Hello Naked Traders.
Here below you can read my usual price action anaysis for the week ahead.
Gbp/Usd after the strong bearish movement of last Thursday, has redrawn on Friday. Now the price is close to the key resistance between 1.6170 and 1.6200. The Pin Bar offer Thursday, gave the opportunity to enter short on the pair using the intraday retracement and then benefit from a possible great risk: reward.
The pair formed a Pin Bar against the underlying trend on Friday. Personally to go against trends, with well-defined signal, i have some rules to follow that here aren’t showed. Then I will monitor the pair fo a long signal at 83.80 area, key support. I don’t like going against well defined trend and would rather wait a long signal to work better in my trading activity.
After the Pin Bar of about 7 days ago the price has consolidated between 1.3280 and 1.3150. Now the thing to see is the possible breakout of one of the two levels to see a directional movement. I am more prone for a down move if price will break down 1.3150 that would open the door for a possible strong bearish movement. The first important support is at 1.2900 area.
Usd/Cad has formed a pin in the direction of the trend on Thursday. In this case you can expect a strong directional movement towards the next key level at 1.0050 area. If you are not logged in you can wait for some opportunity in the coming days if price will show us a daily or a 4h chart price action signal.
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