Hello Price Action Traders.
In the week just passed the pair has retraced back to the downside after the Inside Day of last week on key resistance level. The price soon went to slam on 1.3200 area, the support zone repeatedly reaffirmed here on the blog. In this area price formed one of my trading signals, a D. M. Higher High (which you can deepen in my forex course Professional Trader). You can then set a LONG strategy for the eur/usd. Important is the support at 1.3200/1.3180 and the bullish break of 1.3400 to confirm that the trend is still bullish.
The Usd/Jpy forex pair is moving in the bearish direction for some time with its slow strengthening of the Japanese Yen. The 98.00 resistance area seems to hold if you notice a strong bearish day made last Thursday,so now you can expect to see prices continue downtrend into the important support area at 94.00.
Xau/Usd – Gold
The Gold market is experiencing a bullish phase very clear if you look at the daily chart. Last week price broke the inside days on resistance and has pushed hard to end the week above $ 1,345, the key level that can now be used to look for long signals in the direction of the trend.. The next resistance area is $ 1,410.
It’s all for today!
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