Check out this week's Pairs in Focus- Forex Forecast
has pulled back a bit during the course of the trading week, basically wiping out all of the gains from the previous one. That being said, we are also sitting near the 200-Week EMA, and I do see a lot of support underneath. My suspicion is that we will see a little bit of follow-through to the downside, but eventually bounce from a trough. However, if we were to break through the 1.2650 level, the British pound will continue to go much lower.
At this point, if we break above the top of the candlestick, then it’s possible that we could go looking to the ¥97.50 level. Underneath, the ¥92.50 level offers support, right along with the 50-Week EMA. All things being equal, is likely that we would see a lot of buying pressure eventually, due to the fact that the Bank of Japan remains ultra-loose with its monetary policy, while the Australian dollar continues to see the Reserve Bank of Australia act hawkish.
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