ForexWeeklyAnalysis

ForexWeeklyAnalysis

Note: I'm not that confident with trading USD/CAD right now but this is all I can see right now... - 1.085X (April's low) - 1.082X (Projected trend line) - 1.076X (Projected trend line) - 1.073X (Projected trend line + previous resistance) - 1.071X (Projected trend line + previous resistance)

ForexWeeklyAnalysis

Let's just get this out of the way first, 1.7000 is not a level of interest. Yes, it's a big round major level acting like a magnet but it can be easily overshot. Having said that, I'll be looking at the following levels for weakness: - 1.704X (high of 2009) - 1.718X (if there's a stop run TODAY, then this is where price will hit the upper trend line. If there's...

ForexWeeklyAnalysis

For the past few months, USD/JPY has been stuck within a consolidation channel, with the majority of price action at the center. So at this point, it's become pretty obvious there's a pending big move but the question is, which direction is it going to be? 1. From a technical point of view, if price continues to move down, the next bounce off the lower channel...

ForexWeeklyAnalysis

Firstly, I'd like to apologize for posting this chart after the fact but I couldn't help it considering I just got back from my break on Friday night and started posting charts again on Saturday (yesterday). Under normal circumstances, I would've posted this chart well ahead of the entry zone as a bounce play instead of posting it now as a confirmation...

ForexWeeklyAnalysis

Blue lines = Consolidation Channel Based on how price moved in April, it looks like there's a possible consolidation channel in development. Thus, there's a pending short around the 0.874X level (previous high). Consider exiting if price closes above 0.8750 and target the low 0.85XX region. ------------------------------------------ Why the alternate scenario...

ForexWeeklyAnalysis

When price is at the middle channel line like it is right now, it's often tricky to trade because it's literally a 50/50 chance that price can go up or down. However, there's a short term rising wedge as well based on April's price action. Thus, the odds are favoring a short term drop, so taking a short position in the near future wouldn't be bad move....

ForexWeeklyAnalysis

The last bounce was off of the bottom trend line, so naturally, the next bounce should be off the top trend line but as you all know, markets aren't textbook perfect. Considering price is currently at the short term upward trend line, now wouldn't be a bad time to enter a short term long targeting the upper channel line (red). However, before price can hit the...

ForexWeeklyAnalysis

Please note, this is a general market outlook because it presents a very unique situation, in which is correlated between multiple time frames. Given the complexity of this trade set up, there is no "right time" to enter because depending on what time frame you're looking at, it could be right now, next week or next month. On pretty much every time frame, short,...

ForexWeeklyAnalysis

For those of you who trade silver on paper (CFD, futures, etc), there's a descending triangle looking to break out today depending on FOMC, so there's a potential short on the table. Also, for the past few months, bullion dealers have constantly had sales on silver bullion. So I suspect there's been an increase in the supply of physical silver. Basic economics...

ForexWeeklyAnalysis

I'm not officially back yet, I'm still on my break but I figure I'd post a general market outlook for you guys. GBP/USD bounced off of the 1.682X level last week AUD/USD broke the 61.8% fib level (0.933X) but appears to have developed another top at 0.943X USD/JPY looks to be forming a base in the mid 101.XX region NZD/USD hit the ascending trend line last week...

ForexWeeklyAnalysis

Two possible levels of interest for potential shorts on GBP/USD: - 1.6715 was previously rejected during the second week of March and is also the 78.6% fib level - 1.673X is approximately where price will meet the downward trend line if it's hit today, however, the 'real' level is around 1.674X (refer to Feb/Mar rejection levels). Consider exiting if price closes...

ForexWeeklyAnalysis

You'll note that price is in the middle of a bigger range right now and in my books, I never trade in the middle of a range, so proceed with caution. Having said that, if the mid 102.XX region holds as support then there's a possible long on USD/JPY. Consider exiting if price closes below the short term upward trend line Target the previous highs at 104.XX / 105.XX

ForexWeeklyAnalysis

Low 1.09XX region represents the low of February and a nice round number as well. Consider exiting if price closes below 1.09. I don't really have a target in mind so I suggest using a trailing stop loss on this one if/when it runs.

ForexWeeklyAnalysis

Downward trend line/channel, possible short around 1.377X region. Consider exiting if price closes above 1.3800 Target 1: mid 1.36XX region Target 2: low 1.36XX region

ForexWeeklyAnalysis

We have a resistance region between 1.6605 to 1.6625 for potential shorts Targeting the 2 support regions below, the first one comes in at 1.6545 to 1.6565 and the second is between 1.6460 to 1.6480. Stop loss above 1.6625

ForexWeeklyAnalysis

Possible short term swing long given potential "resistance turned support" region between 0.861X and 0.862X. Stop loss below 0.8600 Target 0.8700/30

ForexWeeklyAnalysis

Last Friday, I was considering going long if price went down () but price went up instead, so I'll be looking to short between 1.383X (50% fib level) to 1.386X (61.8% fib level) and maybe 1.387X Risk is difficult to assess considering anything above 1.39 is a solid sell as well, so consider using tight stops. Target is down between 1.3600 and 1.366X, which is...

ForexWeeklyAnalysis

I posted a similar chart 3 weeks ago: but that chart is buried down below my recent charts, so I figured I'd just post a new chart now. The 103.7X/8X region was previously support and might turn resistance now, it'll also be the first time that we're testing this region as well. I'm still holding one long entry from 101.35 based on this chart: I will be looking...