EURUSD – EURO/DOLLAR UPTREND REMAINS SOLID
The Euro/Dollar which has been trading upwards over the last four months maintained it upward steam last week. The pair pulled back to the 1.1744 – 1.1577 support zone last week. An area I communicated as a buy zone for this pair on last week Tuesday’s Analysis. Lower prices were clearly rejected as they pulled back towards this zone. Traders who might have missed the opportunity to long can look to join the upward steam this week at any weakness in price within this same support zone on either the 1 hour or 4 hour chart. Our bullish bias will be invalid at any daily close below 1.1577 this week.
USDJPY – DOLLAR/YEN CONTINUE TO MOVE LOWER TOWARDS FLOOR OF TRADING RANGE
In line with my commentary last week the dollar yen moved lower towards the floor of it trading range. The pair is set to test the 108.776 – 108.146 support zone which marks the floor of the trading range it has found itself over the past four months. Traders who are not already short can look to join the downward momentum at any strength in price this week, around 109.339 – 109.682 near term rally on the 4 hour chart.
XAUUSD – SPOT GOLD PUSHES UP TOWARDS HIGH OF TRADING RANGE
The same way, in line with my commentary on last week Tuesday, spot gold went buoyant. The pair is set to test the ceiling of the trading range at 1295.00. We cannot be certain price will move beyond this ceiling. Hence, we will ‘lie in sand’ to wait and see the Price Action dynamics as price approaches this important level. However, traders who are not already long can look to do so at any weakness in price this week around 1274.56 – 1266.16 near term support area on either the 1 hour or 4 hour chart on a buy signal.
NOTE AND DISCLAIMER: THIS ANALYSIS WAS DONE AT THE CLOSE OF TRADING SESSION ON THUSDAY, AUGUST 10TH 2017 AND IT IS STRICTLY FOR ANALYSIS PURPOSE ONLY.
Author: E.O. Essien
(Technical Analyst)
Email: elijahotoo.eo@gmail.com (0240080104)
