Forex Chart Analysis For US30
Price is currently at support within the 26,650 price region and every indication points that price is likely to break-out from the support as price have also broken the support given by the ascending trendline.
However, it will be good to exercise patience here and wait for the actual price break-out from the 26,650 region. When we get a break-out, wait for a retest and a rejection as clearly shown by the red arrows.
Where we don’t get a clear break-out from the support, it means bulls are still having it and price will continue trending upward.
We can join the bull trend when price makes a retracement to continue the movement upwards.
Forex Chart Analysis For USOil (WTI)
Price is still respecting the ascending trending. For this, my major swing trading view will be to wait for a buy opportunity.
Wait for price to come to the support around 40.070 price region and if we get a confirmed rejection around that region, then I will be a good buy and my likely take profit will be to the Weekly close (Resistance) at 40.925 price region.
That’s a likely 800 pips trade, such trade doesn’t happen immediately. It takes a lot of patience. SO be patient and wait for price to show the way.
Forex Chart Analysis For Gold (XAUUDSD)
As a safe haven, Gold has been very bullish. This could be likened to what happens when there is a financial crisis, investors tend to invest more on instruments that could store-up value.
But lately, price has been ranging between 1790 (Support) and 1815 (Resistance) and I suspect we will have a break-out of that resistance in the coming week.
Where the resistance doesn’t happen, we will continue to play the range trading with gold (that is selling from the resistance around 1815 to any price point when price finds support) until there is a break-out.
Forex Chart Analysis For GBPJPY
I will be looking to make a small trade in this pair. We are likely to see retracement on Monday when the market opens for the week.
When that happens and price finds support, it might be a good buy opportunity to the resistance at 135.100 with a likelihood that price to break that resistance and move up to 135.900 which will be my last take profit for this trade.
Forex Chart Analysis For EURJPY
Before the market closed on Friday, price was already forming support around 122.250 price region but I suspect that will give way at market open on Monday.
Whatever happens, my strong bias for this pair is to buy the deep. Its best to wait for price to show rejection at where it finds support and continue the buy to the resistance at 124.115.
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