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XM/MT4 EUR/USD Daily Chart
We observed a strong continuation of the current down trend, during last week, on friday we were witnesses of an extremely bully day candlestick, at that pointed the Relative strength Index against the current market direction, leaving us on doubt of the next price movement after this weekend the question was, do the price is looking for a strong reversal movement after this last week or is just market noise?
The point is that you may want to wait for the price to define it next move because according to this 2012 chart where the price made a +300 pips reversion we cannot be sure that this same scenario is going to repeat but we must wait at least a small reversion move from the price.
So if you´re short in the mid-term you must for the price to normalize it direction before enter a trade.
These are the most important support and Resistance levels for this week:
Support 1 @1.2437 (2012)
Support 2 @1.2356 (2012)
Resistance 1 @1.2733 (Oct, 2014)
Resistance 2 @1.2833 (Oct, 2014)
XM/MT4 GBP/USD Daily Chart
During last week we could observe and trade an extremely down trend continuation, during friday the price finished the weekly session with a 40 pip gain against the minimum of the year, that would probably be a reversal starting point specially for the tail at the daily candle bottom, besides of the reference of 2013 where the price bounced at this same level during a horizontal market.
We must be alert of any price change during monday and Tuesday and cover out orders at any sigh of weakness.
These are the most important support and Resistance levels for this week:
Support 1 @1.5897 (2013)
Support 2 @1.5651 (2013)
Resistance 1 @1.6003 (November, 2014)
Resistance 2 @1.6116 (October, 2014)
XM/MT4 USD/CHF Daily Chart
We observed the thursday of last week how the price made an extreme bear candle on friday that took almost the whole thursday gains away when it made -70 pips leaving the price at 0.9661, under the october maximum, we went back in time to find a historic move at this same levels and this is what we could find on 2013.
As we ca see the price made a similar formation and it went doe}wn for around one month, this is not a secure reversal movement but is a sigh for us to cover our positions at any change of direction.
These are the most important support and Resistance levels for this week:
Support 1 @0.9465 (November, 2014)
Support 2 @0.9394 (October, 2014)
Resistance 1 @0.9721 (2013)
Resistance 2 @0.9780 (2013)
XM/MT4 USD/JPY Daily Chart
The pair is now under a big bull pressure and product of that has been growing +700 pips in less than two weeks, this is not a healthy growing rhythm of the market because of the gravity rule, extreme increases of the price can probably take to extreme down movements, and we cannot tell that this is what is going to happen with the pair this next week but we´re sure that we´re close to a reversal zone.
The market cannot grow so much without at least one reversion and then a big pullback another fact that tell us what is next is the extreme distance between the current price and the 250 day EMA, that is showing us that is time for the price to get a little closer.
These are the most important support and Resistance levels for this week:
Support 1 @109.58 (October, 2014)
Support 2 @108.16 (November, 2014)
Resistance 1 @114.06 (2007)
Resistance 2 @117.61 (2007)
We hope this weekly report help you to determine the most important reversal and continuation levels during the week, this data is not 100% accurate as the speculative system is, these numbers are a reference and definitely not represent a secure trading signal service, make sure to use your own trading system in parallel with the attached report to determine your own entry points.
Forex Trading can be a great source of income but is also a high risk business, make sure to complete your training in demo before start trading with a real Forex account and make sure that the money you invest comes from a secure source, we always recommend to avoid trading with money that you cannot afford to lose.
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