This week we aren’t expecting much volatility in the market, since majority of the market players are on holiday (Christmas holiday). So with a generally thin market I did manage to analyze the forex market to see how it might likely react this week (25th to 29th Dec 2017).
The pair USDJPY, last week kept it bullish movement for days before Thursday and Friday, when there was a rejection at the 113.581 mark. We can see the pin bar which was formed on Thursday which gave Friday its down ward fall.
I am still holding my open buy position on the pair because I believe the retracement might be a fake one but I still have an open eye on that pair and I will update all members on our Face book page please do JOIN.
On USDCAD we foresaw a sell but couldn’t enter but we got testimony from traders which follow suit and had made over 250 pips. Looking at the daily time frame, we can clearly see history repeating itself again. We may see a fake signal which may attract traders to still enter a sell and any trader entering into a week this week is going in pretty late and I believe we might see a little stop loss hunting on that pair this week. I will advise traders to wait after this festive period so as to get the full movement of the pair or better still to see the trade movement on that pair on Wednesday.
Just as analyzed last week about going long, I can see that pair testing the 0.77526 level before going into a ranging market , although there might not be enough momentum for this pair to break that resistance. I see a ranging market as a powerful support lies beneath the 0.76207 mark but we should all put our guns at the 0.77526 zone and watch if price can/would break free.
The GBPUSD has been the stubborn pair for last week, though we analyze a buy, but we never placed that trade because of how unclear the pair is. And unfortunately we cannot give a precise trade call on this pair. The pair is seen moving in-between the support at 1.32983 levels and resistance at 1.32983.
Just as I have earlier said ”do not expect good movement in the currency market” and as such trades should be careful on their opened positions and entries.
MERRY CHRISTMAS FROM 360 FOREX TRADER
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