Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.
Click on the video to watch the full breakdown
As the Dollar continues to be relentless, we continue to follow its up-trend.
This week many charts have the same outlook as last week, so it makes sense to continue on that train. ‘Follow the trend until the end’, you could say.
Again, the pick of the bunch are the USD pairs (EUR/USD and NZD/USD), along with Gold coming in on the Weekly chart, just as Dollar continues Bullish.
You could also look at the other XXX/USD pairs, they’d be just as valid as the price action is expectedly very similar. But for continuity’s sake we’ve chosen the same ones as last week.
As for Gold itself: the price action hints that we are creating a major turn in Gold, therefore the probabilities turn in our favour. If correct, and we are at the top of the higher timeframe swing, the analysis idea is very much worthwhile. The reason this was chosen is because Gold roared higher while Dollar went higher too. Since Gold price usually follows Dollar inversely, and so far it hasn’t, then we look at it as ‘lagging’ behind. Now, if you look at the chart, you could say it’s ‘catching up’ (so to speak) with what we normally look for it to do – i.e. be in sync with DXY prices and head lower.
As for the other charts…
USD/JPY continues to be a favourite, with the JPY still weak, adding to the probabilities of Bullishness.
The Minor pairs are also continuations of last week. As long as the market has held our bias, and not given the price action expected, it’s worthwhile reassessing and staying with the charts, to wait for the analysis idea to come to us. Sometimes, it just takes a bit more patience for that bit longer, before it finally plays out….
In this video we go over these opportunities for the week:
- Crude Oil
Written by: Dima Mihailovich, Technical Analyst for Forex Prop News
Contact and follow Dima on Twitter: @dimafpn