After being away from the my charts for a while, I hope to be more active on a weekly basis. Here are the recent technical setups I’m watching.
Note: Taking inspiration from ForexLive analysis, I have decided to experiment with shorter, more concise point form based analysis.
- 1.1667~ daily resistance price level currently holding up and expected to hold up for the week ahead
- After a drastic sell-off early last week, prices have ranged signalling a lack of volume
- Hourly price zone remains key area to watch for potential short entry
- Given the amount of time this pair hovered in this zone, selling pressure may remain weak up until Monday
- Price behavior during the upcoming London session becomes key time frame to watch
- Perfect opportunity for buy entry on the retracement after the breakout provided this zone holds supported
- Dollar rallies against yen as President Trump pushes towards freer reciprocal trade with Japan in attempts to reduce trade deficit
- Currently within ranges over on the daily timeframe
- Good opportunity for scalp entries, see the hour chart below
- Short entry opportunity imminent as doji bullish bars indicate lack of buying pressure
- Take note of moving average cross-over indicating trend change to bearish outlook in-line with daily bearish timeframe