Weekly FX Review: June 6 - 10, 2016
Price Action Tracker | Jun 07, 2016 12:37PM ET
AUD/USD - Watch out for bearish price action
The AUD/USD bought off last week following the pin bar buy signal from May 30th, which we discussed in the previous market analysis. It's now time to watch out for bearish price action and selling opportunity near the resistance area 0.746-0.752. If you decide to go short, we can expect price to go as low as previous support 0.72.
CAD/CHF - Waiting for price action at potential pullback zone
EUR/USD - Not ready to sell yet
The EUR/USD bought off last week following the engulfing reversal buy signal from June 1st. It's now time to watch out for bearish price action and selling opportunity near the resistance area 1.144-1.146. If you decide to go short, we can expect price to go as low as previous support 1.116.
GBP/JPY - Price action at support
Yesterday's price action gave us a great opportunity to go long; we should expect price to go as high as 162.00.
GBP/USD - Second opportunity for traders who missed the last week's entry at 1.46
Get The News You Want
Price is testing the resistance area 1.463- 1.471 again. Traders going short should still aim for 1.416 or until they see price action near the support zone 1.412- 1.404.
NZD/CAD - Great price action at resistance
Yesterday's price action gave us a great opportunity to go short; we should expect price to go as low as 0.872.
USD/JPY - Testing a support zone
Wait for a buying opportunity. Price could go back up to previous resistance zone 110.9-111.6. Beware - we are still in a downtrend.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.