Weekly Forex Fundamental & Trade Setups – January 9th to 13th
Dollar bullish party still in play as Trump’s inauguration in next week. Fed focused on higher inflation and they should be as Trump’s aggressive economic policy. Fed’s hands are tight for now unless something dramatic happens. Dollar daily candle was bullish and closed upper the resistant at last Friday. So, bearish breakout is in a question now as NFP data was a pretty good except job number (But market took it positively). But there is a massive M pattern still in play!
Retails sells report of Friday is in focus and any comments from Yellen at Thursday could affect the market.
Pound is in alert list as Supreme court ruling is coming. We are expecting in favor of a soft Brexit but it could create some political uncertainty.
Any highlighted disagreement comments from OPEC and Non-members could affect oil this week.
(All Candles are D1 Candle and charts are from FxPro, your broker might have a little different price)
There are not much changes in EURUSD last week. Market did a double bottom in H4 at 1.03657 (you already know if you are in pro member area) and looking for a resistant. I want another daily closing below 1.0461 before new short.
If you look closely in H4 Market made a resistant at 1.06029 but however I don’t suggest any short unless you get a double reaction below 1.04738. and next support is 1.03657. A daily closing below 1.03357 would open door for 1.0206
There is nothing changed in GBPUSD. It tried and failed again to break 1.23317 this week. In H4 it made a minor support at 1.21996 and next daily support 1.20812 is still in focus but I highly suggest to stay out from GBPUSD for now.
I will be buying once price action turned into bullish and give solid reaction from 1.2331 or shorting once break 1.20812 by double reaction.
EURGBP is in my favorite list from the pin bar of December 30. Its making a massive Head & Shoulder in daily chart. And there is another probable ‘M’ pattern forming in daily candle too. EURGBP could touch the resistant .86262 again which is normal once the Pin bar formed.
In H4 price behavior is more interesting. Its making a rising wage between last week Higher Low trendline and new HL trendline. Please check the chart. A breakout of this wage would be interesting for selling.
GBPJPY had another false bearish breakout last week. So bullish view still in play but however, I will add more long position only if price can break 145.375 with a double reaction according to my core price action strategy.
Next Major resistant is 148.19 which is the low of a monthly candle (September 2000). A break of 148.19 would open the door for next Major resistant 151.633. There are 600+ pips in play at GBPJPY in coming days.
In H4 GBPJPY already broke the falling wage and entries are coming sooner!
AUDUSD is looking for a resistant and .73102 would be a good level for that. Already tried to break it last Thursday and NFP effect dragged it down, but still I will add short only if it can close below .73027 today till KEY support .71446.
But some other pairs like AUDNZD, NZDUSD price actions are more interesting. Find them in pro analysis area.
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