Hello my dear friends and mates how are you? I have visited several trading journals today and i saw some of guys who are in big floating loss and that is pathetic because GBPUSD was trending upward direction and he is holding the trade of sell position for long term. I think USD index is moving again down below 90.50 and obviously there is a very good opportunity that it can give strong swing within this week because several high impact news and also Powell testify is the important news for this week. we must have to focus on the upcoming USD news so that we can get the real market trend. Gold price has been moved rapidly down and hit the lowest price level of this month of 1760 and seems this can drop once again which i will mentioned into my trading analysis below.
I think following the market trend is a very important decision time to time and holding trade with egoistically and wait for a margin call is never called a professional system. I think we are here to learn and improve our trading but if we are abusing our bonus intentionally which is pathetic i can say. Now i am waiting for the weekly bonus and if admin will give some information about bonus then i will be glad.
EURUSD was ranged between 1.20228-1.2169 last week and that is a very small range of movement what i can say. as you know that EUR is a very strong currency pair and last week most of the EUR currency news were came positive but i really don't think that price of EURUSD will give a big range of movement so quickly. we have seen last time price got a highest hit over 1.2357 and i thought it might continue a big move over 1.2500 but unfortunately later on it was dropped below 1.1950.
If we look at the daily chart of EURUSD then we can see that the triangular pattern which is giving a position of stability at 1.2111 and definitely weekly candle is a doji candle formed last week. I think this is a confirmation of the EURUSD price level can rise over 1.2175 within this week but if the pressure continue after a positive news released for EUR currency then we might think that it can continue over 1.2275 within this week. somehow the high target zone is a point "A" which is 1.23507 and immediate target area is at "C" which is 1.22000 for this week.
Yes last week price of GBPUSD was seems a bullish trending and price got the highest hit over 1.40344 and this is the weekly and monthly high even yearly high right now. if we look at the price action then definitely last time price were hit 1.4365 in the year 2018 and after that it is now once again get in a bullish formed and there is no resistance is worked right now so it's a free field to run on.
Obviously if we look at the trending of this price level which start from 1.3584 level and now price is in bullish mode so going again the market trend is not a good thing. It's a very high opportunity here to buy up to 1.4368 within next few days. of course there is a very good chance that swing back below 1.3968 within this week and if the break out of the position of 1.3850 then this might continue the down trend where there is a less chance that it can swing back.
GBPUSD can move 1.4200 within this week and technical chart is showing 1.3942 was the weekly Bollinger bands resistance has been broken yesterday so buying is a confirm signal for GBPUSD of this week.
You know that USDJPY is one of the strongest pair of this market and this is not moving heavily like other major pairs so we must have to look for the news and fundamental factors for trading USDJPY always. We can see weekly candle was bullish for USDJPY last week and it was moved in a range between 104.89-106.22 and that is a good movement and the upper resistance of the weekly chart is showing at 105.79 has been broken last week and this is important for us to wait for the market opening.
if the price got a drop below that resistance level then we might get a short term selling opportunity up to 105.20 for this week. there is few high importance news of USD currency will be released within this week and lots of market movement and volatility possibly happen so we must have to wait for the market news and effects.as i have mentioned the chart analysis where there is a range between 104.38-107.04 is a possible movement happen of this week. The break out of the position 106.22 can give a confirmation buy up to 107.06 so wait for a perfect entry line.
As you can observed gold price level last week then it was moved back the lowest hit over 1760 and yes that was scary movement and i thought it might get a break of 1700 but somehow you can see a quick recover of gold price level and it always showed a bullish trending pace is much more than bearish trending pace.
If you look at my previous analysis of gold which was showing a "XABCD" pattern and i have mentioned how this pattern worked and i have showed you once again the chance of this price level can drop below "C" once again and if the support of 1761 broken then new pattern will be formed. now a swing over "C" to "D" was the signal and you can see that price got a swing over close to "A" and if the break of "A" then next target will be middle position of "A" to "D".
Now watch the market news and wait for a perfect trade entry. i think chance is here price can swing over 1825 soon then once again swing back below 1775 within this week.
Yes last week price of silver were ranged between 26.10-27.91 level. yes definitely there is a possible upcoming bullish move over 28.73 is totally possible. If USD upcoming news brings negative data then definitely silver can swing over 28.73 but for a longer term condition we can expect this might give a drop below 26.00 soon.
As i have mentioned my previous analysis of silver where the "XABCD" pattern where we can see that lowest touch at position "A" below 23.50 and then swing strongly over "B" at 30.00 and this is happen after negative impact of USD last month. once again we can think that price can give swing over 28.73 but not more than that.