Hello everyone,
Osamex has been really busy and tired. Instead of doing his video hosting market review for us, he has gladly volunteered to give text review :) Thank you Osamex.
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*Disclaimer. This is not a trade recommendation, just for educational purposes. There is significant risk in Forex Trading.
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EUR/USD
Under Weekly Quick Look. It look as if the bull is a little tired. A possible retracement? Immediate support is currently at previous previous week's low at about the price line of 1.5280. Last week's candle is unable to break previous previous week's open and low despite a top rejection after creating a new high.
Under Daily Quick Look. Same thing that I see. A breathing point that happened last week. Possible heavy profit taking or Fed's intervention? Which ever it is, we techinical traders do not bother much about it. Anyway, 1.5350 looks like a good immediate support, if it can break below this price, we are looking for selling opportunity towards the price line of 1.5080.
Under Hourly Quick Look. Hmmm, interesting. Market is going towards my target for my previous trade which I got stop out at 40pips profit. Anyway, as mentioned from the Quick Look from the Weekly and Daily, we will be looking for a selling oppotunity. Super immediate resistance for us now is at around 1.5400, followed by 1.5430 and 1.5530. On the downside, super immediate support is at around 1.5350, followed by 1.5285 and 1.5150.
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GBP/USD
Under Weekly Quick Look. Last week's movement was very predictable. From the previous previous week's movement, it was a nice perfect doji. Osamex has informed Commerciante Traders to be wary of any buying opportunities on the GBP/USD last week.
Possible "Head and Shoulders"? Immediate support level is at around the price line of 1.9350.
Under Daily Quick Look. Super Immediate support level at around the price line of 1.9730. From the previous "Double Bottom" spotted, market jumped but the strength was not there for long. Now, if market is able to break below the mentioned support level, look forward to 1.9610.
Under Hourly Quick Look. 1.9730, a good price to look at as a super immediate supprt. Topside resistance is between 1.9880 - 1.9900. Looks like there will be a follow through from last week's movements. Look more on down selling opportunity.
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USD/JPY
Under Weekly Quick Look. Previous previous week's movement broke below the mega closing wedge but last week, market had a bottom rejection and an up close candle which look like a "Hammer". Immediate resistance level at around 101.40. This week, might be some minor retracement from the straight down fall that it did.
Under Daily Quick Look. Market has already broke below Osamex's channel. Market has since made a retracement back up towards the already broken channel. Super immediate resistance will be at around 100.20 - 100.40.
Under Hourly Quick Look. Last week, from the looks of it, some major war going on between sellers and buyer and intervention from relevant authorities. Market jump, then consolidate then now into a dead trading line. 98.85 will be a good price line to look at, if it is able to break any lower, look forward for a sell down opportunity. Just a word of caution since there is a "Tug-Of-War" here, be careful of top side resistance, 100.40, followed by 101.25 and 102.53.
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USD/CHF
Under Weekly Quick Look. Looks like it is going for a major retracement. Beware of super immediate resistance level at around 1.0530. Possible retracement towards mentioned resistance level.
Under Daily Quick Look. 1.0250 is a good super immediate resistance level to look at. If can break above this level, look forward to the next one at 1.0340, followed by the one mentioned in Weekly Quick Look.
Under Hourly Quick Look. It has currently broke last week's high. Super immediate support is at 1.0150. Top side resistance level at around 1.0250, followed by 1.0310.
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