Hello Naked Traders.
Here below you can read my usual price action anaysis for the week ahead.
Last week saw a strong rally by the euro against the buck. I was positioned short at 1.3000 area based on a weekly price action signal last week and have instead been stopped out with a cost. In the area where now price stands however we could see war between bulls and bears. I look to understand if this zone will be a new support (1.3100) or rupture of the week it is a pure false break.
The cable has pushed upward in the week just passed and closes at 1.6150 area. From the weekly chart, as you can see, the next price resistances is located at 1.6250 area where there is a new strong resistance given by the highest of the end of April. In those areas we can find short opportunities off daily chart.
All major currencies did a strong bullish rally against the Japanese yen. Usd/Jpy has had an almost “doped” rise in recent weeks. In the weekly chart we can see that the price is close to a level where sellers could come out very well. Keep watching the 84.00 area for any signal on daily chart.
In the weekly chart of crude oil we can clearly see how the price is within a trading range between $ 90.00 and $ 84.50. Given the lower highs and the previous week’s candle I will watch for some trading opportunities that might be more short side that long. Of course I will look for them signals on the daily chart.
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