Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.
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In my opinion , EURUSD getting a little bit tricky these days. Right now it’s near confluences of resistance . as I mention in the advanced lessons confluences of S/R are a great place for trading. Just need to reject from this area as a confirmation to enter for short positions, as any kind of break out would be appreciate buyers to take the lead.
Any kind of reversal candlestick pattern around 1.1526 ~ 1.1480 would confirm this scenario. In this case the first price target is around 1.1280 and second area to watch is 1.1166. On the other hand , if it break 1.1500 area and resistance act like supports as confirmation that would be a bullish signal. Price target would be around 1.1735 . As we don’t have enough fundamental to run EUR over USD , I’m not trading this pair and waiting for confirmation to take any positions.
GBPUSD buyers holding this pair above 1.2700 area . These days any news coming out of BREXIT make massive moves on this pair. As far as they hold 1.2700 it would be a bullish sign to go long. 1.3115 would be easily touched again as a price target. As you can see a confluence of resistance there, but before that it should break through 1.2942 area. Any kind of reversal signal from 1.2942 or 1.3115 would be selling signal and with a good risk and reward that you learned before on my lessons, you can get in and get out for good.
Choppy trading expected for USDJPY , but S/R area is narrowing together and should break either ways. As you see it’s going to touch the resistance area at 113.80 again if it breaks through the next resistance would be 114.90 ~ 115.00 . on the other side, if we get a daily close below 112.30 , we can expect 110.90 area as support.
Quiet a long time USDCAD trading in an increasing channel , but as you can see this may take to an end soon. A daily close below 1.3290 would open the gates to 1.3167 and 1.3040 as next supports.
Unless it continue the uptrend toward 1.3450 and 1.3500 as next levels.
AUDUSD struggling to keep its uptrend during last week. It’s normal for a pair like this that remains in a downtrend for quiet a long time to break the highs easily. Changing direction is not that easy and fast most of the time. For this one , as far as it hold 0.7180 area above downward trend line it remains bullish. Unless it breaks down and make a fake breakout. We should wait and watch this area for the next week. As support we have 0.7165 and 0.7065, and as resistance we have 0.7372 area in touch.
We discuss head and Shoulder patterns completely through advanced lessons. Here we have a confirmed H&S pattern as you can see there’s three price target and we decide what will happen during the next week in member’s group on Telegram. first target is 0.9855 , and then 0.9757 and final target would be 0.9541. as you can see through all this week analysis , you can see USD is likely to get weaker or may going through correction during the next week.