TABLE OF CONTENTS:
Colors for Support, Resistance, Trend Lines: Monthly, Weekly, Daily
Monthly Commentary: We have new month and price is between 50% and 61.8% of Fibonacci retracement.
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Weekly Commentary: Blue weekly trend line was broken; not clear direction.
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Possible trade: last week we discussed sell opportunity, with sell stop below daily candle, if you closed 80% of position before support was hit, it was nice profit. In this case stop loss can be moved on break even with risk free trade.
Daily Commentary: For next week price is above resistance now support. There are 3 scenarios where price can go. Watch daily price action for possible entry.
Monthly Commentary: Price is inside the channel, borders are respected.
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Weekly Commentary: We can see breakout, pullback, continuation but before blue weekly trend line was hit, bulls moved price back up near resistance.
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Daily Commentary: Blue weekly resistance is respected. While we are below blue resistance can search for sell opportunities. Watch daily price action.
Monthly Commentary: Price is between monthly support and resistance.
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Weekly Commentary: Price is out from weekly channel and is retested it from outside. Watch lower time frame.
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See Daily chart from last week analysis (PA Forex Weekly Outlook (June 02-06) ) :
Daily Commentary: As we discussed last week, price is exactly where it “should be” for ideal sell opportunity. It is retest from outside with lower high. In this moment we need to search for entry. If price will go down, before price hit daily lows close 70% or 80% of position for risk free trade.
Monthly Commentary: Price is inside the channel, borders are respected.
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Weekly Commentary: Not clear, price is in area where weekly trend line is. We need to see lower time frame.
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Daily Commentary: Last week price was inside the triangle but now it is changed. Price did nice breakout and on Friday retested support. In this kind of pinbar retests, sometimes is good put buy limit order in the middle of pinbar with stop loss below pinbar with better risk reward ratio.
Monthly Commentary: After breakout price is back on support.
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Weekly Commentary: There are clear weekly levels for support and trend line. We are testing monthly support too.
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Daily Commentary: This week price did not create lower low as we discussed in last analysis. Now it is a range. Last three day’s price was not able to close above resistance. We need to see full breakout for searching to buy opportunities. Not in this moment.
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