And as for GBPUSD, the price is looking for higher supply area before continuing to make another low of the month. Watch the price when it hits this area later.
I have seen the price on USDJPY has stopped rallying on this supply area, meaning that the price is giving a hint for a retracement. You can look for a short term sell and I already marked the retracement target.
On another pair, USDCAD finally hit the supply area on weekly timeframe. So far I am still looking for a buying confirmation on lower timeframes. As simple as a trendline break would do the trick.
Never put an order on a moving trend, better to look for a retracement and look for a continuation pattern. GBPUSD is on a strong bearish and I will wait till the price hit this area and making a retracement for another selling opportunity.
You can also learn these simple ideas I’m giving on this thread on FreshForex’s weekly webinar. Stay tune on their website for what is coming up this week.
This week I have seen several setups to be executed today or a day after untill the news on NFP. Better close it beforehand.
First is AUDUSD where you can just sell it now since the price has touched this area.
Same as NZDUSD where you can try to place a sell order too. Just look the similarity with AUDUSD. Same pattern can be happen between those two.
As for Gold, I just want to wait till the price hit this area for a short term buy. Pretty much the trend right now is a bearish one, then look for another selling setup after this one.
GBPCAD is having a trend change where you can try to wait for a selling confirmation on this area. If you are familiar with Wave theory, you know the reason on why to put sell.
A different case for GBPNZD where the price just went up strong on the previous week. Look for a buy setup on this area. Wait and see for another confirmation.
Another webinar from FreshForex will take place this week, discussing the current market and giving few forecasts to consider. Along with simple market analysis. Be sure to not miss this one.
USDCHF just created a new high and I am still waiting at this demand area as the price is formed a ‘fakeout’ confirmation. This can be a good continuation pattern. Just wait and see.
USDCAD is a matter of waiting for a trendline break. Later after the break, wait for a retracement and you can put a long term buy there.
Gold just formed a double bottom pattern and failed to create another lower low. This can be a good buying confirmation. Look forward for an uptrend change up to 1900 price level.
You can also look for a selling opportunity for EURUSD since it created another lower low and a pin bar on previous H4 candle.
This week we will add some GBP pairs to our watchlist for this month. Starting from GBPNZD where you can look for buying confirmation on a smaller timeframe since the price is around this demand area.
EURGBP made a strong bullish movement last week and we will look forward for long term buy from now own. I marked this area for a short term sell. You may take a short term sell there.
GBPJPY is getting weaker on it’s bullish trend. We will see how the price react when it hits this demand area. If the area is broken, then look for another sell.
GBPCHF has made a new lower-low. indicating the price would change its main trend. Now I marked this area for a low risk sell. Keep a lookup for the selling confirmation. This pattern is known as Quasimodo.
Also for beginners, you may join this week’s webinar on FreshForex that will discuss another pairs along with simple analysis that will be taught. This can be a good start if you haven’t found a consistent result with the current analysis.