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Weekly Forex Chart Outlook For January 23 – 27, 2012
EURUSD
The EURUSD pushed higher last week and closed the week above the 21 day EMA. If we see a continuation of this recent upward thrust this week we would watch resistance near 1.3080 and 1.3200 for potential price action sell signals to re-join the downtrend.
AUDUSD
The AUDUSD pushed higher last week and closed above resistance at 1.0380. We see potential for this market to move into the longer-term resistance near 1.0750 if price can continue its recent buoyancy. Traders can watch for price action buy signals on any rotations into the dynamic support layer between the 8 / 21 day EMAs. Check out my recent AUDUSD pin bar video here.
GBPUSD
The GBPUSD pushed significantly higher last week after bouncing off support near 1.5275. Price has now pushed back into the trading range between 1.5775 – 1.5400. We would note an important resistance zone coming in between 1.5700 – 1.5775 at the upper boundary of the trading range that we would watch for price action sell signals if price continues moving higher.
Gold
Gold moved higher last week and has recently shown bullish momentum as we can see the daily 8 / 21 EMAs are diverging higher. We can see resistance is sitting near $1670.00 and if this level breaks this week we could see a larger push higher. The next resistance is seen near $1750.00
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THANKS FOR THIS GREAT ANALYSIS
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steve said,
January 23, 2012 @ 6:59 pmthanks Nial;