Week in Focus

EURUSD is still range bounded between 1.1500 and 1.1270 for about a month. Price was rejected last week near the mid-term support zone 1.1270, but this by no means interests us to hit on the long boat. We are likely to wait on the sidelines for this week before jumping in on a sell. The sell levels should be at the resistance 1.1500 only when we get some clear indications. However, the overall market is on a downward trend.

Week in Focus
Week in Focus

 

GBPUSD: In the most recent weeks, this pair has managed to gain some new recruits for its long move all the way up to 1.5500 where the resistance holds strong. We are more likely to wait for a pull back to 1.5265 and 1.5200 and enter a long trade based on price action. If we see the price falling to enter towards the support zone, then we will keep a watch on the Daily signals and lower time frames to spot a long entry trailing the pair all the way back to the key resistance level.

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AUDUSD, we have witnessed the pair moving long in the recent days, in spite of a strong bearish trend in place. This move was followed after the reversal candle formed on the daily chart near 0.7650’s on Feb 12th. Our bias remained bullish on the pair since Feb 3rd following the pin bar candle which showed a strong rejection at 650’s and 625. We still see a strong potential for the pair to climb up to 0.8025 resistance level in the coming days. For those of you looking to long this pair must wait and watch before entering. Buy levels can be spotted on the 4 hour and 1 hour chart, also at 0.7755 –0.7650 area.

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