Forex Chart Analysis By The World Of Pips - 25th July 2020.
If you followed the analysis provided last week in our first ever Make Money With Forex Series, you would have made money. With the exception of US30, all other analysis played out as analyzed.
As for the US30 and every other analysis provided last week, if you adopted a proper risk/money management, the movement last week was enough to give you 50% or more ROI on your entire account.
The Make Money With Forex Series is a new series which was introduced last week, in subsequent time we will be discussing proper Risk and Money Management as a factor in Forex Trading, and how you can double your account in a very short while using very strict Risk and Money Management.
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Forex Chart Analysis For US30 (US30 4hrs Chart)
Every indication shows that price is more than likely to fall in the coming week.
You can see the double top as pointed out with the 2 blue arrows above and also, though not a clear break-out yet, price have broken the support at 26,500 price level.
From next week, we will be hoping for a clear break-out of price from that support at 26,500 price levels.
To trade this sell opportunity, wait for a clear downward break-out and a retest with a rejection (resistance) before selling. Take profit will be around 25,000 price region.
Forex Chart Analysis For US OIL (WTI) (USOIL 1hrs Chart)
My swing bias on Oil is that price will continue to trend upwards.
However, looking at the chart set up, price is likely going to meet a minor resistance around 41.200 price region which will force a retracement.
With the retracement, we are likely going to see an inverse head and shoulder pattern and a swing buying opportunity to a possible take profit around 42.00 price region.
So we are presented with a likely 2 trade opportunities. A sell from the likely resistance around 41.200 and a buy when we have an inverse head and shoulder.
Forex Chart Analysis For Gold (XUAUSD) (Gold 1hrs Chart)
I don't see gold selling just yet.
However, there may be a slight pullback but that would be an opportunity to buy (depending on where price finds support) more.
Just like last week, the weekly resistance at 1905 is likely to be broken.
Forex Chart Analysis For EURJPY (EURJPY 4hrs Chart)
Last week’s prediction on this pair played out perfectly.
But bearing in mind that past performance is not a guarantee for future performance, we will be watching to see what the new week brings.
As seen on the chart, price is currently at the resistance area at 124.235 and if you look left you will notice the double top formation as pointed out with the blue arrows.
We are likely going to see a sell-off on this. At the moment, price is making a pullback to the resistance, and if the resistance holds strongly, then it’s a good sell.
Looking at the possibility of price falling to 119.630 and then to 114.800, this trade is supposed to be a long-term swing trade but you can take profit where it suits you.
Forex Chart Analysis For GBPAUD (GBPAUD 4hrs Chart)
The current set up of this pair seems it wants to be a nutcase but I see a good swing opportunity in it.
When you look at the weekly chart and see bullish pullback price made Thursday and Friday, you can tell that price is gearing up for a bullish reversal.
From the minor resistance area where price is currently at, I expect a pullback to the zone highlighted in red to form an inverse head and shoulder pattern to bring the buying opportunity.
If it happens as predicted, then we have a buying opportunity and price is most likely going to trend upwards to 1.81870.
Good luck with your trades in the coming weeks. Let's know how this helps you.
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Disclaimer: Forex Trading is a complex financial product traded on margin. Trading Forex is risky and may not be suitable for all investors. Ensure you understand the risks involved as you may lose all your invested capital. Past performance on Forex is not a reliable indicator of future results.
