(BUYING USD/CAD ABOVE 1.33475)THIS IS MY BIAS ON USD/CAD.
I am aware price could in-fact carry on down to bounce off previous Downtrend.
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Rhysfx
USD/JPY NEUTRAL (106.700 or 104.700)My current BIAS for USD/JPY for the upcoming week is NEUTRAL.
My reasoning behind this is
-We are currently rejecting a previous Weekly Support.
-We have gapped around 45 pips in the market.
-We will be looking for the gap to refill as usually when a gap is made in the market after market opening we tend to see price revisit previous price before then moving forward.
-We could see a retest of our Daily Support with strong rejection after filling the gap and a push towards previous 4HR Resistance at 106.700.
-We could also see a break below our Daily Support following up with a retest after the gap has been filled with for targets at our Weekly Support at 104.700.
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GOLD NEUTRAL (LOOKING AT ALL POSSIBILITIES)So I usually don’t trade Gold but my BIAS on this pair for the upcoming week is NEUTRAL.
My reasons behind this are
-We have just broke above and retested a key Daily Resistance at 1527.11.
-We could continue up for a break above our previous Weekly Support/Resistance at 1570.65 then searching for a retest and targets at 1613.
-We also could reject 1570.65 for a push down to our previous Daily Resistance at 1527.11.
-We also break below previous Daily Resistance and search for a retest and targets of 1503.50 at our previous Demand Zone.
-One thing to note we haven’t came above 1570.65 since July 2011 so we could look at that to fuel whichever move we take.
I will not be looking to place any trades until one of these levels are either retested or broken.
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GBP/USD BUY (RETEST OF 1.22500)My BIAS for GBP/USD for the upcoming week is BUY.
My reasons behind this are
1. Price has just broken above our Daily Resistance.
2.Price has retested our Daily Resistance and bounced straight back up sitting currently just above the previous high made on the 4HR TF.
What I will be looking for before entering this trade.
- A retest of previous highs at 1.22500
- A strong Bullish Rejection Candlestick
- Price to not fall below recent lows at 1.22000.
I will be looking to enter my trade around 1.22500
Taking profits at 1.23800 (130 pips)
Stops set at 1.22200(30 pips)
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USD/JPY TREND LINE(LOOKING FOR A BREAKOUT OF 106.800)As we can see on the 4H time frame we have had previous Higher highs and Higher lows.
We are now waiting for a break above our Daily Resistance level at 106.800 and also a strong previous Supply zone at 106.650.
We will be aware that price could in fact reject the Supply zone and break below trend towards 107.350 which we would look to enter upon a break of previous lows.
Just my analysis :)
Trade with your own techniques.
Instagram -@RhysFX_
EUR/USD ANALYSIS / BUY? SELL?As we can see on the 4H time frame we are currently consolidating between 1.11075 and 1.10650 so I will be waiting for a clean break and retest of one of these prices for a precision perfect entry.
Above 1.11075 we will look for TP levels at 1.11450 (38 pips) with a possibility of breaking our supply zone to 1.11650 (58 pips).
Below 1.10650 we will look for TP levels at 1.10350 (30 pips).
I will be using 1:2 R:R for this trade once a level is broke.
As always trade using your own techniques.
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Instagram - @RhysFX_
