation Pattern. Considering this, it is very possible the pair could fall down across the next four days touching 1.0500 even falling down to 1.0450.
EURJPY
Price Trend: Bearish
Across last week, the EURJPY lost over 100 pips attempting to break below 117.50 where there is a demand zone. This amounts to more than 480 pips the pair has lost in a month. Now for this week, there is a very significant demand zone at 117.00. Should prices fall below that demand zone, it becomes very possible that the decline would spill dropping down to 117.00, even as far down as 116.00 all which are demand zones.
USDCHF
Price Trend: Bullish
At the beginning of last week, there was a consolidation in the USDCHF as the pair had recorded an increase of over 75 pips. For almost two weeks now, prices have gone up far by over 250 pips. The trend for this week is an uptrend, thus we expect that prices may rise as far as the resistance level located at 1.0100. It is even possible for the pair to rise as far as 1.0150. This rise should continue unless the EURUSD gains strength reasonably.
GBPUSD
Price Trend: Neutral
Price movement last week resulted in a neutral trend. Thus there will be no stop this week to the equilibrium phase forming in the GBPUSD so long prices stay between 1.2600 and 1.2300 which is a distribution and accumulation territory respectively. It is however more likely prices may rise up as the trend for most GBPUSD pairs is generally an uptrend.
USDJPY
Price Trend: Bearish
The previous week, the USDPY experienced a consolidation between the supply level located at 111.50 and the demand level at 110.00. For the month of April, JPY pairs have a downtrend, thus it is possible for the USDJPY to slide down further should the pair break past the crucial demand level located at 111.00.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Forex Analysis and News for Major Currency pairs April, Week 1
This Analysis is brought to you by PROFIFOREX
Here is the market outlook for this week:
EURUSD
Price Trend: Bearish
The EURUSD experienced an increase the previous week, climbing up to reach 1.0900 (which is a resistance level). After this, the pair suffered a decline of over 245 pips. By the end of the week, prices finished in the region of 1.0650 where there is a support level. Thus looking into this week, it is likely prices will drop further even as far as the support line located at 1.0550. Therefore the trend for the EURSD is essentially a downtrend. This is almost the same trend for most EUR pairs. We can't however neglect that the pair could still make attempts to rise this week. But such temporary increases should be seen as better opportunities to sell.
EURJPY
Price Trend: Bearish
What we saw for the EURJPY for the majority of last week was consolidation more in a downtrend. Consolidation started by the 22nd of the previous month with the consolidation ending by last week Friday. By this time, prices were declining such that they finished last week under 119.00 where there is a crucial supply zone. For this week we expect the pair to fall down to 118.50 even as low as 118.00 both of which are demand zones. For the month of April, what we have is a downtrend for most JPY pairs. Thus with a weakening euro, the EURJPY will be falling too.
GBPUSD
Price Trend: Bullish
The previous week, the pair enjoyed an increase rising up to 1.2600 where there is a distribution territory. After rising to 1.2600, the GBPUSD followed this up with a decrease dropping to the accumulation territory located at 1.2400. Since then the pair has struggled without success to break past that accumulation territory, following this up with a rise towards 1.2550 where there is a distribution level. So far across the next three days, we expect that the GBPUSD climbs up to the distribution territory we have located at 1.2600 as well as another distribution territory we have at 1.2650. For this month of April, we expect heavy big moves up for this pair.
USDJPY
Price Trend: Bearish
The previous week, the pair enjoyed an increase. But such increase wasn't strong enough to change the downtrend. The USDJPY thus finished last week under 112.00 after earlier on climbing to 111.50. We had anticipated such increase of almost 160 pips. For this week however prices may attempt to rise but this will not be strong enough. The fact is that the trend still remains a downtrend for the month of April.
USDCHF
Price Trend: Bearish
The previous week, the USDCHF fell under 0.9850 where there is a support level. The pair followed this up with an increase before finishing for the week under the support level located at 1.0000. Should prices climb above the significant resistance level we have at 1.0050, this may change the trend from a downtrend. But for the month of April, this pair is largely connected to the EURUSD such that movement in the EURUSD will specify the price action for the USDCHF.