Weekly Forex Commentary- 11/2/2014

EUR/USD:

EUR/USD seems to have resumed the downtrend after hitting resistance at 1.28640-1.28670 level. But it is still at the support level at 1.25200. You need to wait for a price action pattern to form before jumping into this pair. If a breakout happens with a price action pattern in congruence with the downtrend, it may be a good signal to enter the market.

EUR/USD

 

 

USD/JPY:

USD/JPY hit a very big breakout before the close on last Friday but that does not mean you should blindly jump in. although this pair does not show any resistance but price action analysis of other Yen pairs reveals a major resistance right now. So simple price action and correlation is enough to give you patience. You should wait for a price action setup to form before picking any position.

usd/jpy

GBP/JPY:

This is what I have mentioned about USD/JPY. This Yen pair has also made a big bullish move but it is now facing a major pinbar resistance around 180.000 level and you should wait for a price action signal with or against the trend before taking a position.

gbp/jpy

Gold:

After facing resistance around 1245-1255 level, gold has resumed its bearish trend again. Although it has broken out of the 1190 level support and there are bright chances for the bearish move to continue, you can’t base your trading decisions on predictions. You need to have a price action pattern that market is throwing at you and then you can enter a trade. So just wait for a price action setup to form at confluence level and you are ready to take a position.

gold

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