XAU/USD – Daily dominant break
Last Friday was an interesting trading day during New York session especially for the dollars. The positive result announced has caused a significant impact to U.S dollars and the pairs against U.S dollars have dropped due to the news impact. Looking into gold, there was an early alert before the payroll day, i.e. daily bearish dominant setup. This meant that buyers have started to secure their profit and more sellers are coming into the market. Just right after the dominant break, price retraced, touched our entry area and fell. In this week, we will be looking for short signals and for those who missed the trade last week, we can wait for sell signals in smaller time frame and this will be a good potential pair to hold.
EUR/USD – Price rejection at weekly resistance
Despite the strong buying momentum of EUR, this pair still drop due to the strengthening of U.S dollar. However, looking at the overall picture, we can see that price has actually reached weekly resistance zone and they could be a high possibility of reversal. Last week, there was a false break of daily swing point 1 where market continue to rally upon breaking the swing point. The safe way to short in this week is to wait for clear break of new daily swing 1 and we can then look for sell signal in the highlighted zone as illustrated.
AUD/USD – Daily swing points and dominant break
Among all the USD pairs, AUD/USD has shown the best reversal setup as both dominant break and swing points break occurred in daily chart. In other words, the selling momentum has accumulated and began to grow. This week we will definitely look for sell signals and we would take the entry after market done its pullback in smaller time frame.
GBP/USD – Price hit TP3 and reversal expected
The Sterling has been in strong uptrend due to Brexit related news. Refer to the initial of GBP/USD bullish trend, we can see that price has actually reach TP3 and last week, a retest was done and price unable to create new high, which means that most likely a reversal is going to happen. However, we will only enter upon the break of daily swing 1, which is a confirmation of trend reversal.
USD/JPY – Daily swing point 1 break at weekly support zone
U.S dollar has been in strong bearish trend in the beginning of the year and continue to fall until weekly support zone around 109.11. However, due to the positive news impact, USD/JPY was skyrocketing and a swing point break was seen in daily time frame. This week, we will be looking for buy signals upon retracement to our preset entry price level and a safe stop would be placed below previous swing low.
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