Market Review: GBP / USD , USD / JPY and Oil 18th november – 22th november

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).

GBP-USD Chart - 18h november 2013

GBP-USD Chart – 18h november 2013

 

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.

USD-JPY Chart -18h november 2013

USD-JPY Chart -18h november 2013

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.

 

Oil Chart -18h november 2013

Oil Chart -18h november 2013

 

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John Walker

John Walker

Editor at Tradingbroker.co.uk
John was born in London ( United Kingdom ) and studied at The London School of Economics. Currently he lives in Sydney ( Australia ) and he works as editor at Tradingbroker.co.uk.
John Walker

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