Hello Naked Traders.
Here below you can read my usual price action anaysis for the week ahead.
The eur/usd pair has moved sharply downward in recent days after the Pin Bar on key resistance at 1.3300 area. Friday, though, the couple closed the daily session with a bullish pin bar that can presage a rise in prices in the coming days given the tightness of the technical and psychological support at 1.3000 area. In this case we are dealing with a signal in the underlying trend that has resistance levels at 1.3150 and 1.3300.
The Kiwis against the buck, after the strong decrease of the last period, closed the week above 0.8300 area showing a clear bullish pin bar that gives price action traders the chance to get this signal and make some profit. You can see clearly how the price reject the lower levels by making a false break of them and then close the daily and weekly session at 0.8315.
Usd/Jpy has touched on Friday an important level positioned between 88.50 and 88.00. For the next few days I will wait for a short signal that would confirm the key resistance area clearly visible on weekly chart. True that the pair is in a strong bullish trend but a good price action signal on daily chart on this level would give the possibility to see a sell off that could be used for a short-term trading.
Gold – Xau/Usd
The Gold market has finally tested key support seen here on the blog a few weeks ago located at 1.628.00 area. On this level the gold showed a clear rejection and show a Pin Bar on the daily chart so there is the chance to see a bullish movement.
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