PRICE ACTION FOREX | WEEKLY ANALYSIS

Hello Price Action Naked Traders!

Gbp/Usd

Gbp/Usd continued the decline during last week. Last Thursday price  formed a bullish pin bar in a “hot” area of this market, indicating a possible rise in prices. On Friday, the market broke the high of the previous day but ended with a sharp sell off. I remain bullish because, technically, until the price does not violate the low of the strong price action signal we are yet in order to be able to see a strong bullish movement. Instead, if the price were to break the previous low  we could see a large move lower for at least 3 figures into 1.4800 area.

Eur/Usd

Eur/Usd on Friday, closed the week forming an indecision candle above the support between 1.3100 and 1.3150. The nearest resistance is at 1.3300 area. During the week ahead I will wait for a short signal at 1.3300 area, obviously if the price were to retrace into this area.

Nzd/Usd

Nzd/Usd is in a well-defined trading range for over a month. The 0.8300 support area  seems to hold and this may bring the price toward 0.8450 area. I will wait for a price action short signal in this area to trade this market.  A decisive break out of one of this two “hot” zones  instead would finish this trading range and then show us a trend.

It’s all for today!

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