Weekly Fundamental & Trade setups – December 27-30
Wish you happy holidays and Mary Christmas! And a
Happy New Year!
(And we are late due to holiday, sorry for the inconvenience)
Nothing much changed in last week, most financial organizations are in vacation this week. And Dollar is strong as it was and possibility of remain same at next week!
OPEC and Non-OPEC are going to cut the output from January 1, 2017. So, Oil would be stronger for now but Oil range could be likely between $40-$60 per barrel in 2017. And Trump’s action is in focus as he is unlikely going to withdraw all restrictions once he takes the power. It won’t be OPEC’s honeymoon period for sure.
Forex market would be less volatile for next couple of weeks as lowest volumes during year-end and upcoming 2017 with so much potentiality.
Last Week Recap
AUDUSD hit TP, It was a great entry.
I did close my GBPJPY short trade last Friday as it was a very small target. And GBPJPY Long hit the stop loss.
EURGBP is heading to a probable Head and shoulder in weekly candle. I did close my long once inside bar broken. Follow more at technical analysis.
(All Candles are D1 Candle and charts are from FxPro, your broker might have a little different price)
Nothing changed much from EURUSD since last week. EURUSD making 1.04616 as its resistant which is the low of 2015!
We need a bearish D1 closing below 1.04516 which is Monday’s closing. And then we are good to go towards next Major Support 1.0206 around 250 Pips. It could be a good move beginning of a new year! Check the Weekly chart below which says the same after a Bearish Engulfing and another following candle!
GBPUSD finally made a new Lower low in D1 candle and making breakout (need another confirmation due to Doji candle) below 1.23317 which is acting as resistant now. Next major support of GBPUSD is 1.20812.
I moved my Major Support from the Flash-crash (Oct 7,2016) low 1.20203 but due to MM broker the price is not correct (which you will learn at Free course) and ECN brokers prices are also different. So I won’t count those prices either.
In Weekly Chart you can see Market is making only Lower High and Lower Low and the trend is still valid. So, There is a possibility of making a new low but because of unsure Flash crash low it would be difficult to know the real price of that low. And we can’t guess in forex. I will be short only if the price of D1 candle give reaction below the present major support 1.20812.
EURGBP made some significant changes in last couple of weeks. It changed the non-important support as a major support at .83326 which is the low of Sep 6, 2016.
EURGBP broke the inside bar at Dec 21 and the next initial target is .86262 which is acting as major resistant , I closed my short entry and taken Long as market change the destination.
There is a Head and Shoulder chart pattern forming, check the Weekly chart. It is too early to make the call. If it does (by price action in time) EURGBP could move a little higher at .87 level. A great entry is coming in coming weeks!
Due to bearish pound GBPJPY broke below the major resistant 145.375 by D1 closing reaction and almost reached the target Major Support 143.217. I did take short position once I closed my long position which was a 2nd category entry and used very low volume/lot as I already mentioned by note last week analysis.
There could be a good short opportunity of 450 Pips if GBPJPY can break present major support 143.217 by D1 closing reaction (It would need another confirmation, this is very important). Next Major Support is 138.821 .
But before that there a possibility of forming Head and shoulder. This is very early stage to say.
On the other hand GBPJPY could reach new Major resistant the high of Dec 15 daily candle If GBPJPY can break the present resistant 145.375 by an extra confirmation candle closing.
AUDUSD is one of the best performing currency pair which is giving some good entries since last couple of months. There was another short entry last week as price broke the lower low trendline and the major support .7242 which is acting as a resistant now.
AUDUSD reached almost the KEY Support .71446 which was our final target.
Next journey will be started once its broke the KEY Support and next target would be .68263 with another Major support and a minor support inside.
Do you want more analysis? USDJPY, EURJPY, USDCHF, GBPCHF, NZDUSD, EURNZD, GBPNZD, USDCAD, WTI (Oil), Gold, Silver, SPX500, UK100, Nikkei225 and more. Get them at premium membership area.