🚀 ProPicks AI Hits +34.9% Return!Read Now

Weekly Forex Price Action: Selling Opportunity For GBP/JPY?

Published 03/11/2013, 03:43 AM
Updated 05/14/2017, 06:45 AM
EUR/USD
-
AUD/USD
-
GBP/JPY
-
MAR
-
EUR/USD

After forming an impressive rally off the 1.2950 support level, gaining almost 160 pips on Thursday, the pair did an about-face on Friday, touching 1.3100 and bottoming at the same intraday support level. This has effectively created a short term range between 1.3125 and 1.2960.

Should the selling pressure continue, the next major support does not come in till 1.2875 which is the December swing low. Bulls can watch for intraday price action signals to buy off the support level while bears can look for a breakout pullback setup, or a rally to fade the pair around the 20ema.
<span class=EUR/USD - 1" title="EUR/USD - 1" width="624" height="468">
GBP/JPY
Rallying impressively for 7 of the last 8 days, the pair has rejected off the 144.70 level forming a large bearish pin bar in the process. If the pair aggressively attacks on Monday the 144.70 level, then it may buckle, but a corrective price action rally to the level would offer a good opportunity to sell. If the bearish pressure continues, 140.50 is the next major support on deck.
<span class=GBP/JPY" title="GBP/JPY" width="624" height="468">
AUD/USD

After forming two pin bar signals in the last week, the AUD/USD has formed a large range after the most recent bullish leg off the yearly lows at 1.0115. The medium term structure is still in a downtrend, but short term, if 1.0200 can hold, then more upside seems on the cards, assuming it can break 1.0300.

Watch for the intraday price action range on the 4hr chart which shows the consolidation between the 1.0210 and 1.0300 levels. If the high of the 1.0300 gets broken, then 1.0360 is up next. However a break of 1.0210 will challenge 1.0181 and 1.0115.
<span class=AUD/USD" title="AUD/USD" width="624" height="468">
Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.