Hello Price Action Traders.
Eur/Usd, the week just passed did the upward moves which have been discussed here on the blog in various articles. Now this market has just stopped on the 1.3400 key level to close the week below it. In this area also formed one of the price action signals that I use for years for my “SIMPLE” trading activity. In my price action trading course “Professional Trader” I spoke directly of the “inside” days with color variation that are formed around important levels. Here we are right in front of this situation perfectly and, if the market confirms the signal we could see price back to 1.3200/1.3180 area or even see a real reversal situation.
The Gbp/Usd pair has pushed strongly to the upside past week going to test the key level at 1.5550. Here, as for Eur/Usd, the price has formed an Inside Day on key level. Even in this case, if the price action signal was confirmed we could see a decline into the supportive area at 1.5380 and if this zone will be broken the second support level is 1.5200 area.
The Aud/Usd pair, after 05 August, with a reversal/Pinocchio Day went upward with force without stopping, closing the week at 0.9190 area. The price seems to be drawn like a magnet to the resistive area into 0.9300. I look forward to seeing this week what will happen if the price were to get to this level because it might be interesting to look for a short price action signal for a trade that could give excellent profits compared to the risks taken. Don’t forget that we are facing a negative trend in the medium term and this area would be the best place where to sell and almost … forget about it!
It’s all for today!
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