Forex Weekly Outlook May 19 – 23

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

Colors for Support, Resistance, Trend Lines: MonthlyWeeklyDaily

AUDUSD

audusdmonthly17052014

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

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Forex Weekly Outlook

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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audusddaily17052014

 

audusddaily2-17052014

 

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. This is not ideal Risk Reward Ratio, because red resistance is above and according your stop loss position. Ideal entry will be if price retrace back to support and create again pinbar. We need to see what will happen.

 

EURUSD

eurusdmonthly17052014

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

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eurusdweekly17052014

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

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eurusddaily17052014

Daily Commentary: Last week red daily trend line was broken. Price is on daily and weekly support. Some traders can buy from support. If we will look together on each time frame, daily candles respects pink monthly channel. Next week will show how far price can go from support.

 

GBPUSD

gbpusdmonthly17052014

Monthly Commentary:  Price is between monthly support and resistance.

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gbpusdweekly17052014

Weekly Commentary:  Price is in weekly channel and above monthly support.

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gbpusddaily17052014

Daily Commentary:  Price is in weekly channel and above monthly support. Trading plan: Fibonacci  50% rejection, monthly support, daily pinbar (red arrow), blue trend line. Ideal place for buy opportunity, each trader who opened above pinbar is in small profit now.  Take profit is daily resistance. You can save your profits with partial closes.

USDJPY

usdjpymonthly17052014

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

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usdjpyweekly17052014

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

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usdjpydaily17052014

Daily Commentary:  On daily chart is inside bar on support, possible entry is above the mother bar, it will be above weekly trend line too. But price failed few times and we can see lower highs and lower lows. Next week will show how far price can go from daily support.

 

USDCAD

usdcadmonthly17052014

Monthly Commentary: After breakout price is back on support.

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usdcadweekly17052014

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

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usdcaddaily17052014

Daily Commentary:  Price is in daily triangle. We need to wait for price reaction inside this area for clear direction.


 

 

See other weekly analysis in category “Forex Weekly outlook” of our website
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