The GBP/USD preformed exactly as we expected and broke above the 1.60 minor resistance, reaching our 1st target at the 1.6120 resistance area. We expect the pair to continue upwards towards the 1.6260 very strong resistance area (although there might be some minor downward corrections along the way).
USD/JPY – As we mentioned last week regarding the pair’s breaking of the triangular pattern upwards, we should still be looking for buying opportunities in general. Either at a break higher, or after downward corrections to support levels.
We had a great opportunity when the pair made a correction to the 99.00 area at the beginning of the week (the exact level we suggested to you last week), and since then climbed upwards, even above the 100 area. We expect the pair to continue towards 103.50 area.
OIL – After an almost $20 downward movement, oil found support at the 93 level, where it hit the long term upward trend line and the 200 SMA on the weekly chart.
We believe it can stage an upward correction towards the 98 resistance area. A break above the 95.70 level can trigger such a move.
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