In this weekly forecast, I am going to talk about EurUsd, GbpUsd, Usdjpy, EurJpy, that which setups are best for your trading and how I am looking at those patterns.
EURUSD ANALYSIS
EurUsd was in a range from almost four weeks but on Friday it rallied for almost 100 pips and closed a bit above 1.1900 which is significant because if we look at charts it was strong resistance and the pair took a u-turn on Thursday from 1.1900 which was suggesting that we will see 1.1700 or maybe 1.1600 before 1.2000.
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| EURUSD DAILY CHART |
But now it looks like that Eurusd will straight get a bid for 1.2500 however we can see a little resistance on 1.2100 which we will be looking at cautiously.
As a trader, I will wait for the last recent high to be broken and then we will enter a long trade after a retest of 1.1900 or 1850 area.
Alternatively, if we close below 1.1770 on daily closing basis then we can see a move towards 1.1600.
GBPUSD ANALYSIS
Like Eurusd gbpusd also turned bullish and breaks the resistance of 1.3280 and closed on 1.3348 which is very important because it already had a very long stretched movement to the upside and correction is near but as we can see it is not coming.
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| GbpUsd Daily Chart |
So the next resistance is 1.3500, but to enter a trade you should wait for 1.3250 for a retest and then you can enter in a trade for 1.3500.
Alternatively, if we close back again 1.3250 then we will see 1.3000 and possibly 1.2810.
USDJPY ANALYSIS
Usdjpy Just carved a double top on 107 area which was interesting given the USD weakness usdjpy rallied to 107 but closed well below 106 and this was strong support, This is a trade which we were looking for.
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| UsdJpy Daily Chart |
After retest of 106, you can enter in a sell trade with the stop loss above 107.30 Your targets should be 104.00. But looking at the selling pressure you may not see a retest of 106.00. So we will look for any meaningful price action for sell and will enter for trade.
Alternatively, if we close back above 107.00 then the next target will be 108.15
EURJPY ANALYSIS
Like usdjpy, eurjpy also carved a double top near 126.70 area and a pin bar on a daily time frame, but we will wait for a break below124.40 area to break on a daily time frame for any meaning full selling position.
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| EurJpy Daily Chart |
Alternatively, if we close back above 126.70 then our next target will be 129.00.
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