Hello Forex Trader,
Welcome to yet another week, I sincerely apologize for not posting any weekly forex forecast for last week and I appreciate those who contacted me asking “why”.
This week we are going to analyze our usual pairs which are USDCAD, USDJPY and AUDUSD but GBPUSD will not be among in this post this week.
Looking at the 1hr time frame on the pair USDJPY, we can see that every one hour price keep on falling, it was a massive down trend as the bear keep driving price down accompanied by the news of shutting down of the trump government and also a weaker dollars gave the bears momentum.
As I always use my technical analysis (price action) to predict price movement, let’s take a snap look out on this currency pair:
We could see how price ranged between these zones 111.910 level, after breaking off on the 10-1-2018, a (111.910) support turned resistance. The second resistance level was 110.149 which also got broken all thanks to the strength of the bears; the next support which we believe to hold is 108.249.
On the 4hr chart, we can see the next point where price is likely to reverse from, which is at 107.315.
The daily chart is our standalone chart as this is the chart we use to make our trade call; we should prepare to buy at any price between the yellow box in the chart below.
Going through this pair on the 1hr and 4hr chart, we can see that it’s not stable (no define price movement) as there have been some hectic movement so, to be safe placing wrong trade calls, I will jump right into the daily time frame (but you can see the 1hr and 4 hr chart below).
Looking at the daily time frame we can see a summary and better picture of what has happened within a day inside a single candle stick. From the picture below, we can see how strong the support line is at 1.24220 was before it got broken last 3 days ago. We saw price breaking of but the pairs has been in a long bearish trend but I can predict that price will reverse anywhere between 1.21033.
Let’s jump to the 4hr chart; if you look closely to the recent move, you could see how the price was just moving upward like someone is chasing it, very funny I must confess. AUDUSD has been of the best performer for last week as the bulls took total control of the market.
Let’s switch over to the dailies; we can see a long term support at 0.80614. We hope to see price respect that level soon.
This pair will not be discussed here this week, but you can join the moving train, by following us on twitter @360forextrader or like us on Facebook by clicking HERE.
So in general, what we are expecting this week is: