Fx Price Action Mastery
EURUSD Daily
EURUSD retested channel resistance as support on Tuesday, pushing price up to a new high in recent months. We also got our confirmation of higher lows and higher highs which shows a change in trend.
For the week ahead, any pullback into the 1.1262 region would attract buyers. It would be wise to also watch the 1.1320/30 support area to see how price reacts.
Trade Idea:
Watch for buy opportunity at 1.1320/30 minor support area. If it holds on a daily closing bases. I would also keep in mind that a pullback to the 1.1262 area could provide good buy opportunity as the area is about the 50% retracement of the weekly bullish engulfing bar (which is my favourite entry method for engulfing bars.
Target is the 1.1432 area. A break higher would target 1.1550.
Always remember to follow good money management practice and trade responsibly.
For the week ahead, any pullback into the 1.1262 region would attract buyers. It would be wise to also watch the 1.1320/30 support area to see how price reacts.
Trade Idea:
Watch for buy opportunity at 1.1320/30 minor support area. If it holds on a daily closing bases. I would also keep in mind that a pullback to the 1.1262 area could provide good buy opportunity as the area is about the 50% retracement of the weekly bullish engulfing bar (which is my favourite entry method for engulfing bars.
Target is the 1.1432 area. A break higher would target 1.1550.
Always remember to follow good money management practice and trade responsibly.
Fx Price Action Mastery
GBPUSD Daily
It looks like a reversal is underway with GBPUSD. Last week bounce from 1.2500 is the bottom of an 850 pips range that started in July 2018. It is also a retest of trend line from 2016 low.
I don’t know about you guys, but that doesn’t strike me as mere coincidence.
I don’t know about you guys, but that doesn’t strike me as mere coincidence.
Fx Price Action Mastery
GBPUSD 4Hr
The break of the falling flag channel on GBPUSD 4Hr chart also adds confirmation to the reversal.
For the week ahead, a break of 1.2760 resistance will put all doubts to rest and expose the 1.3000 area as new targets.
Any pullback from 1.2760 resistance should be capped by the 4Hr channel resistance turned support or the 1.2650 minor support area.
Trade Idea:
Watch for a buying opportunity following a close above 1.2760 followed by a retest of the area as new support. Key resistance above that comes in at 1.3000. Alternatively, bearish price action from 1.2760 could take the pair back to the 1.2500 support area.
Please let me know your thoughts about these posts.
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Important: I use this New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
Get the charts here:
XM: http://bit.ly/31NyoU0
Alpari: http://bit.ly/2WTCrzf
For the week ahead, a break of 1.2760 resistance will put all doubts to rest and expose the 1.3000 area as new targets.
Any pullback from 1.2760 resistance should be capped by the 4Hr channel resistance turned support or the 1.2650 minor support area.
Trade Idea:
Watch for a buying opportunity following a close above 1.2760 followed by a retest of the area as new support. Key resistance above that comes in at 1.3000. Alternatively, bearish price action from 1.2760 could take the pair back to the 1.2500 support area.
Please let me know your thoughts about these posts.
If you find my post useful, please share with your friends and invite them to join our group
http://bit.ly/31IB1qd
https://t.me/FxPriceActionMastery
Important: I use this New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
Get the charts here:
XM: http://bit.ly/31NyoU0
Alpari: http://bit.ly/2WTCrzf
Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, NZDUSD, XAUUSD (April 13 – 17, 2020)
In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, NZDUSD, and XAUUSD through April 17, 2020.
EURUSD Forecast
The EURUSD broke above 1.0825 last week.
It’s a key level I mentioned in last Saturday’s forecast.
You can even see where the EURUSD caught a bid from 1.0825 during Wednesday’s session.
At the other end, the euro encountered sellers at 1.0950, another key level I mentioned last weekend.
This leaves the EURUSD in a narrow trading range to start the new week.
The lack of direction and volatile movement are why I have no interest in the EURUSD at the moment.
However, if you watched the video above, you know the pair is nearing the end of a multi-year terminal pattern.
That eventual breakout, in my opinion, is what will fuel the euro over the coming weeks and months.
Trade idea: I'm not interested in the EURUSD right now. I'll take interest in it once we get some form of momentum relative to the multi-year wedge. See the video above for all of the details.

GBPUSD Forecast
The GBPUSD consolidation continues.
Last week saw the pair trading between 1.2200 support and 1.2470 resistance.
I mentioned last weekend how I wasn’t interested in the GBPUSD due to the range-bound price action.
The same applies to the start of this week.
Until the pound closes above 1.2470 or below 1.2200, this back and forth action will continue.
A close above 1.2470 would open the door to 1.2600 while a close below 1.2200 would target 1.2000.
Trade idea: Same as EURUSD. No interest here right now due to the indecision between 1.2200 and 1.2470.

USDJPY Forecast
I wrote about USDJPY on Thursday.
The key takeaway from that post was that Thursday’s close below 108.50 signaled potential weakness.
We saw the USDJPY lose some ground on Friday, but it’s difficult to use that as a barometer given the low levels of volume before the weekend.
That said, as long as the pair stays below that 108.50 area on a daily closing basis, I will remain short.
Key support comes in at 106.80/90, followed by the 105.50 area.
Trade idea: I remain short from above 108.50. I may add to it early this week depending on how Monday opens. Key support comes in at 106.80/90 followed by the 105.50 area.

NZDUSD Forecast
I wrote about the potential for an NZDUSD rally on March 24th.
I also talked about a move higher to 0.6200 last Tuesday.
Since my March 24th post, the NZDUSD has gained 250 pips.
To be clear, I’m not interested in buying the New Zealand dollar given the bearish momentum and recent multi-year breakdown.
Instead, I’m interested in selling the NZDUSD from higher prices.
One area I’m keeping a very close eye on is the confluence of resistance near the 0.6200 region.
That’s the bottom of a multi-year wedge that extends from the 2000 lows.
0.6200 is also a key horizontal level that’s been in place for several years, as well as the top of a short-term descending channel.
So, that 0.6200 is the area I want to short from, but not before then.
Trade idea: Watch for a selling opportunity following a retest of the 0.6200 area as new resistance. Key support comes in at 0.5860 followed by 0.5650 and 0.5320. Only a close above that 0.6200 area would negate the idea.

XAUUSD Forecast
XAUUSD played out perfectly for me last week.
On April 3rd, I identified a 4-hour chart that signaled an imminent breakout.
I even noted that a break above the 1615 area would target the 1690 area.
Sure enough, XAUUSD broke 1615 and put in a high of 1690 on Friday.
There was even a second opportunity on the 1-hour timeframe.
Looking at the bigger picture here, I still think XAUUSD has more room to move higher.
The uptrend is intact, and even a pullback to 1550 wouldn’t change that.
That said, I would like to see the 1640 area hold as support this week.
As long as it does, the immediate focus will be on whether XAUUSD bulls can clear the 1700 resistance area on a daily closing basis.
A daily close above 17
In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, NZDUSD, and XAUUSD through April 17, 2020.
EURUSD Forecast
The EURUSD broke above 1.0825 last week.
It’s a key level I mentioned in last Saturday’s forecast.
You can even see where the EURUSD caught a bid from 1.0825 during Wednesday’s session.
At the other end, the euro encountered sellers at 1.0950, another key level I mentioned last weekend.
This leaves the EURUSD in a narrow trading range to start the new week.
The lack of direction and volatile movement are why I have no interest in the EURUSD at the moment.
However, if you watched the video above, you know the pair is nearing the end of a multi-year terminal pattern.
That eventual breakout, in my opinion, is what will fuel the euro over the coming weeks and months.
Trade idea: I'm not interested in the EURUSD right now. I'll take interest in it once we get some form of momentum relative to the multi-year wedge. See the video above for all of the details.

GBPUSD Forecast
The GBPUSD consolidation continues.
Last week saw the pair trading between 1.2200 support and 1.2470 resistance.
I mentioned last weekend how I wasn’t interested in the GBPUSD due to the range-bound price action.
The same applies to the start of this week.
Until the pound closes above 1.2470 or below 1.2200, this back and forth action will continue.
A close above 1.2470 would open the door to 1.2600 while a close below 1.2200 would target 1.2000.
Trade idea: Same as EURUSD. No interest here right now due to the indecision between 1.2200 and 1.2470.

USDJPY Forecast
I wrote about USDJPY on Thursday.
The key takeaway from that post was that Thursday’s close below 108.50 signaled potential weakness.
We saw the USDJPY lose some ground on Friday, but it’s difficult to use that as a barometer given the low levels of volume before the weekend.
That said, as long as the pair stays below that 108.50 area on a daily closing basis, I will remain short.
Key support comes in at 106.80/90, followed by the 105.50 area.
Trade idea: I remain short from above 108.50. I may add to it early this week depending on how Monday opens. Key support comes in at 106.80/90 followed by the 105.50 area.

