Forex Weekly Outlook May 12 – 16

Forex Weekly Outlook for AUDUSD, EURUSD, GBPUSD,  USDJPY, USDCAD forex pairs (Price Action)

Colors for Support, Resistance, Trend Lines: Monthly, Weekly, Daily

AUDUSD

 

Forex Weekly Outlook May 12 – 16

Monthly Commentary: Price is inside the channel, borders are respected.

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audusdweekly11052014

Weekly Commentary:  Blue weekly resistance was broken and now it is support, we need to see lower time frame for entry.

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audusddaily11052014

Daily Commentary: The trend is bullish, red daily trend line is respected. White pinbar shows rejection of daily trend line. It was ideal place for entry (red arrow), also 50% of Fibonacci`s level hold price above. Everybody who is in trade has profit. In this moment we have daily inside bar, possible new entry is above the mother bar.  If price retrace back we need to see what will happen.

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EURUSD

 

eurusdmonthly11052014

Monthly Commentary: Price is inside the channel, borders are respected.

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eurusdweekly11052014

Weekly Commentary:  Price is in area where monthly channel and weekly resistance is.

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eurusddaily11052014

Daily Commentary: The trend is bullish, red daily trend line is broken. We need to wait for clear price action here.

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GBPUSD

 

gbpusdmonthly11052014

Monthly Commentary:  Price is between monthly support and resistance.

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gbpusdweekly11052014

Weekly Commentary:  Nice breakout, resistance is now support. Price retrace back. On lower time frame we can search for Buy opportunities.

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gbpusddaily11052014

Daily Commentary:  Price retraces back to daily support, we need to wait for clear price action, and ideal case is to search for buy opportunities from weekly and daily support.

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USDJPY

 

usdjpymonthly11052014

Monthly Commentary: Price is inside the channel, borders are respected.

usdjpyweekly11052014

Weekly Commentary:  Not clear, price is in area where weekly trend line is. We need to see lower time frame.

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usdjpydaily11052014

Daily Commentary:  On daily chart are inside bars, possible entry is above the mother bar, but ideal case is retested red daily support before buy entry.

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USDCAD

 

usdcadmonthly11052014

Monthly Commentary: After breakout price is back on support.

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usdcadweekly11052014

Weekly Commentary:  There are clear weekly levels for support and trend line. We are testing monthly support too.

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usdcaddaily11052014

Daily Commentary:  After daily breakout is price back in the area where daily support and daily trend line is. We need to wait for reaction inside this area.

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