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Weekly Forex Chart Outlook for February 6th-10th 2012
EURUSD
The EURUSD continues to chop sideways within a consolidation range between 1.3200 and about 1.3050, we don’t see much to do on the daily charts until price closes outside of this range. There may be possibilities to play the boundaries of the trading range off the 4hr or 1hr chart for more advanced price action traders. The safer route is to wait for this consolidation to break and then look for a price action signal forming with the momentum of the breakout.
AUDUSD
The AUDUSD has pushed higher since the end of December and the uptrend is looking strong with Friday’s close above key resistance at 1.0750. We can watch this market for price action buy signals on rotations lower into support. The 8 day EMA support has held strong on all retests over the last month and we will watch this level closely for potential buy signal on any rotations lower.
GBPUSD
The GBPUSD bounced off the 8 day EMA last Friday and closed the day slightly higher over Thursday’s close, creating a false-break of the inside bar from Thursday. If price can maintain itself above the 8 day EMA this week, we will likely see the recent uptrend continue. Otherwise, we will watch rotations lower for potential support near the 21 day EMA and bullish price action signals forming near there.
Dow Jones cash
The Dow Jones cash market has been in a nice consistent uptrend since about the end of December. We can see the 8 and 21 day EMA support layer has held price on each retest. Note the two pin bars that formed in January showing rejection of the 8 / 21 day EMA layer. We will continue to watch this market for price action buy signals on any rotations lower into support.
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tim said,
February 7, 2012 @ 9:37 amthanks