Forex Technical Analysis, Patterns, Trends and Trade Ideas for This Week
2023.05.08 07:19
going nowhere last week as I suspected so that has meant buying at strong support at 1.0975/55 (a low for the day here on Friday) & selling at resistance at 1.1080/1.1100 has worked.
Keep trading these 2 levels until we breakout of the 100 pip range.
Shorts at 1.1080/1.1100 need stops above 1.1105. A break higher is a buy signal & resumes the 7 month bull trend. Try to buy in to a long & hold it with stops below 1.1065.
Strong support at 1.0975/55. Longs need stops below 1.0935. A break lower targets 1.8080/70.
I was watching for a double top sell signal – this did play out on Friday as the pair collapsed almost 200 pips, as far as strong support at 1.4800/1.4780. We unexpectedly broke lower to 1.4732. The close at the low of the week after a near 400 pip collapse in just 2 days suggests further losses to 1.4690/70, perhaps as far as a buying opportunity at 1.4600/1.4580. Longs need stops below 1.4560.
has collapsed to what should be strong support at 1.7500/1.7480, with a low for the day just 10 pips below here. Longs need stops below 1.7450.
Targets are 1.7610 & 1.7700.
trying the third break higher – maybe this one will work. Support at 1.2605/1.2585 if you want to try a long with stop below 1.2565.
has a potential double top sell signal after Tuesday’s bearish engulfing candle at the November 2022 high.
This could give us an opportunity to try a short on the bounce we saw on Friday at 1.7060/80. However, shorts need a wide stop above 172.45. It could be worth the risk because the first target is 167.20 but 164.00 is not out of the question.
Watch the video!!
