Hello Naked Traders.
Here below the usual weekly price action analysis.
The couple is in a vey well defined downtrend so in the week ahead the best thing to do is to try to sell this pair. In this sense a good entry area is the 1.2350 are, static and dynamic key resistance very evident on the daily chart. A price action signal on daily chart or 4 hours chart would be the trigger point for a possible short in this market.
The couple drove strongly down this week. Key support at 1.5950 area was hacked on Friday, finishing the week below it at 1.5890 area. In short-term trading perspective you can find a short entry on rally at 1.5950 area. The primary objective is 1.5750, next key level.
WTI oil is in a clear down move and you see that simply watching a naked and raw price action daily chart. The price, the past week, went to test the key area between $ 88.00 and $ 89.00 and then tragically collapsed within hours by creating a false breakout of resistance area just cited. Now we could see the continuing of this movement till $ 81.00 area.
The American index has lost some ground in recent trading sessions. For the next week I’m lookin for a short signal at 1,400 area. In fact here is the key area where you can find good trading opportunities. However, the confirmation will be seeing a price action bearish signal that indicates me to sell this market.
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