Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.
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Last week analysis was 100% true and made 12.5% profit for my investors. We talk about EURUSD , and I mentioned that it will go up again and touch 1.1500 area again , and if it close above the key resistance at 1.1500, that could be a bullish sign. But it couldn’t even make a close above there in the last three days. For the next week , I think it’s going to touch the lower trend line again around 1.1400 , a daily close below the trend line will support the bearish outlook. In that case , next technical support is 1.1295 and then 1.1200.
This is the second analysis that went on profit too. GBPUSD getting back below the channel. Remember that we need a daily close below the channel top to confirm downtrend. I rather like to stay away from this one. If it stay another week above the channel top that would be a bullish sign. On the bearish camp we got 1.2921 and 1.2695 area as next support level. But buyers waiting for 1.3178 and 1.3300 area to decide.
My favorite pair last week , without any discussion I recommend you to short USDJPY last week. We analyze this one in our group too. Most of the trading board agree to go short, and here we go. For the next week I’m expect to see 109.92 area touch again, and I will watch it closely to see how it act at this area. My favorite area to go short again would be 111.00.
The next pair that went exactly as I expect last week was USDCAD. Finally touch the channel lower trend line. I do not expect to break it so soon. I prefer to see this one correct for a while. Any rejection from 1.3174 or 1.3350 area would be a bearish sign to break the trend line. we need to watch oil price closely to trade this one.
Last week I said I expect gold to meat 1325 area again. I thing It needs a correction to 1300 area. Any buying signal from that area will make 1355 reached sooner than later. Nothing more to say about it.
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