Daily trading forecasts (February 20, 2013)
EURUSD: The EURUSD pair has assumed a general upswing this week – though the major outlook is bearish. The Williams’ % Range is in an overbought state, but the EMAs are yet to support any major change in the trend. One would need to wait for a clearer confirmation before taking a step.
USDCHF: In a reverse (opposite) manner, the outlook on the USDCHF pair is similar to that of the EURUSD pair. The price has generally moved in a downswing this week (following the recent equilibrium phase). The Williams’ % Range is in the oversold region. However, the EMAs are not yet confirming any change in the trend and therefore, it is best to wait for a clearer signal.
GBPUSD: There is a weak rally on this pair – and the major trend is still very much valid. The RSI period 14 remains below the level 50, and the EMA 11 remains below the EMA 56. It is expected that the present rally would be transient.
USDJPY: There is a worrying correction on the USDJPY pair (for buyers). The RSI period 14 is below the level 50, and the price is threatening to cross the EMA 56 to the downside. A confirmation of what the price is about to do is needed, but generally, should the price is able to stay above the market level at 92.00, the bullish trend is valid.
EURJPY: This cross has only been moving sideways in this week, and one would need to wait for what the price would do next before taking action. It is either the price breaks the supply zone at 126.00 upwards or breaks the demand zone at 125.00 downwards. Overall, it is more possible that the price goes upwards, because indicators support that.
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