Weekly trade setups for the best Forex pairs to Trade
Please note — all trade setups and chart analysis is done on the daily or 24 hour time frame
EURUSD: Bullish run could continue with the formation of two pin bars
The bulls are clearly in control, and as you can see here, price has been climbing upwards in a steep manner.
Currently, price is retesting an area that is considered a resistance. But since we’ve got 3 pin bars which signal that upward buying pressure is still strong, traders could take advantage of the short run up to 1.8700.
If another buy signal forms, then it would mean that the trend is solidly in place. Traders could look to buy above the resistance zone.
EURGBP: Pin Bar shows buying opportunity
The EURGBP is the best pair to trade or focus on when the markets open on 21st August, 2017. The uptrend has remained solid. There’s only one deep which occurred around an area that can be treated as a support zone, mainly between 0.87592 and 0.88351.
Shortly afterwards, the bulls took over and the trend is in place. Also, the pin bar setup right on top of the chart suggests that more bulls are jumping in, hence their is a great chance that this trend will continue until price hits a key resistance zone at 0.93400.
Nevertheless, there is still opportunities to jump in before price can reach that area. Once it is there, traders will wait for the price to test it or form a buy signal on the 1 and 4 hour time frames respectively. The uptrend for the EURGBP could continue the climb indefinitely.
EURNZD: Pin bar forms on an uptrend suggesting that we could buy
Although the EURNZD has been climbing for the last 2 or so weeks, price has reached and started testing the resistance zone at 1.62300. That re-tracement could offer a buying opportunity once it corrects itself.
The long pin bar also suggest that there is more upward pressure coming from buyers. If price closes slightly above it, traders can take advantage of the trend as long as they close their trades below 1.62400.
If price retests this area and penetrates it with a strong formation of a buy signal, then the next resistance that traders could watch is 1.6700 region. Buying opportunities could still manifest this week for traders to jump in.
USDJPY: Price retested support 3 times, traders could wait for a buy signal to form
Price has bounced off support 3 different times, which suggests that this is a reliable support area. Traders should therefore look for a buy trade signal above the current bar. Stop loss levels should not exceed 110.600 as price could retest this area and knock some traders out of their positions in the process.
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