Pristine Forex Trader

[PristineTrading 10]

 

Last week the EURUSD broke to the downside completing the formation of a daily breakout failure. There will likely be some follow through to the downside, so look for shorting opportunities. The next daily support levels are in the 1.3700 and 1.3650 areas. Weekly support is in the 1.3500 area.

 

 

Last week the GBPUSD pound daily broke support and started to get some follow through to the daily double top in the area of weekly and monthly resistance. There is a void down to support in the 1.6250 - 1.6300 area, so look for shorting opportunities until we reach this level. At that level there will likely be a bounce or stall.

 

 

Last week the AUDUSD daily continued to consolidate bullishly making relatively equal highs and another higher low. The daily and weekly charts still look to be forming a shakeout pattern so focus on long opportunities. It may continue to consolidate some more, so the conservative play is to wait for a break above resistance in the 0.9175 area and then look for a pullback to support to get long.

 

 

The USDJPY bounced at support last Wednesday on the Fed announcement, and then stalled in the area of a 50% retracement on the daily chart. From here we could go either way. If Friday's bottoming tail holds, we could get follow through to the upside to retest the 103.75 area. If we move down from here and retest last week's low, then it will start looking like a breakout failure/shakeout on the weekly, and a break of the weekly base low could see a move down to the next weekly support around 97.00.

 

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