EUR/USD – EURO/DOLLAR UPTREND REMAINS INTACT
We saw price pullback to 1.1744 – 1.1577 near term support zone during trading session on last week. This has been an area I have communicated as a buy zone for the past two weeks.
Lower prices were clearly rejected as they pulled back to this zone. We shall continue to maintain our bullish bias for this week. Nevertheless, a daily close below 1.1577 will nullify buying opportunities on this pair for this week.
USDJPY – DOLLAR/ YEN MAINTAINS BEARISH BIAS
The Dollar/Yen tested the first floor of it trading range last week at 108.733 and pushed higher but bears quickly regained control as price tested 110.801 rally. We therefore maintain our bearish bias this week and look to short at any strength in price this week preferably at 109.525 – 110.173 near term rally at a sell signal on either the 1 hour or 4 hour chart. However, a daily close above 110.801 will clear away bearish sentiments for this week.
XAUUSD – BULLS CONTINUE TO DORMINATE THE MARKET FOR GOLD
On my trading commentary last week, I communicated that traders should look for weakness in price to go long at around 1274.56 – 1266.16 support zone. Price did pulled back nicely and reversed in line with the current up move. It is possible for price to push higher to test the ceiling of this ranging market at 1295.00, which may possibly mark the end of the current up move. As can be noticed, price has failed to move beyond this level on two consecutive times over the past four months.
A daily close beyond this resistance level may signal a breakout whiles any rejection of higher prices at this level could signal the end of the current up move.
NOTE AND DISCLAIMER: THIS ANALYSIS WAS DONE AT THE CLOSE OF TRADING SESSION ON THUSDAY, AUGUST 17TH 2017 AND IT IS STRICTLY FOR ANALYSIS PURPOSE ONLY.
Author: E.O. ESSIEN
(FX MARKET TECHNICAL ANALYST)
Email: elijahotoo.eo@gmail.com (0240080104)
