In this week's market analysis, we will look at potential trading opportunities and zones where we should look for price action, evidence and potential moves.
Pairs and markets analyzed this week: AUD/NZD, AUD/USD, Gold, USD/JPY
AUD/NZD: At 1st management point (3.5 ROI)
As mentioned last week we were waiting for bullish evidence (significant price action) for a potential move to the upside the support zone.
We entered the trade on a very nice significant pinbar (Aug 2nd) and we are now at 2.8 ROI and approaching our 1st management point ( the 1.073-1.077 zone). If price breaks this zone it could go as high as the next resistance zone (1.123-1.129).
AUD/USD: Significant pinbar price action at resistance zone
Significant pinbar price action at resistance zone 0.763-0.767. Potential move to the downside from this zone.
Target: 0.738 for a 3.11-1 ROI
Gold: Testing support. Watch out for bullish price action
Gold price is at support zone 1328.9-1336.3. Watch out for bullish evidence (significant price action) and a potential move to the upside from this major zone.
USD/JPY: A nice 4.43 ROI thanks to nice price action at resistance
For those who went short 2 weeks ago on this bearish price action pinbar, we were aiming for 101.2 and turned a nice 4.5:1 ROI.
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