NZDUSD Forecast
I wrote about the potential for an NZDUSD rally on March 24th.
I also talked about a move higher to 0.6200 last Tuesday.
Since my March 24th post, the NZDUSD has gained 250 pips.
To be clear, I’m not interested in buying the New Zealand dollar given the bearish momentum and recent multi-year breakdown.
Instead, I’m interested in selling the NZDUSD from higher prices.
One area I’m keeping a very close eye on is the confluence of resistance near the 0.6200 region.
That’s the bottom of a multi-year wedge that extends from the 2000 lows.
0.6200 is also a key horizontal level that’s been in place for several years, as well as the top of a short-term descending channel.
So, that 0.6200 is the area I want to short from, but not before then.
Trade idea: Watch for a selling opportunity following a retest of the 0.6200 area as new resistance. Key support comes in at 0.5860 followed by 0.5650 and 0.5320. Only a close above that 0.6200 area would negate the idea.

XAUUSD Forecast
XAUUSD played out perfectly for me last week.
On April 3rd, I identified a 4-hour chart that signaled an imminent breakout.
I even noted that a break above the 1615 area would target the 1690 area.
Sure enough, XAUUSD broke 1615 and put in a high of 1690 on Friday.
There was even a second opportunity on the 1-hour timeframe.
Looking at the bigger picture here, I still think XAUUSD has more room to move higher.
The uptrend is intact, and even a pullback to 1550 wouldn’t change that.
That said, I would like to see the 1640 area hold as support this week.
As long as it does, the immediate focus will be on whether XAUUSD bulls can clear the 1700 resistance area on a daily closing basis.
A daily close above 17
00 would open the door to 1800.
Trade idea: 1640 is support with resistance at 1700. It's going to take a close above 1700 to expose 1800. Until then, 1700 will continue to attract sellers
Trade idea: 1640 is support with resistance at 1700. It's going to take a close above 1700 to expose 1800. Until then, 1700 will continue to attract sellers
*USDCAD Rally Resumes Above 1.40*
On April 2nd, I observed a pattern that would likely send the USDCAD higher. I also proposed two options for USDCAD bulls.
The key takeaway was that buyers needed to secure a close above the descending channel resistance.
Buyers achieved that with Wednesday’s close.
One thing I also noted was that as long as USDCAD stays above 1.4000, the targets are 1.5000 and 1.5500.
Of course, the USDCAD would need to take out the year-to-date high first before it can realize either of those targets.
If you view the monthly time frame between 1998 and 2002, you’ll quickly notice how influential 1.5000 was.
Furthermore, if I use the March 9th gap up to measure the objective, I get a value of 1.5000 or thereabouts.
And if I use the year-to-date low of 1.2960 to determine the objective, I get a value of 1.5550.
USDCAD could move higher than that, but those levels will play a role.
Just remember that there are no guarantees.
As nice as things look for USDCAD bulls today, that can change in a heartbeat, especially in these incredibly volatile markets.
That said, the technicals are just as relevant as ever.
I would even argue that technical analysis is more important now given the unprecedented nature of things.
With that in mind, I’ll remain bullish USDCAD while above 1.4000 with targets of 1.4660, 1.5000, and 1.5500.
*Trade idea*: Watch for a buying opportunity while above former channel resistance near 1.4000. Key support comes in between 1.4000 and 1.4050. Resistance comes in at 1.4660 with targets above that at 1.5000 and 1.5500.
On April 2nd, I observed a pattern that would likely send the USDCAD higher. I also proposed two options for USDCAD bulls.
The key takeaway was that buyers needed to secure a close above the descending channel resistance.
Buyers achieved that with Wednesday’s close.
One thing I also noted was that as long as USDCAD stays above 1.4000, the targets are 1.5000 and 1.5500.
Of course, the USDCAD would need to take out the year-to-date high first before it can realize either of those targets.
If you view the monthly time frame between 1998 and 2002, you’ll quickly notice how influential 1.5000 was.
Furthermore, if I use the March 9th gap up to measure the objective, I get a value of 1.5000 or thereabouts.
And if I use the year-to-date low of 1.2960 to determine the objective, I get a value of 1.5550.
USDCAD could move higher than that, but those levels will play a role.
Just remember that there are no guarantees.
As nice as things look for USDCAD bulls today, that can change in a heartbeat, especially in these incredibly volatile markets.
That said, the technicals are just as relevant as ever.
I would even argue that technical analysis is more important now given the unprecedented nature of things.
With that in mind, I’ll remain bullish USDCAD while above 1.4000 with targets of 1.4660, 1.5000, and 1.5500.
*Trade idea*: Watch for a buying opportunity while above former channel resistance near 1.4000. Key support comes in between 1.4000 and 1.4050. Resistance comes in at 1.4660 with targets above that at 1.5000 and 1.5500.