Weekly we have bearish engulfing. Daily we have LHLL Structure. 1.313 supported with lower shadows. Might see a retracement back to 1.330 previous support broke resistance. Wait at 1.330 for signal to short.
EUR/USD closed with a bullish engulfing candle last week. Higher low and higher high can be seen. There is also a break of the downward trend line. Going long would be safer. Would wait at 1.13 and 1.134 area to look for a long. If 1.13 is well supported, eur/usd will be bullish.
2879 is well supported. Bullish momentum is going strong . Shall see how the trade deal goes next week. Retracement back to 2879 for a long , watch 2952 closely, price might bounce off from there back to 2879.
From the chart we can see upper shadows formed on GBP/AUD . Might re-visit 1.819 support area next week watch closely. A closed bearish candle will be our sell signal.
From the weekly chart, we have a hunting stop candle during 6 May. Followed by a gap down on 20 May with price trying to close the gap but failed, and in this week price was trying to close the...
Watch 0.684 price level closely. Price is approaching that critical support level ( 16 jan 2016 ). I am expecting this level to hold. A bullish closing bar will signal a buy signal. Else watch 0.68 level. This is a counter trend trade watch your take profit closely.
Upper shadow was formed on Friday's closing, respecting well 1350 resistance level. We are likely to see gold retracing back to previous resistance broke support ( 1330 ) area. Watch 1350 very closely.
EUR/JPY Respected 122.826 resistance well. It has made a series of lower high and lower low supported with a bearish engulfing candle. Going a short here should be a low risk trade. Downward pressure if strong. 121 could be a good target. No signs of bullish on this pair. Ride the trend.
cad/jpy has been making series of lower high and lower low. With the monday gap glosed with a bearish candle and a rejection from the 81.824 resistance level, there is a high probability of it going back to 80.
We have a strong downward pressure within the market structure itself. Watch 1.937 closely as it is a critical support broke resistance. And form of bearish engulfing candle closed can be a good signal for short limit entry.
usd/cad has broken away from its upward trend line. With a fake upward move on 29 May hunting stop losses, we can expect usd/cad to go low fast. 1.335 sell limit could possibly a low risk trade. Watch 1.317 closely( major support ).
Eur/usd has broken away from its downward channel with a double bottom formation. Moreover, there is a clean break above 1.12 resistance region. A retracement back to 1.125 resistance broke support region for long limit would be a low risk trade.
For the whole of last week, all of the nzd/usd candles closed green. However, nzd/usd has respected its 0.6687 resistance well. It is noticeable in the last 4 hour of the trading time on Friday. I am expecting it to go lower before going even higher due to the weakness due to the expectation of FED lowering its interest rate. A long limit around 0.66 would be a good one.
Market has failed to close above 29 MAY candle and is trading within this candle range for this past week. Bullish momentum is losing its steam as can be seen from the market structure and also the high volume candle. Waiting for confirmation to close below 29 May candle for trade entry. Watch 3.935 support very closely. I am expecting 3.935 to hold.
I am slightly bearish on USD/CHF. It has broken down from its uptrend line, resting well on its 0.992 support. We might see a retracement this week as we have a strong bullish hammer bar yesterday. If we couldnt see 0.9967 broken up swiftly, we might see the start of a downward trend ... Watch closely on 0.9967 .
On the Macro POV, market participants are...
A very nice morning star formation. With market participants expecting the Chair of Federal Reserve reducing interest rate in the near future, we might see 2879 by the end of this month. This is a trend continuation trade.