Here i come with the usual weekly trading outlook:
The pair is in a strong downtrend phase due to the continuous lowering of interest rates by the RBA. In the friday’s trading session price broke the support area at 1.0200 and closed at 1.0180. Now a retracement towards 1.0200 area could be good for a short transaction if price will confirm the short momentum via intraday on 4 hours chart.
The most traded pair has pushed up the previous week. For the next week you can expect a pullback to 1.2900 area and look for a signal on the daily chart to confirm the tightness of this key level and then wating for a long price action signal. In the case price will break down 1.2900 the next important support levels are 1.2800 and 1.2650.
The U.S. S & P 500 index had a good rise in the past week going to test the previous highs. We are now faced with a price action short signal on daily chart that could give us the opportunity to sell on the breakdown of Friday’s low. First support area is at $ 1.439.0 and second support (most important) is in the 1.420.0 area.
Xag/Usd – Silver
Silver spot has come to test an extremely important level in the past week. On the daily chart there is some indecision now with some inside days on this important area. The break-down of $ 34.00 would push downward with primary target $ 32.00.
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