Hello forex traders,
Welcome to another week, this week the market is fully active and no more holiday fever to influence prices. Last week, we took 2 trades on USDJPY and GBPUSD which both went to our favour and this week we are going to analyze our usual pairs which are USDJPY, AUDUSD, GBPUSD and USDCAD.
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1hr Time Frame
The DOLLAR and YEN were one of the pairs that gave us a few bucks last week and looking the one hours chart, we can see how the pair respected the support level at 111.910. This level (111.910) has been a key support on this pair, the next resistance level is at 111.579 and we are expecting price to retest that level maybe price might or might not break that level, we can’t tell for now to get a clearer view on the market, let’s go to the 4hrs chart.
4hr Time Frame
On the 4hr chart, we can see a clearer picture of the market, just like the one hour chart we are hoping for the resistance at 111.910 to hold. Let’s turn to the daily chart to get a clearer picture of the pair.
Daily Time Frame
Looking at the candle stick on Friday last week, we can see how sellers took control after the buyers are through with raising the price higher thus making price to respect the weak resistance at 122.954.
To hasten things up we will go straight to the 4hrs chart, looking at the 4hrs we can see that the pair has been on a downtrend since 19th Dec. last year, let’s turn to the dailies.
On the dailies we can see a strong support 1.24220.
On the 4hr chart, we can see the massive up trend which broke the resistance at 0.77526 the next level where we expect price to reverse is the resistance at 0.78987 and hopefully it will.
On the daily chart, we can see that the sellers have run out of steam so we are expecting price to fall down next week.
The POUNDS and DOLLARS also give us a few bucks; we expect the pairs to test the resistance at 1.35445 before heading down.
So in general we are expecting to go into the following positions on these pairs:
GBPUSD….SELL (wait for a clearer signal)
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